- US$500,000 option payment for
Gorbea project
- 2,000m of drilling to be
completed in 2021 and 6,000m in
2022
Shares Issued and Outstanding: 54,116,043
TSX-V:
MRZ
OTCPK: MRZLF
VANCOUVER, BC, Dec. 29, 2020 /CNW/ - Mirasol Resources Ltd.
(TSXV: MRZ) (OTCPK: MRZLF) (the "Company" or
"Mirasol") announces that it has received notice from
Newcrest Mining Limited (ASX: NCM) (TSX: NCM) ("Newcrest") that due
to the COVID-19 pandemic, activity remains suspended until at least
August 2021 when COVID-19 conditions
and local regulations will be reviewed by the parties. Newcrest has
implemented and maintained measures to reduce and mitigate the
risks of the COVID-19 pandemic to its project workforce and key
stakeholders. As a consequence of these developments, Mirasol and
Newcrest have agreed to amend the Gorbea Option and Farm-in
Agreement ("Agreement") (announced January
28, 2019), allowing Newcrest to exercise its
option to enter the farm-in phase of the Agreement by making a
US$500,000 payment to Mirasol.
Mirasol's Chair and Interim CEO, Patrick
Evans, commented: "We welcome Newcrest's commitment to
advancing the Gorbea project and their decision to enter into the
Gorbea farm-in phase through the payment of US$500,000. This option payment further
strengthens Mirasol's treasury".
To date, Newcrest has completed 5,426m of drilling and spent more than
US$9 million on the project,
exceeding the minimums required under the option phase. In order to
complete the first farm-in phase and vest an initial 51% in the
Gorbea project, Newcrest is now required to complete at least
US$15 million in exploration
expenditures over 4.5 years and drill a minimum of 8,000m on the Gorbea Project. The first
2,000m of drilling is to be completed
before the end of 2021 and the additional 6,000m must be completed before the end of 2022.
Mirasol and Newcrest have agreed to review the COVID situation in
Chile in August 2021 and jointly decide how to advance the
project during the next field season.
At the Altazor Project, Mirasol and Newcrest will continue
advancing community engagement to gain support for future field
activities. Mirasol is actively supporting Newcrest in this
engagement and expects to see positive developments in coming
months.
Separate to the Newcrest Agreement, and following the successful
completion of the 2020 drill program at the Virginia Project,
Mirasol looks forward to an exciting exploration season in 2021
when the Company expects to be drilling on two self-funded
projects, Inca Gold and Sascha
Marcelina, as well as a number of other partner-funded
projects.
About Mirasol Resources Ltd
Mirasol is a well-funded exploration company focused in
Chile and Argentina. Mirasol has six partner-funded
projects, two with Newcrest Mining Ltd (Chile), and one each with First Quantum
Minerals (Chile), Mine Discovery
Fund (Chile), Mineria Activa
(Chile) and Silver Sands Resources
(Argentina). Mirasol is currently
self-funding exploration at two projects, Inca Gold (Chile) and Sacha
Marcelina (Argentina).
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Mirasol Resources Ltd.