Bring water and sugar to a boil in a small saucepan. Cook until dissolved, about 1 minute. Turn off heat and add mint sprigs. Steep for 3 minutes as mint syrup cools. Remove and discard mint.
Combine ice, margarita mix, tequila, 1 ounce mint syrup, and bourbon in a blender. Blend until smooth. Pour into 4 glasses.
