Agreement For Gorbea Gold Projects in Chile 

VANCOUVER - Mirasol Resources Ltd. has entered into  a non-binding heads of agreement with Newcrest International Pty Limited for an Option to Farm-in on the Gorbea High-Sulfidation Epithermal (HSE) gold projects in Chile, and is terminating the previously announced NCM option agreement on the Zeus Project.

The Gorbea HoA is subject to NCM completing its due diligence review of the claims and the parties executing a formal option agreement on or before January 15, 2019 or such later date as may be agreed. The key terms of the Agreement having been settled, the parties will execute the final Agreement once due diligence has been completed. Mirasol has granted an exclusivity period to NCM to complete these conditions.

The Gorbea Project comprises a package of projects totaling 26,684 ha, including the Atlas Au+Ag and the Titan Au (Cu) projects, located in the Mio-Pliocene age mineral belt of northern Chile.  The Gorbea properties were subject to a previous joint venture that was terminated in April 2018, after the partner had incurred exploration expenditures in excess of US$ 8 million. The exploration identified a significant body of HSE gold mineralization at the Atlas project, which returned a drill intercept of 114 m grading 1.07 g/t Au, including 36 m grading 2.49 g/t Au (news release September 11, 2017). Mirasol is undertaking an integrated analysis of the extensive Atlas database and will provide a technical update on the project in the near term.

Under the terms of the HoA, NCM will have the right to acquire, in multiple stages, up to 75% of the Gorbea Project by completing a series of exploration and development milestones and making staged option payments to Mirasol. NCM has committed to spend a minimum of US$4 million and complete a minimum of 3,000 m of drilling over an initial 18-month period, subject to drill permitting timelines. NCM has assembled a Chilean based exploration team with significant HSE exploration experience and will operate the Gorbea exploration program.

Stephen Nano, CEO of Mirasol, stated that "we are pleased to again be partnering with the Newcrest team to explore some of our prospective Mio-Pliocene belt projects for district scale gold deposits.  Newcrest has allocated a combined US$7.3 million in separate agreements, for the exploration of Mirasol's Gorbea and Altazor projects over the next 12 to 18 months.  We are working with Newcrest to advance the permitting process for the Atlas project in the Gorbea package, with the objective of drilling during the southern hemisphere summer."

The companies have also agreed to the early termination of the Zeus Option to Farm-in Agreement that was previously announced on February 26, 2018. Under the terms of the Zeus agreement, NCM had a minimum spend commitment of US$1.5 million in the first 18-month exploration program. The balance of the minimum commitment expenditures for Zeus that have not yet been incurred, will be applied towards the $4 million initial commitment for the Gorbea Project. NCM has also agreed to a US$200,000 early termination payment to Mirasol. Upon termination, NCM will have no retained rights in the Zeus project.