- Marifil Mines presented promising results related to the availability of gold in the San Roque property in Argentina
- Samples were processed adhering to the strictest industry quality assurance standards
- Marifil Mines announced a financing initiative aimed at generating a cumulative amount of $1 million
Canada-based Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) recently received the preliminary results for its diamond core drilling program at the Argentine San Roque property, indicating significant mineralization at the four holes that were tested, according to a company release (http://nnw.fm/ySmG7). The release also emphasizes Marifil Mines’ commitment to rigorous quality assurance and quality control at its San Roque property, located near the Atlantic coast in the Province of Rio Negro, Argentina.
Preliminary assay results for the company’s diamond core drilling program highlight the use of four HQ-size core holes totaling 846 meters (2,776 feet), with gold mineralization reported for all four holes. Currently, there are 112 holes at the property totaling 16,683 meters (54,734 feet). Each one of the holes intercepted some degree of mineralization, which is indicative of an extensive mineralization system. Some of the holes are below the grade cut-off level as presented by the company. In some instances, mineralization starts at the surface and continues to the bottom of the hole.
Marifil Mines is the project operator at San Roque. The property is held by Minas San Roque S.A., which is jointly owned by Marifil’s wholly owned subsidiary, Marifil Mines S.A. (51 percent), and NovaGold Resources Inc.’s (TSX: NG) wholly owned subsidiary, NovaGold Argentina Inc. (49 percent).
The company carried out an extensive, systematic quality assurance program at San Roque aimed primarily at maintaining the integrity and safety of the drill core samples. The samples were kept in a secure location and were shipped in tamper-proof bags for assaying at Alex Stewart Argentina S.A. (ASL) in Mendoza. The analysis was also carried out following rigorous quality standards.
All of the drill core samples’ analytical results were reviewed by an independent geochemist consultant. According to the review, the Marifil quality assurance program at San Roque conforms with the best industry practices, with only minor adjustments required to make it fully compliant, and assay results are within acceptable limits for accuracy and precision. Marifil Mines has already addressed the minor adjustments to be incorporated into the next drilling program, which were primarily to produce duplicate samples from the remaining half of the drill core instead of submitting a quarter of the corresponding core as Marifil did previously.
In addition to presenting the San Roque property results, Marifil has also made a financing announcement. As of September 13, the company has arranged a non-brokered private placement financing that consists of up to 10 million units, each one priced at $0.10. The gross proceeds are anticipated at $1 million.
Each individual unit consists of a Marifil Mines share and one share warrant. The warrant enables the owner of the share to acquire one additional share of the company at an individual price of $0.15. The period during which this acquisition can take place is two years from the closing of the current financing.
All of the securities to be issued are going to be the subject of a hold period that’s bound to expire in four months from a day after the closing of the financing. Several conditions will apply to the financing, including the receipt of all regulatory approvals.
Marifil Mines is dedicated to acquiring resource-rich properties in Argentina, with a primary focus on lithium, cobalt and gold exploration. In addition to the San Roque property, the company currently holds mining claims to 15,250 hectares (37,700 acres) of land in the Argentine Puna, within the famed ‘Lithium Triangle,’ where it has revived its lithium exploration program, which was halted in 2009. The company also owns the Las Aguilas property in central Argentina, which is currently the country’s largest known nickel/cobalt property.
For more information, visit the company’s website at www.MarifilMines.com
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