Friday, July 6, 2018

Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) Optimistic as Newest Drill Cores at Flagship Property Prepared for Assay

  • Marifil Mines exploring secured property in Argentina’s northern Patagonian region for gold
  • Company recently completed four new drill holes; site’s historical exploration includes 108 holes
  • Limited surface trenching turns up trace of gold
Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) is expressing optimism about drill cores retrieved following exploration of an epithermal polymetallic deposit of sulfide minerals, where the search for gold and zinc comprise the principal economic focus of its flagship property in the northern Patagonian region of Argentina.
“This drilling campaign was nicely executed and done so within budget by our Argentinean crew. From the look of the drill cores, we are hopeful for some favorable results,” Marifil Vice President Richard Walters stated in a news release detailing the exploration efforts (http://nnw.fm/24NVl).
The company announced in June that drilling had resumed at the San Roque property in southwestern Argentina’s Rio Negro province following a six-year hiatus (http://nnw.fm/6iG6k). Historical drilling on the property totals 15,837 meters in the form of 108 holes, and the four new drill holes encompassed a total of 846.5 meters. The drill program aims to augment confirmation of the Zone 34 gold find and expand the reported size of the deposit by testing a kilometer-long geophysical anomaly that is believed to have been created by sulfides possibly bearing gold and zinc.
The drill cores are undergoing geological reporting procedures and data is being obtained from them. Core sampling is taking place, involving sawing the product lengthways in half. One half of each core will be shipped to labs in Mendoza, Argentina, for assay. So far, the laboratory has received 185 core samples from a selection that is expected to reach 600 entries, including quality control samples.
The company is also doing limited trenching work with a backhoe around two drill holes in Zone 34, including a trench 36 meters long in an area where “prolific pebbles of iron and manganese oxides permeate the soil,” and a 49-meter trench where a trace of gold was identified in “the heavily iron and manganese oxide stained volcanic rock,” according to the company.
The property is secured by 42,320 hectares (104,575 acres) of mine rights, of which more than 20 percent are patented mining claims that cover all known mineralization. The mine rights are free of non-governmental production royalties, according to the company. The property is jointly owned by Marifil’s wholly owned subsidiary, Marifal Mines S.A., and NOVAGOLD RESOURCES Inc. (TSX: NG) through its wholly owned subsidiary, NovaGold Argentina Inc., with Marifil functioning as the lead project operator.
“The drilling at our flagship asset at San Roque has been highly anticipated by the Company and its stakeholders for many years. Positive results at San Roque have the ability to significantly increase the fundamental value of the Company and bring the Property one step closer to being considered an economic minerals deposit,” Marifil President and CEO Robert Abenante stated in the release.
“It is clear to the team of geologists that a large volume of rock is well mineralized,” Walters added. “The depth and area limits of this mineralized material remains to be established. We suspect it to be related to a large volcanic paleo-caldera and to possibly be capping a deeper porphyry copper-molybdenum deposit.”
Marifil’s portfolio also includes lithium claims within the famed “Lithium Triangle” of the region, and nickel-copper-cobalt deposit property in Argentina’s San Luis province.
For more information, visit the company’s website at www.MarifilMines.com
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