11:48 AM EDT, 06/16/2025 (MT Newswires) -- (Updates shares.)

Mirasol Resources ( MRZLF ) on Monday said it signed a memorandum of understanding granting Ampere Metals an exclusive right to acquire the mineral rights and landholdings within Mirasol's Virginia silver project in Argentina for US$8 million.

The price includes US$5 million for the sale of the mineral rights and US$3 million for the sale of the landholdings over five years.

Mirasol will retain a 2% net smelter royalty, which it can sell to Ampere Metals for at least US$2.0 million.

The company plans to use the proceeds to advance its flagship Sobek project in Chile.

"The sale of our Virginia silver project represents the first major achievement of our ongoing business development initiative and demonstrates the potential of our highly prospective, yet undervalued, portfolio of projects in Argentina and Chile," said president Tim Heenan.

Mirasol also provided results from the second drill hole at the Potro SE target within Sobek, including 0.9 meters testing at 15.02 grams per tonne (g/t) gold equivalent and 17.65 meters at 0.22 g/t gold equivalent.

"These results from the second drill hole demonstrate the continuity of mineralization," Heenan said. "Both drill holes confirm the presence of a structurally focused, well mineralized, intermediate sulfidation system, potentially related to a deeper porphyry center."

Mirasol said its follow-up drilling will focus on testing the high magnetic anomaly southwest of the first drill hole, where the Ventana fault intersects a secondary structure.

Mirasol's shares were last seen down $0.08 to $0.34 on the TSX Venture Exchange.

Price: 0.34, Change: -0.08, Percent Change: -19.05