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Los Amarillos Gold Silver Project

Overview

Option to Purchase Agreement

The consolidated Los Amarillos Project occupies 1,660 ha and locates 10 km northwest of El Salvador mine and the Potrerillos smelter on the prospective Paleocene age mineral belt of northern Chile. The property sits at elevations ranging from 1700m to 2100m ASL. Year-round road access is excellent, and both power and water lines traverse the northern edge of the claim block.

Mirasol is currently defining a follow up exploration program and budget that will be part of the overall 2020 financial year exploration plan.

Mirasol has executed an Option to Purchase agreement with Empresa Nacional de Minería (“ENAMI”) of Chile in June 2019.

Mirasol holds the right to acquire 100% of 288 ha of claims from ENAMI by completing US$300,000 in exploration expenditures over 3 years (including a committed US$50,000 for the first 12 months) and by making total cash payments of US$100,000 over the same period. The first US$10,000 payment has been made on signing. Once the option period is completed, ENAMI will hold a 1.5% NSR royalty on the ENAMI Claims, which will be subject to a right of first refusal held by Mirasol.

Project Details

The consolidated Los Amarillos Project is part of the Paleocene-Lower Eocene Caldera and is located within the Ojos Del Salado trans-orogen structure that also hosts the El Salvador (Cu-Mo-Au), Potrerillos (Cu-Au), and La Coipa (Ag-Au) deposits. Mineralization at Los Amarillos is hosted within a thick sequence of rhyodacitic to trachytic pyroclastics and flows within the caldera, with quartz-adularia-carbonate Intermediate Sulfidation veins hosted along north-south structures, coincident with rhyolitic to dacitic dyke swarms.

Numerous vein structures up to 3 m wide have been mapped over a 7 km strike length throughout the project. Vein filling is massive to banded quartz with polymetallic (Au-Ag-Cu-Pb-Zn) mineralization and barren later stage carbonates. Reconnaissance rock chip sampling of quartz veins has returned assays up to 40.5 g/t Au with anomalous antimony, arsenic, and barium. Zones of narrow veinlets and stockwork within the wall rock carry up to 2.7 g/t Au. In addition, there is evidence of wider zones of sheeted veins and breccias zones that may be a target for bulk mining.

The Los Amarillos project to date has returned high grade gold and silver assays in rock chip samples and it warrants a detailed surface exploration program to define drill targets. Given the project location near existing infrastructure, its year-round access and initial results, it represents a compelling project for Mirasol to initially move forward on a self-funded basis.

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