Mirasol Resources Ltd. reported that the 2022/23 exploration program continues to advance towards drilling at the Vania North and Vania South prospects on the Inca Copper-Gold Project in Chile. Pursuant to the Exploration Agreement with Venture Option between Mirasol and affiliates of Newmont Corporation, Mirasol has the option to earn-in 100% of Inca Gold, subject to a 1.5% NSR royalty. Inca Gold is a large 16,300-hectare property package located at a relatively low altitude of 2,300m (ASL) in the Paleocene belt of Chile with year-round access and nearby infrastructure.

The Vania North and South zones are both controlled along a major north-northeast structural corridor which hosts the Inca del Oro porphyry to the south and the expansive El Salvador mining district to the north. Vania South is located at an important intersection of two faults, the north-south trending regional Quebrada Vasquez fault, intersecting an east-west trending undercover interpreted fault passing through the center of the magnetic anomaly. The Vania North magnetic depletion response is cradled within two intersecting north-northeast and south-southwest lineaments and hosts a strong coincident gold soil survey geochemical anomaly.

Airborne Mobile MT has high-definition depth penetration to greater than 800m below the surface and has been proven effective in defining targets in high-sulfidation epithermal (HSE) and porphyry systems elsewhere in Chile. This MT survey will aid in refining high-priority targets for the upcoming maiden drill campaign focused on Vania North and South. As previously reported, the reprocessing and re-interpretation of the original Newmont ground magnetic (“Mag”) data resulted in the identification of the Vania South anomaly located 3 km south of Vania North.

At the Vania South target a concealed and very strong, discrete magnetic response exists within the southeast corner of the Mag grid, showing smooth magnetic textures surrounding the main anomaly. Interpretation of the Mag data suggests that this very strong magnetic anomaly may represent a concealed copper porphyry target, with the magnetic source potentially characterizing the potassic-altered core of an intrusive body and the smooth magnetic border representing the envelope of hydrothermal alteration. Coincident with the magnetic responses, strong electrical Pole-Dipole IP geophysical anomalies are seen in the sections at both Vania North and South resulting in high-quality geophysical drill targets.

The reprocessing and re-interpretation of the original Mag data resulted in the definition of a new previously unknown prospective target at Vania East. In addition, reinterpretation of geochemical survey data outlined a multi-element geochemical soil anomaly at Vania SW. Mirasol has recently completed a detailed Pole-Dipole IP geophysical survey at Vania East, and a detailed ground magnetic survey at Vania SW.

Both Vania SW and East are localized along a strong north-northeast structural trend.