Mirasol Expands Opportunities Through Sale of Nord Projects
Mirasol Resources Ltd. (TSX-V: MRZ) (OTC: MRZLF) has announced a significant transaction that marks a step forward in its strategic business model. The company has signed an agreement for the sale of its Nord Projects in Chile to Eco Earth Elements SpA, with a total consideration estimated at approximately US$2.5 million payable over a span of four years.
Details of the Agreement
Under the agreement, Eco Earth will acquire Mirasol’s Nord East and Nord West Projects, which are valuable mining areas located adjacent to the Ciclón-Exploradora development project. This development driving closer to production will enhance the potential for infrastructure development and additional exploration in the area.
Key Financial Terms
The total consideration amounts to US$2,556,536, factoring in US$2,044,986 for Nord East and US$511,550 for Nord West, structured in scheduled payments:
- US$59,043 upon signing
- US$22,493 six months post-signing
- US$175,000 one year later
- US$150,000 one and a half years post-signing
- US$450,000 at the two-year mark
- US$400,000 three years later
- US$1,300,000 at the conclusion of the four-year term
Royalty Structure and Rights
In this agreement, Mirasol retains a 2% Net Smelter Return (NSR) royalty on the Nord East Project, with Eco Earth obtaining the right to purchase 1% for US$3 million and the remaining 1% for an additional US$6 million. Additionally, Mirasol retains a 1% NSR royalty on Nord West, which can be repurchased by Eco Earth for US$1 million. This royalty structure ensures Mirasol will still benefit from the success of the Nord Projects even post-sale.
Geological Significance of the Nord Projects
The Nord East and Nord West Projects cover a significant area in Region II of Chile, known for its rich mineral deposits. Historically staked by Mirasol, these areas show promise for various styles of mineralization, contributing to their appeal in the ongoing exploration landscape.
Mirasol Resources and Its Future Directions
Mirasol Resources has positioned itself as a dynamic player in the exploration industry, bringing over 20 years of experience and operational credibility, specifically in Chile and Argentina. The firm is not only self-funding its flagship Sobek Copper-Gold Project but also continues to explore upcoming prospects that align with its strategic objectives.
Contact and Further Information
For additional details, interested parties can reach out to Tim Heenan, President and CEO of Mirasol or Troy Shultz, Vice President of Investor Relations through the provided contact methods:
Email: contact@mirasolresources.com
Website: www.mirasolresources.com
Frequently Asked Questions
What is the total sale amount for the Nord Projects?
The total sale amount is approximately US$2.5 million payable over four years.
What royalties will Mirasol retain from the sale?
Mirasol will retain a 2% NSR royalty on Nord East and a 1% NSR royalty on Nord West.
Who is acquiring the Nord Projects?
The Nord Projects are being acquired by Eco Earth Elements SpA.
How long will the payment schedule for the sale extend?
The payment schedule extends over four years, starting from the signing of the agreement.
What experience does Mirasol Resources have in the mining industry?
Mirasol Resources has over 20 years of experience in mineral exploration and community relations in Chile and Argentina.
