- Initial core-sampling assays at Marifil’s San Roque property show gold and silver among four drill holes, with lead and zinc assays pending
- The company believes that the site has more than 100 million metric tons of mineralized earth with significant levels of gold, silver, indium, lead and zinc
- Company is continuing to build assets in world-famous ‘Lithium Triangle’ in hopes of supplying key strategic metal
Canada-based Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) has released the initial results of its latest core-sampling campaign at an Argentine exploration site believed to contain significant quantities of gold and silver.
“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 a June news release (http://nnw.fm/ISR1f).
The preliminary assay results for its diamond core drilling program used four HQ-size core holes totaling 846 meters (2,776 feet) to explore the company’s project area in the Province of Rio Negro, near the Atlantic coast. They bring the company’s exploration total to 112 holes through 16,683 meters (54,734 feet) at the San Roque site, and every one of the drill holes has intercepted some degree of mineralization, indicating an extensive system of mineralization over several square kilometers. Mineralization is open in all directions and at depth, or, in other words, its endpoint hasn’t yet been found, although some of the drill holes have been well below the company’s established cut-off grade.
According to Marifil’s September 11 report on the four latest drill holes numbered MF-DDH 56 through MF-DDH 59, holes 56, 58 and 59 were drilled as step-outs from previous holes drilled in 2011, and returned results that add significantly to the prospectiveness of the two zones in play. Hole MF-DDH 57 was an exploratory step-out along a linear geophysical anomaly that the drilling found to be caused by pyrite-rich rock of no economic value, however the first 50 meters (164 feet) intersected “noteworthy zinc mineralization” that justifies a follow-up exploratory drill hole, according to the company (http://nnw.fm/ySmG7).
The report describes MF-DDH 58 as showing lead and zinc mineralization in all 148 meters (486 feet) of the drill cores but notes that complete lead and zinc assays are still pending. Its assays for gold show an average of half gram per metric ton throughout two intercepts which total 83 meters (272 feet). The report says this mineralization is still open in several directions.
Holes MF-DDH 56 and MF-DDH 59 are in a separate area about 1.5 km south of MF-DDH 58, where drilling intercepted 35 meters of 2.27 grams per metric ton of gold and 42.6 grams per metric ton of silver in 2011, and the new assay runs show correlative gold mineralization, according to the company.
Alex Stewart Argentina S.A. in Mendoza, Argentina, is providing the certified assay results for the 582 drill core samples.
Marifil has arranged a new round of non-brokered private placement funding of up to 10 million units for gross proceeds of up to $1 million, subject to government approval. Each unit will consist of one common share and one warrant for a future share purchase.
The San Roque property does not yet have a reportable Canadian NI 43-101-compliant resource. However, based on findings of the extensive drilling cited above, the company believes that more than 100 million metric tons of mineralized earth underlies the property. This mineralized material contains a low level percentage of zinc and lead sulfides carrying potentially economic values in gold, silver and indium.
The company is focused on exploring for gold, lithium and cobalt — metals with significant commercial potential. Earlier this year, Marifil inked a definitive agreement with Argentine company Minera Esperanza S.A. to advance a five-year exploration plan at two lithium-bearing properties in the country’s Catamarca province, far to the north of San Roque, which would allow Marifil to purchase the properties if it finds them viable and thus expand its portfolio within the prolific “Lithium Triangle” centered in the border region between Argentina, Chile and Bolivia (http://nnw.fm/V15Mr).
Lithium has obtained a status as a key strategic metal because of its role in the lithium-ion batteries that power electric vehicles and other in-demand computerized technology.
For more information, visit the company’s website at www.MarifilMines.com
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