Second Drill Hole at Potro SE Extends Polymetallic Mineralization at Mirasol's Flagship Sobek Gold-Silver-Copper Project in the Vicuña District, Chile
VANCOUVER, British Columbia, June 16, 2025 (GLOBE NEWSWIRE) -- Mirasol Resources Ltd. (TSX-V: MRZ) (OTC: MRZLF) (the 'Company' or 'Mirasol') is pleased to announce that results from the second drill hole at the Potro SE target extends the structurally controlled mineralized hydrothermal breccia system with gold, silver, zinc and lead and indications of copper on the Company's 100%-owned Sobek Copper-Gold Project ('Sobek' or 'the Project') in the Vicuña District of Chile. Located at the southeast corner of the Sobek North property block, the Potro SE target is strategically situated just 3km southwest of NGEx's Lunahuasi discovery in an area that had not previously been drill tested. Building on the success of the first hole at Potro SE, the second drill hole was positioned 200m northeast along the fault structure to test the strongest response of the cylindrical 3D magnetic anomaly and penetrate deeper into the IP PDP chargeability responses (news release dated Mar 2, 2025).
'These results from the second drill hole demonstrate the continuity of mineralization. Both drill holes confirm the presence of a structurally focused, well mineralized, intermediate sulfidation system, potentially related to a deeper porphyry center,' Mirasol's President and CEO Tim Heenan stated. 'The mineralized breccias are interpreted to be structurally controlled by the Ventana Fault System, which is also associated with the high-grade porphyry and breccia discoveries at Lunahuasi by NGEx Minerals, about 3km to the northeast. Follow-up drilling will focus on testing the high magnetic anomaly southwest of first drill hole where the Ventana Fault intersects a secondary structure.'
Figure 1: Vicuña District - Sobek Property package including the Potro SE Target
Highlights from the Second Drill Hole (PSE-DDH-002) Testing the Sobek North Potro SE Target:
0.90m (800.30–801.20 m) with 15.02 g/t gold equivalent 90 ('gold Eq') (0.24 g/t gold and 1,330 g/t silver) and 0.68% zinc and 0.58% lead.
17.65m (825.35 – 843.00m) with 0.22 g/t gold Eq (0.11 g/t gold, 10.30 g/t silver) and 0.48% zinc and 0.19% lead, including:
3.59m (835.95 to 839.54m) with 0.54 g/t gold Eq (0.33 g/t gold, 19.18 g/t silver) and 1.97% zinc and 0.31% lead.
The mineralized breccia's encountered in the second drill hole were similar to those observed in the first drill hole, with second drill hole exhibiting slightly higher grades over somewhat narrower widths. The second drill hole was completed to a final depth of 918, approximately 80m deeper than the first hole.
These results highlight the presence of a strongly mineralized system, with elevated gold, silver, zinc and lead values and background copper.
Table 1: Sobek North - Potro SE - Select Calculated Geochemical Intercepts from Second Drill Hole Notes:
Reported interval length are down hole widths and not true widths
All assay intervals represent length weighted averages
Some figures may not sum exactly due to rounding
Gold equivalent 90 (gold EQ) calculation using a ratio Gold Eq90 = gold g/t + (silver g/t /90). Lead/zinc are not included in the gold Eq calculations.
The second drill hole intersected a broad interval of hydrothermal breccia between 825.35 and 843.00m, returning 17.65m with 0.22 g/t gold Eq (0.11 g/t gold, 10.3 g/t silver, 0.48% zinc and 0.19% lead; calculated without cutoff). This polymictic hydrothermal breccia body is cemented by a manganese-calcite-quartz matrix and hosts clasts of porphyritic volcanic rocks showing strong pervasive quartz–sericite (phyllic) alteration assemblages. The breccia matrix hosts aggregates of sphalerite, coarse galena, pyrite, and minor chalcopyrite. A narrower, higher-grade subinterval from 835.95 to 839.54m returned 3.59m with 0.54 g/t gold Eq (0.33 g/t gold, 19.18 g/t silver, 0.31% lead and 1.97% zinc), interpreted as a more focused mineralized pulse.
In addition, a separate zone of mineralized veinlets located from 800.00 to 800.90m yielded 0.9m with 15.02 g/t gold Eq (0.24 g/t gold and 1,330 g/t silver, 0.68% zinc and 0.58% lead), further confirming the presence of discrete zones of precious metal enrichment within the fault corridor. This supports the interpretation of a much broader hydrothermal system potentially encompassing the entire structural envelope.
Figure 2: Sobek North Potro SE Target - Sobek North - Potro SE Second Drill Hole Results
The hydrothermal breccia intercepted in both the first and second drill hole coincides with a discrete chargeability anomaly outlined by the 3D-IP model, with breccia-hosted mineralization appearing where the drill holes intersect the 10-15 mV/V IP-Chargeability isosurfaces. This chargeable body extends to depth and remains open along strike, reinforcing the potential for additional mineralized breccia or related intrusive phases deeper within and along the Ventana Fault corridor. The presence of pyrophyllite in the first drill hole, together with dominant illite-smectite assemblages observed in both holes suggests the circulation of acidic hydrothermal fluids and the potential for structurally controlled zones of advanced argillic alteration at depth.
Table 2: Sobek North - Potro SE - Individual Mineralized Drill Hole Intervals
Follow-up Drilling to Test the South Extension of Potro SE Mineralization Along the Ventana Fault
Future drill campaigns at Potro SE will focus to the south-southwest of the first drill hole, where geological vectors point to stronger mineralization along the fertile fault structure. Testing the inferred intersection of the north-northeast trending Ventana Fault and a secondary NW-trending structure (Maranceles Fault), coincident with a high magnetic anomaly outlined by the analytical signal (ASVI). This southern extension (south-southwest) of the fault is now the high-priority target to test for better-developed mineralization hosted in hydrothermal breccias or potential porphyry source at depth.
The holes at Potro SE intersected mineralization at a topographic elevation (asl) of approximately 4,600–4,650m, potentially representing the uppermost or peripheral regions of what may be a much larger and stronger mineralized system. When compared to NGEx's Lunahuasi, approximately 3km to the northeast of our current drilling, the porphyry intercepts were at deeper depths of approx. 3,850 m topographic elevation (asl). Drilling potential porphyry targets will require somewhat deeper holes, it will be key to penetrate below the 4,500m topographic elevation. It has become the norm in Andean Copper porphyry exploration to have deep holes ranging from 1000-2000m depth.
High-Profile Vicuña Copper-Gold-Silver District
Mirasol staked the Sobek Project in 2016 based on prospective local geology and attractive structural architecture prior to the 2021 discovery of the high-grade feeder zone at the Filo del Sol gold-copper deposit and the 2023 discovery of Lunahuasi. The continually expanded and consolidated Sobek Project is located on the same regional N-S trending structural corridor and just 3km to the west of the Filo del Sol deposit and 3km to the southwest of NGEx Mineral's discovery at Lunahuasi.
Sobek is located within a prospective geological environment with a compelling north-northeast trending mineralized structural corridor crosscut by a north-northwest trending deep-seated trans-cordilleran lineament. This is a common structural configuration hosting numerous Andean metal deposits in both Chile and Argentina.
Option Agreement on the Inca Copper-Gold Project in Chile Terminated
Mirasol today also announces the option agreement on the Inca Copper-Gold Project in Chile ('Inca') with affiliates of Newmont Corporation ('Newmont') has been terminated by Mirasol. Mirasol had the option to earn-in 100% of Inca Gold, subject to a 1.5% NSR royalty (news release January 13, 2020). Mirasol has complied with all of the stipulated exploration and expenditure obligations to terminate the agreement without penalty.
Shareholder Loan Increase
The Company today announced an increase to $3,000,000 of the loan (the 'Loan') from Mr. John Tognetti, a director and control person of Mirasol. The Company initially announced a loan of $2,000,000 (news release March 14, 2025). The Company drew down $1,000,000 of the Loan on March 19, 2025, and an additional $1,000,000 on May 1, 2025.
The Loan bears interest at the rate of 10% per annum with each advance under the Loan payable at the end of one year, can be repaid at any time without penalty and is secured by a General Security Agreement. Mirasol expects to use the increased Loan proceeds primarily to pay its arm's length creditors and for general working capital.
In connection with the increase to the Loan, the Company will issue 250,000 common shares for an aggregate of 750,000 common shares (the 'Bonus Shares') to Mr. Tognetti. The aggregate value of the Bonus Shares equals approximately 10% of the principal amount of the increased Loan.
Due to Mr. Tognetti's relationship with Mirasol, the Loan transaction (including issuance of Bonus Shares) is deemed to be a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Loan transaction is exempt from the requirement for a formal valuation and minority approval in accordance with, respectively, sections 5.5(b) and 5.7(a) of MI 61-101, as Mirasol is listed on the TSX Venture Exchange and the fair market value of the Loan transaction does not exceed 25% of Mirasol's market capitalization. There is less than 21 days between the date of the Loan and the filing date of the related material change report due to Mirasol's need for the Loan proceeds to pay creditors.
The Bonus Shares will be subject to a four month hold period commencing from the date of issuance thereof. The increased Loan and Bonus Shares are subject to acceptance by the TSX Venture Exchange.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company with 20 years of operating, permitting and community relations experience in the mineral rich regions of Chile and Argentina. Mirasol is currently self-funding exploration at the flagship Sobek Copper-Gold project located in the Vicuña Copper-Gold-Silver District of northeast Chile and controls 100% of the high-grade Virginia Silver Deposit in the province of Santa Cruz, Argentina. Mirasol also continues to advance a strong pipeline of highly prospective early and mid-stage projects.
For further information, contact:
Tim Heenan, President & CEOorTroy Shultz, Vice President Investor Relations
Tel: +1 (604) 602-9989Email: contact@mirasolresources.comWebsite: www.mirasolresources.com
Qualified Person Statement: Mirasol's disclosure of technical and scientific information in this press release has been reviewed and approved by Tim Heenan (MAIG), the President for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.
QAQC: Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical rock chip, soil, and stream sediment samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program with insertions of controls (standards, blanks and duplicates) submitted to the laboratory. Samples were dispatched to ALS Global - Geochemistry Analytical Lab, in Santiago, Chile, an ISO 9001:2015 accredited laboratory, which is independent from the Company. Drill core samples were cut and prepared on site and transported to the reception facility of ALS in Copiapo, all under direct supervision of Mirasol personnel Drill core samples (1.5-2.5kg) were prepared with PREP31, and analysed for Au with fire assay and with multi-acid (4) digestion and ICP-MS Finish (*ME-MS61m) and Au by fire assay and ICP-AES (ICP21). Over limits for Ag, Pb and Zn are automatically re-analyzed by AG-GRA21 and ME-OG62. Assay results from drill core, rock chip, soil and stream sediment, channel, and trench, samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/664ce6f5-f218-44c4-aa4d-103552dc216dSign in to access your portfolio
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