- Assay work continues on gold drilling exploration results that could ‘significantly increase the fundamental value’ of Marifil Mines
- Marifil exploration targets backed by outsized global market demand for gold and lithium
- Company geologists recognize a large volume of mineralized earth similar in scale to many porphyry-type deposits
Assay work on the results of new drilling in Argentina’s gold-producing northern Patagonia region continues as Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) awaits word about approximately 600 core samples taken in June from the company’s flagship property.
The samples retrieved from four new holes bored to a beginning-to-end distance of 846.5 meters (2,777.2 feet) at the San Roque property in southwestern Argentina’s Rio Negro province, where a large quantity of rock has been determined to be “well mineralized” by the company (http://nnw.fm/IlcV5), are expected to add another layer of confirmation to a gold find at the site and expand the size of the find. More than 100 holes have previously been drilled at the site.
The San Roque property is an advanced-stage exploration project secured by 42,320 hectares (104,575 acres) of mining rights — more than 20 percent of which cover mineralization in which Marifil is particularly interested, including gold, lithium and cobalt, metals that are enjoying significant market attention because of outsized demand versus supply concerns. Lithium and cobalt have gained a lot of attention during the past year because of increasing interest in environment-friendly electric vehicles, which are powered by specialized batteries that rely on lithium and cobalt for their makeup.
Although a Canadian NI 43-101 report has not been completed on the San Roque site, the company states that a porphyry-scale deposit of mineralized material is indicated by all of the work done so far. The company intends to commission a NI 43-101 report upon completion of the current exploration campaign. Significant gold-silver-indium-lead-zinc mineralization averaging as high as 1.2 grams per metric ton of gold, 10 grams per metric ton of silver and 39 grams per metric ton of indium with 0.4 percent concentrations of lead and two percent concentrations of zinc has been reported over 120 meters in past drilling.
The mineralization occurs in areas with old volcanic formations, and geologists believe that it is part of a volcanic paleo-caldera that caps a deeper porphyry copper-molybdenum deposit, according to the company (http://nnw.fm/koMd2). While some mining companies have found that their Argentine exploration stalled following implementation of the world’s first Glacier Protection Law there (http://nnw.fm/uqC5O), Canadian-based Marifil states that San Roque has “no known health, safety or environmental incidents associated with the project,” as well as no challenges from indigenous populations or concerns over protected or endangered fauna or flora. The property lies in a low elevation desert only 35 kilometers inland of the Atlantic coast and is readily accessible by highway.
Marifil is also advancing its lithium exploration efforts, inking a definitive exploration agreement earlier this year with Argentine company Minera Esperanza S.A. The agreement relates to a five-year exploration plan at two lithium-bearing properties in Argentina’s Catamarca province, far to the north of the San Roque site. Marifil has an option to purchase the lithium properties, which would expand its lithium portfolio to 15,267 hectares (37,725.6 acres) within the puna scrublands of the prolific “Lithium Triangle.”
In a news release (http://nnw.fm/4esnZ), Marifil president and CEO Robert Abenante noted that the agreement displays the company’s “continued aggressive growth within the lithium space in Argentina.”
The lithium and gold exploration have the potential to work out well for Marifil in a country where productive mining and a friendly political atmosphere have drawn corporate interests. Recently released results from a 2016 census of Argentina’s mining activity showed that over 1,500 mining companies were exploring in the South American country, with 73.1 percent of production focused on metallic minerals. Gold was responsible for 49.9 percent of the production (http://nnw.fm/xkW3t).
“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,” Abenante added.
For more information, visit the company’s website at www.MarifilMines.com
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