Sale of Sascha-Marcelina Projects Completed
Mirasol Resources Ltd. (TSX-V: MRZ) is thrilled to announce the successful sale of its entirely owned Sascha and Marcelina Projects located in Argentina. This strategic move, executed with Pursuit Minerals Ltd. (ASX: PUR) through their subsidiary Andara Mining Pty Ltd, brings a total of approximately US$1.5 million to Mirasol. The transaction fulfills a pivotal step in the Company’s ongoing efforts to enhance its financial foundation and focus on core assets.
Retained Royalty and Future Opportunities
As part of the agreement, Mirasol retains a 1.5% net smelter return (NSR) royalty. Pursuit Minerals holds the option to repurchase up to 1.5% of the royalty within specified timeframes, allowing them to buy back 0.75% for US$1.5 million within two years and another 0.75% for an additional US$4 million within three years after production begins. This arrangement provides Mirasol with a potential revenue stream from future successful development of the projects.
Strengthening Financial Position
The proceeds from the Sascha-Marcelina sale have been specifically allocated towards repaying CAD$2 million of an outstanding shareholder loan. This repayment underscores Mirasol's commitment to maintain its financial health while pursuing its exploration initiatives. Tim Heenan, President of Mirasol, expressed enthusiasm stating that this significant payment bolsters the Company’s financial standing as it continues to advance exploration programs aimed at unlocking further value.
Company Overview and Future Prospects
Mirasol Resources is a dynamic exploration company with over two decades of experience operating in the mineral-rich regions of Argentina and Chile. Currently, Mirasol is focused on the promising Sobek Copper-Gold Project located in the Vicuña district of northeast Chile, marking another step in their journey to navigate through various exploration ventures. The Company's experience in fostering community relations and navigating permitting processes positions it favorably as it seeks to explore new opportunities.
Contact Information
For more details or inquiries, please reach out to:
Tim Heenan, President & CEO
or
Troy Shultz, Vice President Investor Relations
Tel: +1 (604) 602-9989
Email: contact@mirasolresources.com
Website: www.mirasolresources.com
Frequently Asked Questions
1. What are the Sascha-Marcelina Projects?
The Sascha-Marcelina Projects consist of mineral concessions located in Argentina that have been sold by Mirasol to Pursuit Minerals.
2. How much was the sale of the Sascha-Marcelina Projects?
The total sale consideration for the projects was approximately US$1.5 million.
3. What royalty did Mirasol retain from the sale?
Mirasol retained a 1.5% net smelter return royalty from the Sascha-Marcelina Projects.
4. How will Mirasol use the proceeds from the sale?
The proceeds will be used to repay CAD$2 million towards an outstanding shareholder loan, enhancing Mirasol's financial stability.
5. What is Mirasol’s primary exploration focus currently?
The Company is currently focused on the Sobek Copper-Gold Project in northeast Chile, in addition to exploring other potential projects.
