Announcement • Jun 22
Mirasol Resources Ltd Provides Exploration Update on Sobek Copper-Gold Project in the Vicuña District, Chile Mirasol Resources Ltd. announced an update on the exploration and drilling at the Company’s 100%-owned Sobek Copper-Gold-Silver Project located 7 km west of Filo Del Sol in the Vicuña District of Chile. Exploration this season was primarily focused on the Sobek Central corridor of copper-gold and copper-rich targets which hosts the VN-Zone, 46 South and the Green Wall prospects. Mirasol has been advancing the interpretation and understanding of the prospective targets through the integration of geophysical data, drill results, geological mapping, surface geochemistry and petrographic observations. The VN-Zone is a gold-copper target with banded quartz vein textures and previously reported high-grade rock-chip surface samples. The Induced Polarization, Pole-Di-Pole geophysical survey (IP-PDP) completed over the VN-Zone outlined a strong, structurally controlled, resistivity contrast that increases with depth. Drill results from 46 South target included anomalous gold bearing intervals, which indicate the hydrothermal system continues towards the south. The Green Wall domain is a distinct copper-rich mineralized trend, with narrow, sub-meter structures, potentially representing “leakage” from a more significant copper source within the subsurface. In preparation for potential drilling at the VN-Zone, follow up exploration will focus on evaluating how the gold-copper surface mineralization along with the attractive banded quartz veining styles are related to the geophysical IP-PDP resistivity anomalies below surface and the apparent structural controls. At the Green Wall domain, exploration will focus on defining the copper mineralized trend, and how that relates to the central-northwest and southeast domains and the structural and lithological controls on mineralization. The VN-Zone is located in the middle of the Sobek Central corridor where previous surface samples outlined a cluster of gold-copper rock-chip results, including previously reported values from select rock chip grab and float samples of 5.03 g/t gold with 2,200 ppm copper, 4.50 g/t gold, and 2.82 g/t gold with 1,300 ppm copper. Drill core samples (1.5-2.5kg) were prepared with PREP31, and analyzed for Au with fire assay and Ag-Cu-Zn-Pb and Mo AA62 with multi-acid (4) digestion with Atomic Absorption (HF-HNO3-HClO4 Digest, HCl leach) and multi-element (48) four acid ICP-MS (*ME-MS61m). Assay results from drill core, rock chip, soil and stream sediment, channel, and trench, samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization. New Risk • Mar 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.9m free cash flow). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m (CA$555k revenue, or US$405k). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$48.7m market cap, or US$35.5m). New Risk • Mar 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$6.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.9m free cash flow). Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m (CA$555k revenue, or US$406k). Minor Risk Market cap is less than US$100m (CA$48.7m market cap, or US$35.7m). 
