- Ten million units consisting of common shares and share purchase warrants are being offered at a price of $0.10 per unit
- Results from San Roque gold exploration project’s latest core drilling and sampling program found more good mineralization
- Company plans to expand drilling program to other zones in San Roque, where important new mineralization has been discovered by trenching
Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF), a Canadian junior exploration company dedicated to acquiring resource-rich properties in Argentina, continues to focus its efforts on gold exploration activities at its San Roque property in the South American country, after positive results of the latest diamond core drilling program expanded areas of known mineralization. In its current phase of operations, the company is preparing a new surface exploration program of geologic mapping, soil and rock chip sampling, and mechanized trenching aimed at refining drilling targets for testing new and exciting zones of recently discovered mineralization.
The company recently announced a financing initiative aimed at generating a cumulative amount of $1 million. The company said that it arranged a non-brokered private placement financing of up to 10 million units at a price of $0.10 per unit. Each unit consists of one common share and one share purchase warrant, which entitles the holder to purchase an additional share at a price of $0.15 each over a two-year period from the close of the financing.
All of the securities to be issued are going to be subject to a hold period that’s bound to expire four months from the day after the closing of the financing. Several conditions will apply to the financing, including the receipt of all regulatory approvals, such as approval of the TSX Venture Exchange, Marifil Mines announced in a recent press release (http://nnw.fm/ySmG7).
Earlier this year, the company closed another private placement of 20 million units at a price of $0.10 per unit, leading to gross proceeds of $2 million. The funds were used for acquisitions, another round of drilling on the San Roque property and general working capital.
Located near the Atlantic coast in the Province of Rio Negro, Argentina, San Roque 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). Marifil Mines is the project operator and has so far invested about $8 million in assessing the expansive precious and base metals property.
Promising results from the latest core-sampling campaign at San Roque were announced on September 11. Four HQ-size core holes totaling 846 meters (2,776 feet) were completed. One of the holes returned a 19.8 meter (64.96 feet) intersection of 1.86 g/t Au near the surface, adding substantially to the extent of a gold mineralized area known as Zone 34, which the company believes to hold potential for discovery of a heap leachable gold deposit. In another location more than a kilometer away on Zone 33, a drill hole hit a composited intersection of 83 meters (272.31 feet) at 0.50 g/t Au, which also contains significant lead and zinc sulfide mineralization.
San Roque is an advanced stage exploration property with 112 drill holes totaling 16,683 meters (54,734 feet). Each one of the holes intercepted some degree of mineralization, which is indicative of a widespread system of mineralization. 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.
There are large areas of mineralization in six different zones scattered across four square kilometers of the San Roque property. Drilling has partially investigated four of these with encouraging results, and all remain open to expansion with continued drilling. The company plans to expand its exploration drilling program to include the two remaining untested zones.
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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