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Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) Announces Final Assay Results on Latest Flagship Site Exploration

  • Canada-based Marifil Mines is preparing to commission an NI 43-101 report by the end of the year on its Argentina exploration
  • San Roque site has a total of 112 drill holes, all of which have intercepted some degree of mineralization
  • Finalized assay reports indicate that San Roque site “continues to be a first class gold exploration project”

Canadian metals explorer Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) has received the final assay results for diamond drill core-sampling test holes explored this summer at its flagship Argentina site in the Province of Rio Negro, known as the San Roque property, which is held in a partnership by Marifil Mines (51 percent) and NovaGold Resources Inc. (NYSE: NG) (TSX: NG), a subsidiary of NovaGold Argentina Inc. (49 percent).

Marifil’s recent announcement (http://nnw.fm/K2Xo7) reinforces its statement last month (http://nnw.fm/2XAbr) about the initial results of its search for an expanded zone of base metals in an advanced-stage exploration property, where significant finds for gold and silver have been made by the partnership, adding that the partnership intends to commission an NI 43-101 report on the site before the end of the year.

“San Roque continues to be a first class gold exploration project,” Marifil CEO Robert Abenante stated in the company’s news release about the final assay reports.

Drilling in 2011 returned findings of 35 meters of 2.27 grams-per-metric-ton of gold and 42.6 grams-per-metric-ton of silver. This year’s return to drilling exploration was conducted as step-outs from that and other previous drill holes, and also as an initial test of a kilometer long linear geophysical anomaly far afield from any previous drill holes. The gold mineralization found in holes 56, 58 and 59 is correlative with that of the older holes about 50 meters (164 feet) away. The assay for hole 58, in particular, shows six intercepts with a combined weighted average of 83 meters (272.3 feet) at 0.49 grams-per-metric-ton of gold and 5.0 grams-per-metric-ton of silver, with 0.22 percent concentrations of lead and 0.46 percent concentrations of zinc, based on a cut-off grade of 1.5 meters at 0.30 grams-per-metric-ton of gold.

Holes 56 and 59 are in a different zone nearly a kilometer away from hole 58, and were successful in expanding the range of the aforementioned 2011 mineralization. Hole 56 has eight mineralized intervals with a combined weighted average of 53.6 meters (175.9 feet) of 0.68 grams-per-metric-ton of gold and 5.0 grams-per-metric-ton of silver, with just traces of lead and zinc mineralization, which is a characteristic of this gold zone. The company noted that this combined weighted average includes a highlight of 9.6 meters (31.5 feet) of 1.58 grams-per-metric-ton, and that all calculations are based on a strict inclusion cut-off of 1.5 meters (4.9 feet) at 0.30 grams-per-metric-ton. On the same basis, hole 59 delivered five intercepts aggregating 29.3 meters (96.1 feet) with a weighted average of 1.92 grams-per-metric-ton of gold, most of it near the surface, and 5.0 grams-per-metric-ton of silver, and, again, traces of base metals.

As announced in September, the geophysical anomaly probed by hole 57 was found to be caused by pyrite-rich rock of no economic value, although drilling did return two intervals with a weighted average of 4.5 meters (14.8 feet) at 0.3 grams-per-metric-ton of gold and 3.0 grams-per-metric-ton of silver with a trace of lead and 0.14 percent concentration of zinc. However, Marifil Vice President Richard Walters noted that the absence of normally present lead bears further exploration.

“The first 45 meters of this hole assays 0.3% zinc with abnormally absent lead. The drill core contains oxidized rock near the surface, and it is plausible this zinc mineralization has been selectively leached from a nearby source stratigraphically higher in the volcanic section leaving the insoluble lead behind, and geochemically transported and redeposited in the area of our drilling as zinc oxides,” Walters stated in the release. “We are keen to identify the source, and think a step back hole about a hundred meters to the west could be rewarding.”

A total of 112 holes have been drilled on the property, all of which have intercepted some degree of mineralization, indicating an extensive and largely unexplored system of hydrothermal mineralization over several square kilometers, according to company data. Mineralization begins near the surface and continues to the bottom of the deepest holes (200 meters, or 656 feet), with all zones open to continued expansion.

Marifil also announced recently that it has engaged UnityWest Capital Markets Ltd. to provide certain consulting services, such as marketing and branding. Marifil paid UnityWest a signing bonus of C$25,000 and has agreed to pay monthly consulting fees of C$6,000 per month during the 12-month term of the agreement. Marifil also granted UnityWest 300,000 stock options under the terms of the agreement at an exercise price equal to the closing price of the common shares on the date prior to the date of grant (http://nnw.fm/O3LXr).

For more information, visit the company’s website at www.MarifilMines.com

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