The 16,300 ha Inca Gold project is located in Region III of Chile, approximately 100 km north of Copiapo, and within the Inca Del Oro mining district that hosts both Santiago Metals Delirio Cu/Au mine and PanAust/Codelco’s Inca de Oro Cu/Au porphyry deposit. The project has year-round road access and near infrastructure for exploration activities.

Initial exploration by Mirasol at the Inca Gold project has been focused on the Sandra prospect, where the company completed a 1,500m maiden drill program in Q2 2021. Reconnaissance exploration has been initiated on the Caldera, Vania and Rincon prospects.

Agreement with Newmont Corporation

On January 13, 2020, Mirasol announced that it signed an option agreement with subsidiaries of Newmont to acquire the Inca Gold project in Northern Chile.

Mirasol was granted the option over 5 years to earn 100% of the project, subject to a 1.5% NSR royalty, by drilling 1,000 meters 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 1,000 meters drilling commitment.

Upon completion of this option, Newmont will have the right to earn back 70% of the project, in two stages, by paying in cash US$3 million to Mirasol; and delivering a NI 43-101 compliant Prefeasibility Study reflecting a resource of no less than 2 million ounces of gold-equivalent using agreed upon cut-off grades; or incurring an additional US$21 million in exploration expenditures over 6 years.