→ Business model & investment opportunity → Headline projects & exploration programs → 2015 objectives
Corporate update December 2014
Stephen Nano President, CEO & Director TSX.V: MRZ
2| MRZ: TSX-V
Cautionary StatementThis presentation contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other thanstatements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events ordevelopments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are nothistorical facts and are generally, but not always, identified by the words “expects”, “plans” “anticipates”, “believes”, “intends”, “estimates”,“projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Informationinferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forwardlooking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Althoughthe Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitationand exploration successes, and continued availability of capital and financing, and general economic, market or business conditions.Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differmaterially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates andopinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update theseforward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Stephen Nano, President and CEO for the Company and a “Qualified Person” under National Instrument 43-101, has reviewed andapproved the scientific and technical information in this presentation.
MIRASOL RESOURCES
• 1999 -2013: 1.2 Billion ounces of gold mined
• Estimated that exploration has only replaced 50% of this with new minable ounces of gold
• At current production rates major producers have an average reserve base of 18 years
• Less then 25% of the discoveries made in the last decade will be producing in this time frame
Shortfall opportunity
Captive & competitive market for new discoveries
Projects with developable ounces in mining friendly jurisdiction will attract a premium
*assumes a 75% conversion of resources to reserves and a 90% recovery rate from these reserves.
Source: Retreating Discovery Rates and Reduced Exploration Spending: Potential Impacts to Global ProductionDavid Cox Denver Gold Forum September 15, 2014
Source: Retreating Discovery Rates and Reduced Exploration Spending: Potential Impacts to Global ProductionDavid Cox Denver Gold Forum September 15, 2014
Source: Gold exploration … a balancing act. Mining Journal- Special Supplement on Gold August 2014, Richard Schodde
Discovery short fall of producible ouncesProject Generators “sweet spot”
85 million ounces of gold 800 million ounces of silver19 million tonnes of copper
Average annual mine production(USGS)
Discovery Shortfall – Project Generators sweet spot
• Juniors now account for 50-60% of all discoveries made in the western world, up from <20% in the 1980’s.
• However 75% of Canadian Juniorshave less than $1 million availablefunds
• Insufficient funds to effectively explore
• Amplify the discovery short fall of these metals
→ Demand for quality projects
→ Competitive advantage for funded effective Project Generators
Junior Explorers: discovery vs funding
Source: Uncovering Exploration Trends and the Future: Where is Exploration Going? Richard Schodde, International Mining and Resources (IMARC) Conference 22nd September 2014 Melbourne
Source: Uncovering Exploration Trends and the Future: Where is Exploration Going? Richard Schodde, International Mining and Resources (IMARC) Conference 22nd September 2014 Melbourne
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Project Generator JV Business Model: a smart strategy in a challenging market
• Spread risk across multiple projects Improving potential for shareholder returns
• Lower burn rate Conserving capital structure by accessing JV partner’s capital
• Focus intellectual capital of project generator on generation Creating new business opportunities (projects)
• Leveraging diverse skill sets Access expertise & technology of JV partners
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Project Generators – Does this industry sector deliver value?20 project generator companies spanning 22 years on market
• Today’s combined market cap of CAD$1.645 billion Retained value in difficult market.
• Equity raised CAD$995.6 million Strong capacity to raise capital (good project & people).
• Current working capital CAD$285 million Well funded companies.
• Returns to share holders (sale proceeds shares + cash) CAD$1.038 billion Sale on success (discovery)
• 5 of 20 companies have sold assets. Total value realized CAD$1.363 billion Demonstrated value creation.
• Market Cap + Returns to Shareholders - Equity Raised = $1.687 billion CAD value creation
CompanyAltius Minerals Corp.Almaden MineralsAzimut Exploration Inc.Eurasian Minerals Inc.Midland Exploration inc.Millrock Resources Inc.Miranda Gold Corp.Mirasol Resources Ltd.Renaissance Gold Inc.Riverside Resources Inc.Strategic Metals Ltd.Globex Mining Enterprises Inc.Virginia Mines Inc.Kaminak Gold Corp.Evrim Resources Corp.Aurion Resources Ltd.Lara Exploration Ltd.Estrella Gold Corp.Solitario Exploration & Royalty Corp.Reservoir Minerals Inc. Information generously provided by Kyle Mclean & Alex Ruggieri of Haywood Securities
Please see full disclaimer in appendix of this presentation. This chart information is not a solicitation for
the purchase of securities, an offer of securities, or intended as investment research or advice
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Mirasol Resources: Profile of a Project Generator
• Well funded – Approx. CAD$24.1 million working capital
• Conservative capital structure 44.2 million shares outstanding
47.4 million fully diluted (3.2 m options)
• Discovery focused management & exploration team
• Delivered on business model via discovery and with sale of project
• High-calibre project portfolio:
o Five Headline Projects – large system / multiple targets / drill ready
o Rubi JV First Quantum Minerals copper-gold porphyry Chile
• New generative program & parallel project acquisition search
Mirasol is primed for the next discovery
Review of headline projects & exploration programs
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Mirasol Property Portfolio Chile / Argentina • High calibre Project Portfolio• 100% Mirasol owned projects• Frontera earn-in JV • Gold silver copper• Geographic focus
Mirasol’s new Atacama – Puna Generative program
950km of under explored Miocene volcanic arc
Bolivian
Silver Tin
Belt
Alumbrera
Agua Rica
Porphyry
Copper Gold
District
Southern
Porphyry
Copper Belt
El Indio
Epithermal
Gold Belt
Maricunga
Epithermal
Porphyry
Gold Belt
Mio-PlioceneVolcanic Arc
Mirasol
Gorbea belt &
Frontera JV
area
Mirasols
Atacama/Puna
Generative
Program
Mirasol Rubi / Fqm JV
CopperCopper / Gold
GoldSilver
MirasolAtlas / Titan
Choquelimpie
Gold Deposit
• New “concept driven” generative programMirasols core strength
• Atacama (Chile) – Puna (Argentina)encompasses Mirasol’s Gorbea Belt & Frontera JV
• Targeting giant gold / silver / copper deposits of the Mio-Pliocene and Oligocene arcs
• Applying leading edge geoscience & high calibre field geology to focus on priority targets
• Initiated desk top studies in October 2014Field follow-up of first targets underway
Short term → “smash & grab” open groundtargets
Longer term → framework for companybuilding strategy & to deliverpipeline of new projects
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Mirasol Chilean gold silver copper projects
The Frontera JV earn-in deal terms.
Mirasol can earn a 51% interest in any, or all, of the exploration properties byexpending US$3 million within four years from December 26, 2012.
After vesting, each party will contribute in proportion to its equity position or dilute.
Should a discovery be put into production, a 1.5% net smelter return royalty (“NSR”)is payable by Mirasol to its JV partner from Mirasol’s percentage of production,capped at 51% of total production.
If either party dilutes below 10% interest, ownership will convert to a 1% NSR.
• Rubi JV with First Quantum MineralsClaims 13,659 haCopper gold porphyry mineralisation→ Drilling in progress
• Gorbea Belt 9 x 100% Mirasol owned projects Claims totalling approx. 20,700 haHigh Sulphidation epithermal gold - silver→ JV offers received
• Frontera earn-in JV 15 projectsClaims totalling approx. 22,400 ha High Sulphidation epithermal gold – silver & porphyry copper gold→ Aggressive reconn program underway
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Atlas Project100% Mirasol Owned
El Dorado Project100% Mirasol Owned
Titan Project100% Mirasol Owned
• 9 x 100% owned projects
• Additional contiguous claims from Frontera JV
• Adjacent headline Mirasol projects Atlas &
Titan
• New, large, outcropping gold –silver systems
• Multiple drill target defined
Gorbea Gold Belt: Atlas & Titan Projects, Chile2 adjacent head line projects / excellent results / good Access / workable Altitude
ASTER Alteration processing
Mirasol 100% owned PropertiesFrontera JV properties
Preferential Exploration right 2nd Tier Exploration rights
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Atlas Project – Gorbea gold belt, Chile
AGZ
ASZ
1 to 50.40.25 to 10.10 to 0.250.05 to 0.100.01 to 0.050 to 0.01BDL to 0R
ock
Chi
p A
ssay
sby
Gol
d Eq
uiva
lent
Au+
Ag/
55
50. 3 / 5.2 30.7 / 42.3 16.8 / 43.9
5 0 . 3 / 5 . 2
Labelled Rock Chip Results
Silver (g/t)Gold (g/t)
Best 3 Rock Chip SamplesFrom beginning of project to June 2014
Gold / Silver (g/t)By Gold By Silver
0.01 / 24700.08 / 6390.06 / 592
0.01/24700.02/592
0.15/415
Areas of Gold/Silver Anomalous Rock Chips
50.3/5.2
16.8/43.930.7/42.3
0.08/639
AtlasSilver Zone
Atlas Gold Zone
0.01/377
0.3/0.1
0/70.70/56.50/43.6
0.01/14
0.06/492
Pampa Zone
By G
old 2.91/1.9
1.14/2.11.32/5.7
By S
ilver 0.06/421
0.05/3860.08/248
Pleiades Base Imagery
IP Resistivity50m Depth Slice
Pleiades Base Imagery
10 500100
IP 50m Depth Slice: Resistivity (Ohm-m)
1000
NEW PAMPA ZONEAnomalous Rock Chip to2.91 g/t Au & 421 g/t Ag
ATLAS GOLD ZONERock Chips up to 50.3 g/t AuGold in trench channels
ATLAS SILVER ZONERock Chips to 639 g/t AgSilver in trench channels
NEW OCULTO ZONEcovered resistive zone. Outcrops of strong quartz-alunite alteration
Large gold-silver system / high grade rock chip assays & geophysical anomalies / drill targets defined
MRZ Atlas Project 7020 Ha
Atlas Rock Chips
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1 to 50.30.25 to 10.10 to 0.250.05 to 0.100.01 to 0.050 to 0.01BDL to 0
Rock Chip Assaysby Gold (g/t)
Trench Collar & Trace
50m IP ResistivityContour Line
500
10
100
1000
50m
IP (o
hm m
eter
s)R
esis
tivity
Dep
th S
lice
50.3/5.24
30.7/42.3
16.75/43.9
7.72/28.5
5.05/23.4
7.03/0.37
8.96/44.77.46/56.9
Magnetic Structure
50m IP Resistivity Depth Slice
Labelled Rock Chip Results,
greater than 5.0 g/t Au
Silver (g/t)Gold (g/t)
5 0 . 3 / 5 . 2 4
Funnel Shaped Resistive Bodies
Feeder Zone/Buried Dome?
Mirasol Atlas Project-7020 Ha
AGZSantiago
Antofagasta
Mirasol Atlas Project
Location Overview: Tenure Overview:
Atlas Gold Zone – Priority Drill Targets Defined • AGZ prospect surface rock chip samples
define an 800 by 500 m area with anomalous gold/silver
• 55 samples in the range 1-50.3 g/t Au. outline multiple NW trending vuggy silica structures.
• AGZ gold structures traverse 1.1 km long trend with highly resistivity bodies
• New trench channel of vuggy silica structures & breccias, assay:8.4 m @ 1.85 g/t Au,11.3 m @ 1.32 g/t Au and14.9 m @ 1.67 g/t Au
→ AGZ priority drill targets
Late stage barite vein common in vuggy silica
structures from 3.27-8.85 g/t Au
Breccia vuggy silica clasts re-brecciation
and leach clasts with late fill of pink alunite,
up to 5.07 g/t Au & 7.95 g/t Ag in TR-02
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Atlas Silver Zone & Oculto target – Priority Drill targets Defined
Upward flaring phreatic-hydrothermal breccia
with selective clast samples up to 542 g/t Ag,
North end of trench
Polylithic hydrothermal breccia silicification
clasts with silver sulphosalts acanthite,
assays up to 144.7 g/t Ag
Ignimbrites with flooded pervasive quartz
opaline silica and sulfide/sulfosalts in select
samples up to 519 g/t Ag
Mineralization with Breccias & silica sulphide replacement
Length weighted average channel sampling at end of trench
55.9 M at 39.9 g/t Ag
Best individual channels0.35 m at 609 g/t Ag 0.2 m at 542 g/t Ag 0.7m at 261 g/t Ag
Large scale covered drill targets indicated by geology & geophysics
→ Priority drill targets Atlas Silver ZoneOcuto Zone
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Titan Gold Project – Gorbea Belt Chileencouraging oxide gold results from 1st round of drilling
• 700 by 660 m zone of anomalous gold outlined in trenches & rock chips
• Best trench intersections:194 m @ 0.41 g/t Auinc. 31 m @ 1.36 g/t Au10 metres @ 2.13 g/t Au
• Scout drill program with encouraging oxide-gold intersections:18 m @ 2.16 g/t Auinc. 10 m @ 3.85 g/t Au10 m @ 1.87 g/t Auinc. 8 m @ 2.24 g/t Au
→ Three drill target styles identified
Oxide intersections follow-up drilling
Conceptual hypogene epithermal
Conceptual porphyry copper - gold
600 by 700 m area of anomalous
gold from rock chip & trenching
associated with magnetic high
conceptual porphyry copper –gold?
Base Imagery:
Worldview-2 (ESRI 2012)
Frontera JV earn-in Project
Mirasol Titan Project Area
LEGEND ASTER Alteration
AluniteIlliteKaolinitePyropyllite
Ground Magnetics (ASVI)
HighLow
Joint Venture Earn-in Claim
100% Mirasol Titan Project
700 by 660 m zone of anomalous gold outlined in trenches & rock chips
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Rubi copper - gold JV Chile - First Quantum Minerals
See news release 24th February 2014
• Strong JV terms
yr1 US$ 1.5 million minimum spend, 3000 m of drilling property wide magnetics
yr4 earn in 55% US$6.5 million & US$1.1 million in cash payments
+2 yrs to 65% NI 43-101 compliant Indicated Resources
+2 yrs to 75% Decision to mineFinancing Mirasol 25% interestPayback from 50% Mirasol cash flow
• Aggressive surface exploration program by First Quantum
Multiple drill targets
Drilling started 14 October
Adjacent to world class El Salvador - Potrerillos porphyry cluster
Mine or adv. Project
Primarily GoldPrimarily Copper
Rubi – El Salvador District
Rubi
Property
Potrerillos PorphyryDistrict22 250 Mlbs Cu & 25 Moz Au
El Salvador Porphyry District37 500 Mlbs Cu & 12 Moz Au
1
2
3
4
7
6
5 8
1. Lithocap (Glenlivet)2. Pampa NE3. Corner Zone4. Pampa Central5. Eastern Zone (Wild Turkey)6. Pampa Central Offset7. Lithocap West8. Portezuelo
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Cerro Morro
1.1 Moz Au & 65 Moz Ag
Properties
San Jose
1.5 Moz Au & 103 Moz Ag
Cerro Negro
7.1 Moz Au & 62 Moz Ag
Cerro Vanguardia
8.9 Moz Au & 137 Moz Ag
Manantial Espejo
0.7 Moz Au & 54.5 Moz Ag
Pinguino
25.5 Moz AgJoaquin
65 Moz Ag
Las Calandrias
0.4 Moz Au & 7 Moz Ag
Base Imagery: ASTER GDEM
50 km0
Global Resources Size & Commodity
Giant
Large
Medium
Small
Gold
Silver
Mirasol Projects Mine Jurassic Igneous Rocks
Prospective Geology
CLAUDIA
LA CURVASANTA RITA-
VIRGINIA
Cap Oeste
0.9 Moz Au &
28 Moz Ag
• Santa Cruz: Highly prospective gold – silver epithermal terrain
• Mirasol commanding claimsposition
• 23 x 100% owned projects
• 3 headline projects
• Claudia: adjoins Anglo AshantiVanguardia gold mine
• Curva: new multi-prospect gold district with no drilling
• Virginia: high grade silver in7 shoots. NI-43-101 resource report commissioned
→ JV partner process initiated
Mirasol Argentine gold silver projects
Cerro Morro
1.1 Moz Au & 65 Moz Ag
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Claudia Gold & Silver – Santa Cruz ArgentinaExtension of AngloGold - Ashanti Cerro Vanguardia Vein System - Mine
• 5 epithermal prospects with extensive surface & trench gold-silver results
• New drill targets defined by geophysics/rock chip assays at 14 km long Curahue trend
• Rio Seco vein zone new geophysics outline new priority drill targets
HighLow
Magnetic Grid
Gold EquiliventAu + Ag / 55 (g/t)
LEGENDRio SecoNew drill targets defined
R T P G r o u n d M a g n e t i c s
CilineNew prospect
AngloGold AshantiVanguardia Vein Field
Laguna Blanca
Ailen
Curahue South
9 136
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• Strategic project in new gold district
• Four large gold-silver prospects identified / no previous drilling
• Potential for high-grade & bulk mineable gold mineralization
• 6 km long La Castora gold trend with 3 separate prospects defined by gold-silver
assays / geology & geophysics
• Drill-ready targets at Chato, Arthur & Southwest prospects
Curva Gold & Silver – Santa Cruz Argentina
Mirasol La Curva – 36 600 Ha
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Virginia & Santa Rita silver – Santa Cruz Argentina
Virginia Prospect
Santa Rita Project
Santa Rita Main
Santa RitaEast
Sol de Mayo
Lejano
110 km toLas Herras
Santa Rita (Virginia) property boundary
Ground Magnetics (RTP) background10 Priority drilling targets
11 Priority trenching targets
Continuous vein outcropdiscontinuous vein outcrop/subcrop
Mineralised Structures
Vein Shoots best downhole intersection
Targets
Drillhole
Legend
Ely North96.14m @ 55g/t Aginc. 2.75m @ 419g/t Ag
Martina15m @ 245g/t Aginc. 5.26m @ 530g/t Ag
Ely South28m @ 195g/t Aginc. 4.6m @ 493g/t Ag
Julia South13m @ 215g/t Aginc. 1.3m @ 742g/t Ag
Julia Central41.45m @ 200g/t Aginc. 6.61m @ 669g/t Ag
Julia North37.6m @ 312g/t Aginc. 5.5m @ 1843g/t Ag
Naty28.3m @ 230g/t Aginc. 3.7m @ 1402g/t Ag
Other targets for follow up
• 7 high grade outcropping shootsdrill defined
• Attractive metallurgy from shootsin initial test work
• NI-43-101 resource report commissioned
• New undrilled targets identified adjacent to known shoots
• Part of larger silver district includesMirasol Santa Rita & Coeur Lejando projects
Mirasol 2015 Objectives
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Mirasol – Forward focusFocus on our core business model – Project Generator JV company
o Chile focus of our spend / project generation / project exploration o Argentina represents a counter cyclic investment opportunity
Re-build our generative pipeline
o Chile & Argentina: Concept driven generation & project acquisition o Argentina: Santa Cruz strategic consolidation in key districts / low
holding cost
Accelerate JV deals on headline projects - release value to our shareholders via discovery – Gorbea Belt & Argentine headline projects
Slow the burn rate – targeting corporate + exploration spend totarget window of US$6.1 - 5.5 million for FY 2015
Improve information flow to our shareholders and the Market so they can make informed investment decisions
Evaluate accretive business opportunities
24| MRZ: TSX-V TSX.V: MRZ
• Well funded – Approx. CAD$24.1 million working capital (Cash)
• Conservative capital structure - 44.2 million shares outstanding
- 47.4 million fully diluted (3.2 m options)
• High-calibre project portfolio:
o Five Headline Projects – large mineral system / multiple drill targets
o Rubi JV First Quantum Minerals copper-gold porphyry Chile
• Discovery focused management & exploration team
• Successful Project Generator : discovery to liquidity event