Mirasol Resources Ltd. announced that it has regained 100% control of the Coronación High-Sulfidation Epithermal (HSE) copper-gold project (Coronación or the Project) in Chile following the termination of the Option and Farm-in Agreement (Agreement) with First Quantum Minerals (First Quantum) announced on October 7, 2019. Since the start of the partnership, First Quantum has invested approximately USD 1 million in exploration on the Coronación Project, including cash payments of USD 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. The initial exploration program in 2019, funded by First Quantum, included surface mapping, geochemical soil and rock chip sampling, induced polarization (IP) and ground based magnetic geophysical surveys (Mag) and the collection of rock samples for age-dating. This work outlined an attractive porphyry copper target that displays characteristics similar to other Miocene age porphyry gold-copper systems in the highly productive Maricunga belt.

In order to facility access to Coronacion, Mirasol will be resuming engagement with the local community. Subject to progress with the community engagement, plans will be developed for a drill program.