- Core drilling program completed at San Roque property in Argentina
- Up to 600 core samples are being shipped to a certified laboratory for assay, with management optimistic about “favorable results”
- Company also pursuing cobalt and lithium, two other minerals risking global shortage due to increased demand
Reputable mining experts have issued stern warnings in recent weeks that the global supply of gold is declining at an alarming rate, with yet no viable substitutes to replace the precious metal. The world has reached “peak gold,” with reserves being mined much faster than they are being replaced by new discoveries, and with virtually no new major gold deposits being identified, according to gold and mining experts quoted by Sovereign Man (http://nnw.fm/Na9Q8). Aiming to help meet the growing demand for gold, Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF) recently completed a drilling program at a flagship property in Argentina where it searches for gold and zinc.
Based in Vancouver, Canada, the exploration company also pursues cobalt and lithium – two minerals that are also facing a growing global demand and potential shortage as a result of their use in lithium-ion batteries. Demand for lithium-ion batteries is primarily being driven by their use in electric vehicles, a fast-growing industry as several European countries and China have passed legislation aiming to replace standard gas and diesel-powered vehicles with EVs. It is expected that at least 14 percent of all cars worldwide will be battery-powered by 2025 (http://nnw.fm/lQdJ9).
Engaged in the exploration, evaluation and acquisition of mineral-rich properties in Argentina and keeping its primary focus on gold, lithium and cobalt, Marifil Mines is uniquely positioned for growth and success in its market segment. The company is optimistic about its prospects, in particular about the results of its recently completed drilling program at San Roque in southwestern Argentina’s Rio Negro province, where it resumed its search for gold after a six-year hiatus.
The drilling program consisted of four drill holes for a total of 846.5 meters (2,836 feet), bringing overall drilling on the property to 15,683 meters (51,453 feet) across 112 holes, the company said in a press release (http://nnw.fm/P4EfW). All drilled cores are being geologically and geotechnically logged and analyzed, with up to 600 core samples set to be further assayed by a specialized laboratory in Mendoza, Argentina. The laboratory has so far received 185 samples.
Marifil Mines has implemented a systematic quality assurance control on the drill cores and has hired an independent consulting geochemistry expert to analyze the credibility of assay returns. A report on the drilling program results for all four holes will be made public as soon as all assays are completed and verified.
The company’s drilling program also 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.
“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 Mines Vice President Richard Walters, who is also a certified professional geologist by the American Association of Professional Geologists and a qualified person by Canadian National Instrument 43-101, stated in a news release.
In addition to the San Roque property, Marifil Mines is taking steps to revive its lithium exploration program in the so-called ‘Lithium Triangle’ of the Argentine Puma, which was halted in 2009. The company owns three unexplored mine rights and is planning to purchase a fourth property from a competitor who recently announced the discovery of potentially economic lithium brines. Marifil is seeking to leverage its cobalt-bearing property, Las Aguilas, in a joint venture equity exchange for the lithium property. With over $15 million invested so far and a total of 143 drill holes for 29,499 meters (96,757 feet), the patented Las Aguilas mining claims spread over 359 hectares (887 acres) and are 100 percent owned by the company.
For more information, visit the company’s website at www.MarifilMines.com
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