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Mirasol to Acquire the Inca Gold Project in Northern Chile
Mirasol to Acquire the Inca Gold Project in Northern Chile Canada NewsWire VANCO...
About this update from Mirasol Resources Ltd
[{"type":"text","content":"\n\n\n\nMirasol to Acquire the Inca Gold Project in Northern 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, Jan. 13, 2020\n\n\n\nVANCOUVER, Jan. 13, 2020 /CNW/ - Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the \"Company\" or \"Mirasol\") is pleased to announce the signing of an option agreement (the \"Agreement\") with subsidiaries of Newmont Corporation (NYSE: NEM, TSX: NGT)(\"NEM\") to acquire the Inca Gold Project (the \"Project\") in Northern Chile. This Agreement gives Mirasol the opportunity to add to its portfolio a district-scale and underexplored, intermediate sulfidation epithermal project in the prolific Paleocene belt of Chile. The Project hosts multiple attractive targets that have never been drill tested, and it fits well with the Company's strategy to fund drilling on high quality prospects with favorable infrastructure. \nMirasol's President and CEO, Norm Pitcher, stated: \"We are pleased to add the Inca Gold Project to our portfolio and to work toward delivering a second Mirasol-funded exploration and drilling program in Chile. This is an attractive transaction allowing Mirasol to acquire Inca Gold by exploring and drilling the property. If our exploration demonstrates the potential for a Newmont size target, the agreement will allow them to earn back 70% of the project by reimbursing our costs and investing in significant additional exploration expenditures.\" \nTerms of the Agreement\nMirasol was granted the option over 5 years to earn-in 100% of the Project, subject to a 1.5% NSR royalty, by:\nDrilling 1,000 meters on the Project over 2 years; and Incurring US$3 million in exploration expenditures over 5 years.Mirasol can terminate the Agreement at any time after the completion of the initial 1,000m drilling commitment.\nUpon completion of this option, NEM will have the right to earn back 70% of the Project, in two stages, by:\nStage 1: Paying in cash US$3 million to Mirasol; and Funding US$6 million in exploration expenditures over 3 years.           &...