Mirasol Signs MOU for the Sale of the Virginia Silver Project and Landholdings in Argentina for US$8 Million Plus 2% NSR Royalty

Core Viewpoint - Mirasol Resources Ltd. has signed a Memorandum of Understanding (MOU) with Ampere Metals Pty. Ltd. for the exclusive rights to negotiate a definitive agreement to acquire the Virginia Silver Project in Argentina for a total consideration of US$8 million [1][4]. Company Overview - Mirasol Resources Ltd. is a well-funded exploration company with over 20 years of experience in operating, permitting, and community relations in mineral-rich regions of Chile and Argentina [18]. - The company controls 100% of the Virginia Silver Deposit, which is a high-grade silver project [18]. Virginia Silver Project Details - The Virginia Silver Project hosts an indicated mineral resource of 11.7 million ounces of silver at an average grade of 357 g/t and an inferred mineral resource of 7.9 million ounces at 184 g/t [2][7][17]. - The mineralization at Virginia is characterized by high-grade, intermediate sulfidation epithermal style mineralization found in a series of prominent outcropping vein-breccias [2]. Financial Terms of the MOU - The total consideration for the Virginia Project is US$8 million, which includes US$5 million for mineral rights and US$3 million for associated landholdings and infrastructure [4][7]. - Payments are structured over five years, with specific milestones including: - US$4 million upon signing the definitive agreement [5]. - US$3 million upon completion of a prefeasibility study [6]. - US$1 million upon the decision to mine [10]. Exploration Potential - Future drilling at the Virginia Project aims to increase inferred silver resources, with potential to expand the overall deposit by drilling along strike and at depth [15]. - Numerous vein prospects outside the current resource remain untested, indicating further exploration opportunities [7][15]. Royalty Structure - Mirasol will retain a 2% Net Smelter Return (NSR) royalty on the Virginia Project, with the option to sell this royalty to Ampere Metals for a minimum of US$2 million [7][10][16].