Mirasol Resources Announces Completion of Phase I Exploration Program at Virginia Project, Argentina

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• 2,831 meters drilled
• 95.5 line-km IP geophysics surveyed
• 2,531 meters of mechanically excavated trenches mapped and sampled
• 1,083 rock chip channels recovered

VANCOUVER, BC, Dec. 22, 2020 /CNW/ - Mirasol Resources Ltd. (TSXV: MRZ) (OTCPK: MRZLF) (the "Company" or "Mirasol") is pleased to announce the successful completion of the Phase I exploration program at the Virginia Silver Project ("Virginia") in Santa Cruz province, Argentina. The Company is the operator of Virginia under an option to purchase agreement with Silver Sands Resources (CSE: SAND) (OTCQB: SSRSF) who fully funded the program.

Mirasol's Chair and Interim CEO, Patrick Evans, commented: "The successful completion of this initial program at Virginia is a credit to our experienced operating team in Argentina. Despite the challenges posed by the COVID pandemic, the program was completed safely and exceeded the planned work targets. The results from the Virginia program will be released in early 2021."

Silver Sands' CEO, Keith Anderson, commented: "We would like to commend Mirasol's Argentine team as we were able to increase the size of the drilling, trenching and IP components of the Phase I program within the same budget. We anticipate steady news flow commencing in January and we are currently working with the Mirasol team on plans for a Phase II exploration program in the New Year".

This Phase I drilling and trenching program at Virginia focused on testing the potential for new silver zones to expand the existing NI 43-101 resource. All the drilling, except for the holes at the Magi target, focused on untested areas and potential strike extensions along most of the known trends hosting the current resource. The program also tested outlying targets that are not part of the current resource and where trenching has detected silver anomalies with good underlying geophysical support. The Phase I drilling program comprised a total of 2,831 meters in 18 diamond drill holes ("DDH"), which was 331 meters more than originally planned.

Figure 1: Completed DDH and outlines of potential open pit conceptual models for existing resources

Mirasol also completed two IP pole dipole (PDP) geophysical campaigns at Virginia. Most of the previous electrical geophysics at Virginia used the gradient array method, which is effective at mapping the chargeable mineralized vein structures. The PDP method was deployed to better understand the orientation of the structures at depth, enabling improved planning for drill campaigns. In total, 95.5 line-km were completed with 80.5km in Virginia and 15km at the Santa Rita prospect in the north of the Project.

Figure 2: Completed trenches and PDP lines during the 2020 program

Mirasol will compile, interpret and validate the results as they are received and expects to report the results in early 2021.

Mr. Evans added: "Based on geological observations of drill core conducted by Mirasol's exploration team, we are encouraged by the results and look forward to reporting them as soon as possible".

Table: Mirasol 2020 Virginia Phase I Drill Program

Reference for pit outlines in Figure 1 and 2: Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina – Initial Silver Mineral Resource Estimate. Report filed on SEDAR, March 29^th, 2016.

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).

Qualified Person Statement: Mirasol's disclosure of technical and scientific information in this press release has been reviewed and approved by Chris Ford, CEng FIMMM, a senior consultant for the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.

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.

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