How do I preserve old versions of my documents/files while mirroring/synchronizing them to another fixed/removable/network drive?

For this you need to enable archive options for the mirror folder, and select a ZIP file path name for storing ZIP files into a third location, i.e., outside both source and mirror folders and preferably on a third drive. Mirrorfolder will store older and deleted versions of files in a series of ZIP files, whose names will be appended with the current time stamp.