Mirasol Resources Ltd. (TSX-V: MRZ) (Frankfurt: M8R) is pleased to announce that it recently signed a definitive exploration and option agreement with an arms-length private Chilean company, to explore a portfolio of prospective, early-stage mineral properties in Northern Chile. The Agreement substantially increases Mirasol’s exposure to exploration targets in the Miocene-age belt that hosts the Company’s Atlas and Titan gold properties
The newly-optioned properties, located in Chile’s Regions II and III, encompass approximately 46,100 hectares in area. Mirasol will operate the exploration program and plans to utilize its extensive in-house geological, technical and targeting expertise and databases in exploring for new epithermal gold and copper targets.
The Agreement provides for Mirasol to earn a 51% interest in any, or all, of the exploration properties by expending US$3 million within a four year period which commenced on December 26, 2012, of which US$300,000 is committed to be spent in the first year. After vesting, each party will contribute in proportion to its equity position. Should a discovery be put into production, a 1.5% net smelter return royalty (NSR) is payable by Mirasol to its venture partner from Mirasol’s percentage of production, capped at 51% of total production. If either party dilutes below 10% interest, ownership will convert to a 1% NSR.
“Mirasol is pleased to be associated with our Chilean partner for the exploration of a significant group of prospective mineral properties. Our agreement will expand the Company’s exposure in this new part of Miocene-age volcanic trend of northern Chile, where we believe a new discovery can be made,” stated Mary Little, Mirasol’s president and CEO.
Mirasol is focused on the discovery, exploration and acquisition of high-potential precious and base metals deposits in the Americas, utilizing leading edge technology for strategic advantage. Mirasol is actively exploring in Chile where the Company holds 100% interest in the Rubi copper-gold porphyry property, located in the El Salvador copper mining district, and a new precious metal property portfolio, including the Titan and Atlas projects located in an emerging gold exploration belt in Chile. Mirasol also holds 100% of the rights of seven active exploration projects and twelve early-stage precious metals prospects in Santa Cruz Province, southern Argentina.
Strategic joint ventures and partnerships with producers have enabled Mirasol to pursue success in project generation. In December, 2012, Mirasol completed the sale of the Joaquin silver-gold property in Santa Cruz, Argentina, to its partner Coeur d’Alene Mines, a transaction valued at US$60 million, half received in cash and half in Coeur shares, which will provide funding for future exploration. Mirasol operates subsidiary companies in Chile and Argentina, and is engaged in generative exploration in high-potential regions elsewhere in the Americas
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We acknowledge the [financial] support of the Government of Canada.