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FOCUSED ON DISCOVERY
SEPTEMBER 2020
Inca Gold Project, Chile
Cautionary Statement
This presentation contains certain statements that may be deemed “forward-looking statements”. All statements in this presentation, other thanstatements of historical fact, that address future operations, resource potential, exploration drilling, exploitation activities and events or developmentsthat the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and aregenerally, but not always, identified by the words “expects”, “plans” “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similarexpressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Information inferred from the interpretation of drilling resultsand information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of whatmight be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differmaterially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-lookingstatements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results ordevelopments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs,estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update theseforward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, except as may be required byapplicable law.
This presentation may use the terms pit constrained mineral resources estimate and indicated resource. The Company advises that these terms arerecognized by Canadian securities regulations (under National Instrument 43-101 “Standards of Disclosure for Mineral Projects”). Investors are cautionednot to assume that any part of or all, of the mineral occurrences in these categories will ever be converted into reserves.
All material project information in this presentation has been previously disclosed to the public by Mirasol.
Norm Pitcher, a “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in thispresentation.
MIRASOL RESOURCES
3
EXPLORATION COMPANY WITH A HYBRID STRATEGY TO TEST HIGH-QUALITY TARGETS
A Portfolio of Business Development and Pipeline Properties
Two Projects with Mirasol Funded Exploration and Drilling
Five Partner Funded Projects
x 2
Option to PurchaseEarn-in to Joint Venture
SANTA CRUZGENERATIVE REGION
ATACAMA PUNAGENERATIVE REGION
Exploration Project
Partnered Project
Deal Ready / Pipeline Project
N
ARGENTINA
Inca Gold in Chile / Sascha Marcelina in Argentina
CHILE / ARGENTINAGold / Silver / Copper
Encantada SpA
4
PROJECTS IN CHILE
Four Option Agreements in Chile
• Gorbea – Newcrest Mining
• Altazor – Newcrest Mining
• Coronación – First Quantum Minerals
• Nord – Encantada / Mineria Activa
Mirasol Funded Exploration Project
• Inca Gold
Portfolio in Northern Chile – Atacama Puna Region
→ World Class Copper / Gold region
Main Road/Hwy
Exploration Project
Partner FundedProject
Deal Ready / Pipeline Project
Significant Deposit
Antofagasta
Taltal
Chañaral
Socaire
Inca GoldProject
MRZ-Encantada
Nord Project
MRZ-FQMCoronación
Project
MRZ-NewcrestAltazor Project
MRZ-NewcrestGorbea Project
Rubi
Zeus
50
kilometres
N
Taca Taca
Escondida
El Peñon
Exploradora
Salares Norte
El Salvador
Inca de Oro
La Coipa
Mio-PlioceneMagmatic CentresPaleocene MagmaticCentres
A Portfolio of Pipeline Properties
5
PROJECTS IN ARGENTINA
Portfolio in Santa Cruz Province
→ A Mining Province with 7 Operating Mines
A Portfolio of Pipeline Properties
Option Agreement in Argentina
• Virginia – Silver Sands Resources
50
kilometres
N
Significant Deposit
Main Road/Hwy
Jurassic Volcanics
Partner fundedProject
Manantial EspejoPan American Silver
Mina MarthaPatagonia Gold
Cerro NegroNewmont
San JoseHochschild /McEwen Mining
Cerro MoroYamana Gold
Don NicolasCerrado Gold
Cerro VanguardiaAngloGold/Formicruz
Libanesa
MRZ - Silver Sands Virginia Project La Curva
ClaudiaNico
Homenaje
Sascha-MarcelinaProject
TranquiloPatagoniaGold
Argentina
Tres Cerros
Fitz Roy
GobernadorGregores
San Julian
PuertoDeseado
BajoCaracoles
PeritoMoreno
Las Heras
Mirasol Funded Exploration Project
• Sascha Marcelina
Exploration Project
Pipeline Project
6
EXPECTED ACTIVITIES AND NEWS FLOW
Project Funding Operator Exploration Activities Expected Timeline
Inca Gold Mirasol Rock chip and channel sampling
Geophysics and Drilling – 1,500m
Q3 2020
Q4 2020 / Q1 2021
Sascha
Marcelina
Mirasol Drilling – 2,600m Q4 2020
Virginia Partner Mirasol Geophysics, Trenching
Drilling – 2,500m
Q4 2020
Q4 2020
Gorbea Partner Newcrest Drilling – Contractual min. 2,000m Q4 2020
Altazor Partner Newcrest Drilling – Planned 2,000m Q1 2021*
Coronación Partner FQM Drilling – Contractual min. 3,000m Q4 2020 / Q1 2021*
* Subject to ongoing community engagement process
→ More than 13,000m of drilling on 6 projects
7
Mirasol Funded Exploration
Inca Gold Project, Chile
8
• Option agreement with Newmont
• Leveraging exploration expenditures to
gain exposure to a large epithermal
system
• Year-round access and near
infrastructure
Inca Gold Intermediate Sulfidation Epithermal Gold and Silver Project
• Project has prominent epithermal vein systems on surface and has not been drill-tested
• Comprehensive surface program initiated by Mirasol to refine drill targets
• 1,500m drill program planned for the end of the year
N
ARGENTINA
Main Road/Hwy
Exploration Project
Deal Ready / Pipeline Project
Au / Cu Deposit
Town
Tracks
25
kilometres
N
Inca GoldProject
Rubi
Paleocene MagmaticCentres
Inca del Oro
Diego de
Almagro
El Salvador
Potrerillos
El Salvador -Codelco
Inca de Oro
La Coipa
Potrerillos
9
• Large scale land package
• 5 prospects identified to
date, with various
mineralization styles
• Initial focus on Sandra
target that hosts thick
outcropping epithermal
veins
• 2,200 ha of additional
claims staked, which cover
trends defined by Sandra
veins
Multiple Prospects
Guerda Target(Au)
Rincon Target(Cu-Au)
Sandra Target(Ag-Au)
Vania Target(Au-Cu)
Inca North Target(Au)
Background: Bing Image © 2019
Microsoft Corporation © 2019
DigitalGlobe © HERE (2019)
2 km
%
IncaSur Extended claims
10
• 5 subparallel trends
recognized over 2.5 x 4 km
area
• Sheeted vein zones up to
20m (cumulative width)
Comprehensive surface
program ongoing:
• 1:2000 scale mapping of
the quartz vein swarms
• Systematic channel
sampling across the veins
• Reconnaissance
prospecting for outlying
areas of the prospect
Sandra Target Area
Inca Gold Claims Boundary
Sandra Target(Ag-Au)
Ag
1 km 1 km
Au
Background: Bing Image © 2019 Microsoft Corporation
© 2019 DigitalGlobe © HERE (2019)
Rock Chip Ag (ppm)
Structures
Veins
<
Structures
Rock Chip Au (ppm)
Veins
<
Background: Bing Image © 2019 Microsoft Corporation
© 2019 DigitalGlobe © HERE (2019)
IncaSur – extended claim package
11
Inca Gold ISE Gold and Silver Project
• Systematic mapping and sampling -
ongoing
• Permitting - ongoing
• IP geophysics
• Drilling – 1,500m budgeted
NEXT STEPS
12
• Property package consolidated for the first time in early 2019
• Located 100 km south and displaying similar geologic and
geomorphic settings to Newmont’s Cerro Negro mine, which hosts:
• Reserves: 2.6 Moz Au at 9.7 g/t and 21.34 Moz Ag at 79.51 g/t
• Resources: 2.12 Moz Au at 5.43 g/t and 10.9 Moz Ag at 28.13 g/t*
• Large alteration footprint hosting an extensive silica cap, with
high grade gold rock chip assays from multiple trends
• Recent geophysical and geochemical studies completed to refine
drill targets
• 2,600m drill program planned for this field season (Q4 2020)
Sascha MarcelinaLSE Gold and Silver Project
50
kilometres
Manantial EspejoPan American Silver
Mina MarthaPatagonia Gold
Cerro NegroNewmont
San JoseHochschild /McEwen Mining
Sascha-MarcelinaProject
TranquiloPatagoniaGold
GobernadorGregores
BajoCaracoles
PeritoMoreno
Homenaje
Nico
Virginia
Significant Deposit
Main Road/Hwy
Jurassic Volcanics
Partner fundedProject
Exploration Project
Pipeline Project
N
ARGENTINA
* Newmont - 2/13/2020 Press Release
All Samples Au Ag
Max Value 27.7 g/t 121 g/t
Average value 0.56 g/t 3.9 g/t
Estancia and Igloo Trend
New Rock Chip Assays
13
Santa
Cruz
Provin
ce
Argentin
a
Chile
50km
Sascha -Marcelina
Cerro Negro
CerroMorro
Mina Martha
Manantial Espejo
Jurassicvolcanics
CerroVanguardia
Sascha Marcelina Claims
30,681 ha
Sascha Marcelina Claims Boundary
Additional Prospects
Sascha Vein Zone
Rock Chip Assays Au (g/t)
1.00 to 160.00
0.25 to 1.00
0.10 to 0.25
0.01 to 0.05
0.00 to 0.01
Below Detection
0.05 to 0.10
Sascha Marcelina Property
Overview and Drilling Plan
• Multiple prospects identified
and interpreted to show
different levels of a low
sulfidation epithermal
system
• Initial drilling to focus on
Estancia, Pellegrini and
Igloo prospects
Estancia Trend
8 holes 1,375m
Pellegrini Silica Cap
4 holes 775m
Igloo Trend
3 holes 450m
14
Estancia
Norte Zone
Estancia
Central Zone1.86 / 15.7
5.24 / 1.85
1.74 / 7.16
1.02 / 7.65
7.21 / 9.81
8.45 / 6.30
27.7 / 121
Clay pan
Silica Cap
Clay pan
Post-mineral basalt flows
Post-mineral gravel cover
Post-mineral gravel cover
Vein trend may
continue under
claypan to south and
gravel plateau to
north
Preliminary Lithology
Ch
on
Aik
eL
a M
atild
e
Rock Chip Labels:
Au (g/t) / Ag (g/t)
?
JurassicVolcanics
Rock Chip Assays Au (g/t)
1.00 to 27.70
0.25 to 1.00
0.10 to 0.25
0.01 to 0.05
0.00 to 0.01
Below Detection
0.05 to 0.10
Estancia
Sur Zone
Post-mineral basalt flows
?
?
?
?
Vein trend may
continue under basalt
to the NW
• N-W structure hosting veins, veinlets and
stockworks, over more than 3 km
• Estancia South: Deepest level of erosion, hosting
well developed veins and veinlets with highest
grades. Permissive Chon Aike formation
• Estancia Central: Higher level of system in poor
host rock, with outcropping veinlets with lower grades
• Vein trends open to the North and South under
cover
→ Main target area for drilling
Sascha Marcelina - Estancia Trend
15
• Drilling permit granted
• Water permit – in progress
• Drilling – 2,600m budgeted
NEXT STEP
Sascha MarcelinaLSE Gold and Silver Project
16
Partner Funded Exploration
Gorbea Project, Chile
17
Option to Joint Venture
Negotiated $ to 100%
MRZ 20%
6 years
80%
10,000m of Drilling and Delivery of a PFSUS$875k Option Payments
3,000m +
Geophysics
Committed
MRZ 25%
MRZ 15% PEA$650k cash
>US$ 19M Exploration ExpendituresUS$600k option payments ($100k paid)
51% 75%
FS
65%
6.5 years 1 year 2 years
NSR royalty option
85%
MRZ 25%
MRZ 20% PEA$650k cash
51% 75%
FS$650k
65%
6 years 2 years 2 years
+fund
80%
>US$ 10M Exploration ExpendituresUS$600k Option Payments (paid)
Jan 2019: Gorbea - Newcrest
Nov 2017: Altazor - Newcrest
Sept 2019: Coronación - FQM
Option to Purchase
Royalty: 3% NSR or 2% NSR and US$2M
3 years
19.9% of the S/O after US$6M in expendituresExpl. Expenditures - Y1: US$1M| Y2: US$2M | Y3: US$3M
May 2020: Virginia – Silver Sands Res.
Royalty: 2% NSR or 1.5% NSR and US$3M
4 years
US$500k Expl. Expenditures over 2 yearsUS$3M in Option Payments
Signing: US$50k (paid)| Month 14: US$200k |Mth 24: US$400k | Mth 36: US$600k | Mth 48: US$1.75M
Sept 2020: Nord – Encantada SpA
18
• Option to Purchase agreement executed in May 2020, with Silver Sands
Resources closing oversubscribed, $2.2M private placement
• Well-funded to aggressively move project forward
• Mirasol to participate in upside with significant shareholding and NSR royalty.
• Virginia district – Approx. 7.6 km of outcropping mineralized epithermal veins
• Seven silver deposits outlined to date by over 23,000m of diamond drilling
• NI 43-101 within conceptual pit resource [1]
• Indicated: 11.9 Million oz contained within 1.197 Mt at 310 g/t Ag
• Inferred: 3.1 Million oz contained within 0.460 Mt at 207 g/t Ag
• Significant exploration upside with potential for new untested veins
• Reconnaissance of new claims acquired in 2016 identified trends of vein
float with multiple assays >500 g/t Ag, with a peak assay of 6,586 g/t Ag
VirginiaLSE / ISE Silver Project
[1] The Qualified Persons responsible for this amended Technical Report were commissioned by Mirasol Resources Ltd. to review all geologic,
geochemical, geophysical, surface trenching, diamond drill core sampling and metallurgical recovery data pertaining to the Virginia Project for the
purpose of completing a Mineral Resource estimate in accordance with the guidelines of the Canadian Institute of Mining and Metallurgy (CIMM).
For calculating conceptual pits, a silver price of US$20 per ounce was used. Sensitivity analyses by the Qualified Persons indicate that the Mineral
Resources are not particularly sensitive to operating costs or silver price fluctuations. Mineral Resources which are not Mineral Reserves do not
have demonstrated economic viability.
Refer to Amended NI 43 -101 technical report filed February 29, 2016
Manantial EspejoPan American Silver
50
kilometres
N
Manantial EspejoPan American Silver
Mina MarthaPatagonia Gold
Cerro NegroNewmont
San JoseHochschild /McEwan Mining
MRZ - Silver Sands Virginia Project
TranquiloPatagoniaGold
GobernadorGregores
BajoCaracoles
PeritoMoreno
Homenaje
Nico
Sascha-Marcelina
Significant Deposit
Main Road/Hwy
Jurassic Volcanics
Partner fundedProject
Exploration Project
Pipeline Project
19
2020 Approved Program
• Exploration program approved between the
partners under the initial US$1M commitment
• IP geophysics program – 40 line-km
• Previously used successfully to identify
zone of mineralization and zones with high
chargeability (sulphides concentration) and
zones of high resistivity (strong
silicification)
• To be completed first to refine drill targets
• Trenching ~1,500m
• To define new targets for future drilling
• Drilling – 2,500m
• Targeted at new veins or extension / gaps
in existing vein structures
20
• Large land package with 9 claim blocks incl.
Atlas /Titan
• Mirasol’s partners have spent >CA$20M on
properties and drilled approx. 16,000 m
• Presence of an oxidized and mineralized HSE
gold system confirmed by drilling
• Search of higher-grade zone ongoing
GorbeaHigh Sulfidation Epithermal Gold Project
• Option period extended to January 25, 2021
• NCM committed to at least 2,000 m of drilling over upcoming season
* Goldfields – Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report 2019
MRZ-NewcrestGorbea Project
25
kilometres
N
Atlas
Titan El Dorado
Sirio
Ventura
Aldebaran
Danay
Orion
Altamira
Nord
Agua Verde
Salares Norte -
Goldfields
Exploradora -Codelco
El Guanaco -AustralGold
N
ARGENTINA
Reserves:
3.5 Moz Au / 39 Moz Ag*
Main Road/Hwy
Partner Funded
Project
Au/Cu Deposit
Town / Site
Tracks
Mio-PlioceneMagmatic Centres
21
• Newcrest drilled multiple long intervals of alteration and
mineralization
• Untested gaps remain that can potentially host higher-grade
zones
• Other regional targets to also be drill tested (El Dorado and
Titan Prospects)
Drilling Map 2019/2020 Cross Section
164m @ 0.52 g/t Au
129m @ 0.54 g/t Au incl. 10m @ 2.09 g/t Au
114.1m @ 1.07 g/t Auincl. 36m @ 2.49 g/t Au
MRZ-Newcrest Altazor Project
25
kilometres
Coronación
Paso de Sico
SocompaTaca Taca
N
22
• Large land package with multiple drill targets
• HSE gold target defined by compelling results
from surface exploration programs (extensive
alteration / CSAMT highly resistive geophysical
anomalies / multiple breccia complexes mapped)
• Project shows geological features that are
similar to other multi million-ounce discoveries in
the Mio-Pliocene mineral belt in Chile
AltazorHSE Gold Project
• 2,000m drill program anticipated for Q1 2021, subject to community support
• Community consultation process is ongoing but has been impacted by COVID-19
pandemic
N
ARGENTINA
Main Road/Hwy
Partner Funded
Project
Au/Cu Deposit
Town / Site
Tracks
Mio-PlioceneMagmatic Centres
23
• Option Agreement with First Quantum
Minerals signed in October 2019
• Targeting large scale Porphyry and/or HSE
systems
• Located on major N-W structural trend
associated with several porphyry deposits
(Taca Taca, Escondida)
CoronaciónHSE / Porphyry Copper Gold Project
• Surface work completed during last field season• Mapping, Sampling and Geophysics (MAG, IP and MT)
• Sample collected for age dating
• Committed to 3,000m of drilling during the field season
• FQM working towards receiving the required permits and approval for drilling program
MRZ-FQM Coronación
Project
25
kilometres
N
Altazor
Imilac
Socompa
Escondida
Taca TacaN
ARGENTINA
Main Road/Hwy
Partner Funded
Project
Au/Cu Deposit
Town / Site
Tracks
Mio-PlioceneMagmatic Centres
• Potential for vein type polymetallic (Cu, Zn, Pb, Ag, Au) epithermal mineralization and porphyry style
mineralization
• Initial 6-month fieldwork program planned with geology, alteration mapping, geophysical surveys and trenching
• Scout drilling program expected in Q2 2021
24
• Definitive Agreement signed in Sept 2020
with Encantada SpA, an affiliate of
Mineria Activa
• Mineria Activa is a Chilean, mining
focused private equity fund, developing
an adjacent project (Feasibility Study
underway)
• Exploration to focus on potential
extensions and parallel structures to the
known mineralization
NordPolymetallic / Epithermal / Porphyry Project
MRZ-EncantadaNord Project
25
kilometres
N
Rubi
El Salvador
Potrerillos
Diego de
Almagro
Exploradora -CodelcoCiclon-Exploradora -
Mineria Activa
El Salvador -Codelco
Potrerillos Main Road/Hwy
Deal Ready /
Pipeline Project
Oligocene MagmaticCentres
Partner FundedProject
Cu Deposit
Town
N
ARGENTINA
Tracks
25
→ Mirasol funded exploration programs
• Chile: Inca Gold – Surface sampling, geophysics and drilling
• Argentina: Sascha Marcelina - Drilling
→ Multiple partner funded drilling and exploration programs
• Chile: Gorbea, Coronación, Altazor, Nord
• Argentina: Virginia – Trenching / Drilling
→ Business Development initiatives to build new exploration partnerships
MIRASOL IS FOCUSED ON DELIVERING EXPLORATION AND DRILLING RESULTS TO DRIVE
SHAREHOLDER RETURNS
ACTIVITIES AND NEWS FLOW
Well funded with partners in place to deliver meaningful exploration activities – 13,000m expected
6 quality exploration targets to be drilled tested
Low valuation offering opportunity to accumulate position during quiet exploration period
Continued insiders support through market acquisition with insiders holding >28%
26
WHY OWN MIRASOL TODAY
1
2
3
→Exploration success to meaningfully impact share price
4
Low Risk Exploration Exposure
27
54 M Shares Outstanding
59 M Shares Fully Diluted
Conservative Share Structure
Well Funded
C$ 17 M in Cash as at March 31, 2020 – Last reported
Market Capitalization
C$ 25 M
C$ 1.3 M in Shares3.7 M shares of SAND x $0.35
as at Sept 14, 2020
Share Price
$0.455/share
28
TSX.V: MRZ
For Further Information:
Norm Pitcher, President & CEO
Jonathan Rosset, VP Corp. Development
www.mirasolresources.com
Coronación Project, Chile