Mirasol Resources receives US$500,000 from Newcrest Mining following an amended option and farm-in agreement for the Gorbea project in Chile

Mirasol Resources Ltd (CVE:MRZ) (OTCPINK:MRZLF) (FRA:M8R) announced that Newcrest Mining Limited (TSE:NCM) (ASX:NCM) has exercised its option to enter the farm-in phase of its joint venture to develop the Gorbea gold project in Chile by making a US$500,000 payment to Mirasol.   The two companies amended the Gorbea Option and Farm-in Agreement as exploration activities at the project remain suspended until at least August 2021, due to COVID-19 restrictions. “We welcome Newcrest's commitment to advancing the Gorbea project and their decision to enter into the Gorbea farm-in phase through the payment of US$500,000. This option payment further strengthens Mirasol's treasury,” said Mirasol Resources Interim CEO Patrick Evans in a statement. READ: Mirasol Resources rejects "unsolicited expressions of interest" to focus on current business plan Mirasol Resources noted that Newcrest has completed 5,426 metres (m) of drilling and spent more than US$9 million on the project to date, exceeding the minimums required under the option phase. In order to complete the first farm-in phase and vest an initial 51% interest in the Gorbea project, Newcrest is now required to complete at least US$15 million in exploration expenditures over 4.5 years and drill a minimum of 8,000m on the Gorbea Project. The company added that the first 2,000m of drilling is to be completed before the end of 2021 and the additional 6,000m must be completed before the end of 2022. Mirasol said it and Newcrest have agreed to review the COVID situation in Chile in August 2021 and jointly decide how to advance the project during the next field season. Mirasol Resources currently has six partner-funded projects, two with Newcrest Mining (Chile), and one each with First Quantum Minerals (Chile), Mine Discovery Fund (Chile), Mineria Activa (Chile) and Silver Sands Resources (Argentina). The company is currently self-funding exploration at two projects, Inca Gold (Chile) and Sacha Marcelina (Argentina), which it expects to begin drilling in 2021. Mirasol Resources announced recently that it has received “multiple unsolicited expressions of interest” in recent weeks from third parties seeking to acquire Mirasol. Contact Sean at sean@proactiveinvestors.com