Mirasol raises $5.1 million for Chilean metals project
Mirasol Resources Ltd. [MRZ-TSXV, MRZLF-OTC] has raised $5.1 million from an upsized non-brokered private placement financing and will use the proceeds to advance exploration, including drilling, at the company’s flagship Sobek project in the Vicuna copper-gold-silver district of Chile.
That’s final amount raised is up from the original $3.0 million target.
Under the terms of the offering, Mirasol issued 11.3 million units priced at 45 cents per unit. Each unit consists of one common share and one half of one non-transferrable common share purchase warrant. Each whole warrant entitles the holder to purchase on additional common share for 60 cents for 12 months from the date of closing.
Insiders of the company were issued 2.32 million units under the offering. Accordingly, their subscription constituted a related party transaction.
Mirasol shares on Wednesday rose 1.19% or $0.005 to 42.5 cents and trade in a 52-week range of 76 cents and 36 cents.
Mirasol is a well-funded exploration company with 20 years of operating, permitting and community relations experience in the mineral rich regions of Chile and Argentina. The company is currently self-funding exploration at the flagship Sobek project. It also controls 100% of the high-grade Virginia Silver Deposit in Argentina.  Aside from that,  the company continues to advance a strong pipeline of highly prospective early and mid-stage projects.
The Sobek copper project covers 11,140 hectares and is located in the Mio-Pliocene age mineral belt in northern Chile, five kilometres west of Filo Mining Corp’s [FIL-TSXV, NASDAQ Filo del Sol project and 3.0 kilometres west of the new Lunahuasi discovery by NGEx Minerals Ltd. [NGEX-TSXV].
Sobek was staked by Mirasol in 2016, based on prospective local structural architecture hosted within highly prospective and productive geological terrain.
The Sobek land position was expanded in 2021 and 2022 following significant results reported by Filo Mining from its Filo del Sol project, which included a remarkable intercept of 858 metres of 1.80% CuEq (copper equivalent) (including 163 metres at 5.43% CuEq). The high-profile Vicuna copper-gold-silver district is developing in the Sobek area with multiple deposits located in close proximity, including the Josemaria and Los Helados porphyry copper-gold deposits located 10 kilometres east-northeast and 20 kilometres north of Sobek, respectively. The recent NGEx discovery at Lunahuasi (formerly Potro Cliffs) is just three kilometres directly east of the southeast corner of Sobek North Block. Mirasol controls 22,840 hectares of exploration claims in this district in four strategic blocks, the North Central, and South blocks and the Rosita property, that are all on the Chilean side of the border with Argentina.
Mirasol signed a landmark option agreement with Sociedad Quimica y Minera de Chile SA, doubling the size of the flagship Sobek project. The agreement was announced in a press release on February 14, 2024.