Mirasol Terminates Agreement to Option Coronación Copper-Gold Project, Chile

VANCOUVER, British Columbia, June 15, 2023 (GLOBE NEWSWIRE) -- Mirasol Resources Ltd. (TSX-V: MRZ) (OTC: MRZLF) (the “Company” or “Mirasol”) announces that it has regained 100% control of the Coronación High-Sulfidation Epithermal (HSE) copper-gold project ( “Coronación ” or the “Project”) in Chile following termination of the Option and Farm-in Agreement (”Agreement”) with First Quantum Minerals (“First Quantum”) announced on October 7, 2019.

“First Quantum’s inability to meet the minimum drilling requirement under the Agreement provided the opportunity for us to regain 100% unencumbered control over the highly prospective Coronacion Project. Evidence of extensive, closely spaced definition drilling over a 2.25 km² area at First Quantum’s Vendaval Project directly across the Argentine border greatly increases the significance of the drill-ready targets at Coronacion”, Mirasol’s President, Tim Heenan, commented. “Apart from Coronación, there are other exceptional prospects in the immediate vicinity, including our Altazor HSE/Porphyry Gold/Copper Project, adding to the district potential of this region in northern Chile.”

Figure 1: Coronación Copper-Gold Project Regional Map

Since the start of the partnership, First Quantum has invested approximately US$1 million in exploration on the Coronación Project, including cash payments of US$175,000 to Mirasol.

The Coronación Project is located on a major northwest structural trend that is associated with several Andean porphyry copper deposits. Exploration completed by Mirasol indicates the potential presence of a porphyry/breccia system intruding a layered Miocene aged volcanic sequence of pyroclastic units, that was subsequently intruded by domes of dacitic composition.

Two distinct areas of alteration have been interpreted with the assistance of Analytical Spectral Device (“ASD”) analysis. The eastern alteration area displays affinities to a HSE system, with the western area displaying a more typical porphyry deposit style of alteration. Geochemical rock and soil sampling has also defined a large 600 by 800m copper-molybdenum geochemical anomaly in the western area within the overall 3 by 2.5 km ASTER image hydrothermal alteration response halo (see news release October 7, 2019).