Mirasol Signs Agreement for the Sale of the Sascha-Marcelina Projects in Argentina for US$1.5 Million Plus Royalty
- Pursuit Minerals to acquire the Sascha-Marcelina Projects for a total consideration of ~US$1.5 million
- Mirasol will retain a 1.5% NSR royalty. Pursuit may buy back the first 0.75% within two years for US$1.5 million, and the remaining 0.75% within three years for an additional US$4 million
VANCOUVER, British Columbia, Sept. 30, 2025 (GLOBE NEWSWIRE) -- Mirasol Resources Ltd. (TSX-V: MRZ) (OTC: MRZLF) (the “Company” or “Mirasol”) is pleased to report the signing of binding heads of agreement (“Agreement”) under which Mirasol grants Andara Mining Pty Ltd (“Andara Mining”) an exclusive right to acquire the mineral rights within Mirasol`s 100% owned Sascha Project located in Santa Cruz province, Argentina (“Sascha”). Mirasol has also agreed to assign to Andara Mining its Option to Purchase Agreement on the Marcelina Project (“Marcelina”). Sascha and Marcelina are together referred to as the Sascha-Marcelina Projects (“Sascha-Marcelina”). Under the Option to Purchase Agreement, Mirasol has the right to acquire an undivided 100% interest in three mineral concessions comprising the Marcelina Project.
Pursuit Minerals Ltd (ASX: PUR) (“Pursuit Minerals”) has announced that it has entered into a binding agreement to acquire 100% of the issued share capital of Andara Mining Pty Ltd (ACN 689 558 932).
“The sale of our Sascha-Marcelina Projects demonstrates our continued focus to unlock value from our underappreciated non-core assets in our portfolio of projects in Argentina and Chile,” Mirasol’s President Tim Heenan stated. “The payment of US$1.5 million will strengthen our balance sheet and contribute to our exploration plans while the remaining royalty will ensure we participate in future success at Sascha-Marcelina.”
Terms of the Sascha-Marcelina Projects Agreement
Under the terms of the Agreement, Mirasol shall grant Andara Mining the rights to acquire Sascha and assign the option to purchase Marcelina for total consideration of US$1,500,000 subject to conditions on or before November 30, 2025.
Upon completion of payments, Andara Mining will have earned 100% interest in the Sascha Project and will assume all the rights and obligations related to the option to purchase agreement for Marcelina with Minera Piuquenes S.A. (news release January 25, 2019). Mirasol will retain a 1.5% NSR (Net Smelter Return) royalty and Andara Mining will have a right of first refusal in relation to any potential sale and a right to buy back the first 0.75% of the 1.5% NSR royalty for two years following the commencement of commercial production for US$1,500,000 and the right to buy back the remaining 0.75% NSR royalty for a further US$4,000,000 for three years following commencement of commercial production.
Completion of the transaction is subject to completion or waiver of a number of conditions precedent on or before November 30, 2025.
Sascha-Marcelina Projects Overview
Mirasol staked the Sascha Project in 2003 to secure the 5 km-long Sascha Vein Zone, which was partially drill-tested from 2006 to 2009.
On January 23, 2019, Mirasol signed an option-to-purchase agreement with Minera Piuquenes S.A. for the 5,700 ha Marcelina exploration claims adjacent to Sascha, consolidating the two properties. The agreement was later amended to extend the option period.
Under the amended agreement, Mirasol can acquire 100% of the Marcelina claims by making staged option payments totalling US$3.75 million (of which $250,000 has been paid) over six years and granting a 1.5% NSR royalty. Cash payments for US$106,250, US$156,250 and US$ 3.45M are due December 1st, 2025, 2026 and 2027, respectively.
Following the consolidation of Sascha-Marcelina, Mirasol completed an integrated interpretation of Mirasol’s district-scale exploration data sets collected prior to 2009. Anomalous rock chip Au-Ag assays and Aster satellite alteration anomalies define a 16.5 x 4.0 km (65 km2) hydrothermal “footprint” to the district, showing a large-scale, zoned alteration system characteristic of a sizable gold-silver LSE system (news release January 25, 2019). The geologic and geomorphic setting of the Pellegrini Silica Cap at Marcelina and the related silica structures and veins is analogous to the setting of the Cerro Negro mine operated by Newmont, which is a high-grade, low-cost, gold-silver underground mine located approximately 100 km to the north of Sascha-Marcelina.
Mirasol completed additional surface exploration activities on the Sascha-Marcelina project, which included geological mapping, and detailed rock chip and geochemical sampling. This work has defined a large alteration footprint located in the immediate vicinity of the Marcelina claims, hosting an epithermal silica cap, and a associated vein system with multiple mineralized trends.
Mirasol followed up with a total of 40 line-km of IP geophysics surveys completed over the three principal areas. Significant chargeability and resistivity anomalies were defined, indicating the possible presence of sulphides and silica bodies, which could represent zones of hydrothermal alteration and mineralization at shallow depths (news release April 15, 2021).
A 2,814m drilling program completed in 2021, focused on three prioritized target areas, returned encouraging results. The Pellegrini Trend drilling defined a broad zone of gold and silver mineralization overprinting a younger lead and zinc rich base metal pulse, that is interpreted to represent the high-level expression in this large and well-developed epithermal system. Drilling on the Igloo and Estancia Trends also returned a number of anomalous gold and silver intercepts and improved the understanding of the local geological settings, so assisting in vectoring towards higher-grade zones at depth and within a more permissive stratigraphic horizon in potential follow-up drill programs (news release August 9, 2021).
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company with over 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 while continuing to advance a strong pipeline of highly prospective early and mid-stage projects.
For further information, contact:
Tim Heenan, President & CEO
or
Troy Shultz, Vice President Investor Relations
Tel: +1 (604) 602-9989
Email: contact@mirasolresources.com
Website: www.mirasolresources.com
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.
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