Mirasol Signs Agreement to Option its Newly Generated Coronación Copper/Gold Project in Chile

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[{"type":"text","content":"\n\n\n\nMirasol Signs Agreement to Option its Newly Generated Coronación Copper/Gold Project in Chile\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 7, 2019\n\n\n\nVANCOUVER, Oct. 7, 2019 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the \"Company\" or \"Mirasol\") is pleased to announce the signing of a definitive agreement (the \"Agreement\") with First Quantum Minerals (TSX:FQM)(\"FQM\") for its Coronación Copper/Gold Project (the \"Project\") in Northern Chile. The Project was generated by Mirasol as part of its ongoing Atacama-Puna generative program, further confirmation of Mirasol's ability to attract quality partners on prospective exploration projects. With four partnership agreements now active, Mirasol continues to build a unique portfolio of exploration assets in Chile. \nMirasol's President and CEO, Norm Pitcher, stated: \"We are pleased to partner with FQM to advance the Coronación project, and look forward to results from the coming field season. With this agreement, Mirasol further expands its portfolio of quality exploration targets being tested by majors in the prolific Mio Pliocene belt of Chile.\"\nTerms of the Agreement\nMirasol granted to FQM the option to earn-in 80% of the Project over 6 years by:\nMaking annual cash payments totaling US$ 875,000; Completing at least 10,000m of drilling; and Delivering a NI 43-101 compliant Prefeasibility Study ReportFQM is committed to completing 3,000 m of drilling and a systematic geophysical program on the Project over the first 24 months of the Agreement. Following this period, FQM is required to spend a minimum of US$500,000 per year over the term of the Agreement. FQM will be the operator during the option period. \nFollowing the completion of the 80% earn-in, FQM will have a one-time option to acquire the remaining 20% on terms to be negotiated between the parties. If this option is not exercised, the parties will form a participating joint venture to further fund the development of the Project.\nCoronación Project Overvie...

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