Marifil Mines Ltd. Reports Positive Drill Results From San Roque Project in Argentina
14.02.2012 | Marketwire
- Drill Hole DDHMSR 0034 Cuts 35 Meters Grading 2.27 g/t Gold- Drill Hole DDHMSR 0020 Cuts 116 Meters Grading 1.77 g/t Gold Equivalent
- Drill Hole DDHMSR 0029 Cuts 65 Meters Grading 3.66 g/t Gold Equivalent
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/14/12 -- Marifil Mines Ltd. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announces it has received the Phase 2 drilling program assay results from its joint venture partner NovaGold Resources Inc. (NovaGold) on Marifil's San Roque gold prospect, Rio Negro Province, Argentina. Table 1 shows the significant drill intercepts.
Table 1
----------------------------------------------------------------------------
Total AuEq Au Ag In Pb Zn
From To Meters gpt gpt gpt gpt % %
----------------------------------------------------------------------------
DDHMSR-0016 130.0 163.0 33.0 1.93 1.28 16.49 3.59 0.17 0.40
175.0 191.0 16.0 1.37 0.52 20.42 9.71 0.16 0.51
49.0 1.75 1.03 17.78 5.59 0.16 0.44
----------------------------------------------------------------------------
DDHMSR-0017 185.0 218.0 33.0 1.04 0.15 4.05 6.59 0.58 0.89
33.0 1.04 0.15 4.05 6.59 0.58 0.89
----------------------------------------------------------------------------
DDHMSR-0018 44.0 66.0 22.0 1.65 0.79 6.70 10.55 0.24 0.96
118.6 156.0 37.4 3.06 0.62 8.05 75.42 0.39 2.42
242.0 252.0 10.0 1.94 0.32 51.69 1.93 0.42 0.71
69.4 2.45 0.63 13.91 44.26 0.34 1.71
----------------------------------------------------------------------------
DDHMSR-0019 47.0 57.0 10.0 1.61 0.72 6.68 9.58 0.22 1.06
116.9 133.0 16.2 4.63 1.45 6.64 114.19 0.28 3.17
144.8 186.0 39.2 1.85 0.89 3.41 19.44 0.18 1.14
65.4 2.50 1.00 4.71 41.35 0.21 1.63
----------------------------------------------------------------------------
DDHMSR-0020 5.0 20.0 15.0 1.35 0.25 3.38 24.64 0.34 1.16
44.0 93.0 49.0 1.35 0.26 14.33 1.17 0.48 1.08
101.0 153.2 52.2 2.29 0.93 19.05 6.08 0.63 1.16
116.2 1.77 0.56 15.03 6.40 0.53 1.13
----------------------------------------------------------------------------
DDHMSR-0021 33.5 47.0 13.5 2.73 1.72 32.22 6.45 0.42 0.14
13.5 2.73 1.72 32.22 6.45 0.42 0.14
----------------------------------------------------------------------------
DDHMSR-0022 78.0 131.8 53.8 1.97 0.14 8.25 30.75 0.63 1.97
221.4 236.0 14.6 3.31 0.18 24.12 5.79 1.86 3.27
68.4 2.26 0.15 11.63 25.42 0.89 2.25
----------------------------------------------------------------------------
DDHMSR-0023 136.0 156.4 20.4 4.48 0.61 22.91 71.45 2.19 2.97
20.4 4.48 0.61 22.91 71.45 2.19 2.97
----------------------------------------------------------------------------
DDHMSR-0026 32.0 47.0 15.0 1.32 0.15 48.42 2.89 0.12 0.21
115.4 134.0 18.6 2.57 0.92 50.35 3.18 0.43 0.79
148.0 160.5 12.5 1.23 0.57 11.00 2.96 0.28 0.53
46.1 1.80 0.57 39.04 3.03 0.29 0.53
----------------------------------------------------------------------------
DDHMSR-0027 137.0 151.0 14.0 1.05 0.05 4.13 1.38 0.65 1.15
14.0 1.05 0.05 4.13 1.38 0.65 1.15
----------------------------------------------------------------------------
DDHMSR-0028 106.0 144.0 38.0 1.32 0.31 5.46 16.39 0.37 1.05
38.0 1.32 0.31 5.46 16.39 0.37 1.05
----------------------------------------------------------------------------
DDHMSR-0029 30.0 45.0 15.0 1.12 0.17 1.99 10.31 0.57 0.99
87.0 137.0 50.0 4.42 0.51 14.50 80.44 1.71 3.64
65.0 3.66 0.44 11.62 64.25 1.44 3.03
----------------------------------------------------------------------------
DDHMSR-0030 14.0 34.0 20.0 1.06 0.12 1.74 20.50 0.45 0.87
142.0 179.0 37.0 1.28 0.73 11.08 0.56 0.20 0.44
57.0 1.20 0.52 7.80 7.56 0.29 0.59
----------------------------------------------------------------------------
DDHMSR-0032 44.0 88.0 44.0 1.00 0.08 4.28 1.53 0.57 1.06
108.0 203.0 95.0 1.25 0.14 6.46 6.30 0.68 1.11
139.0 1.17 0.12 5.77 4.79 0.64 1.10
----------------------------------------------------------------------------
DDHMSR-0033 10.1 23.0 12.9 1.06 0.48 8.17 9.95 0.30 0.29
55.0 136.0 81.0 1.54 0.85 9.15 2.67 0.31 0.63
93.9 1.48 0.80 9.01 3.67 0.31 0.58
----------------------------------------------------------------------------
DDHMSR-0034 0.0 35.0 35.0 3.17 2.27 42.62 0.08 0.03 0.08
155.5 193.0 37.5 1.57 1.12 15.30 0.12 0.11 0.18
72.5 2.35 1.68 28.49 0.10 0.07 0.13
----------------------------------------------------------------------------
Drill Holes 24, 25 and 31 contained no significant results.
Table Computations Assumptions:
---------------------------------------------------------------------------
Significant interval defined as a minimum 10 meter interval or a
---------------------------------------------------------------------------
10 gram meter AuEq interval grading a minimum of 1 gpt AuEq
---------------------------------------------------------------------------
Internal dilution limited to 4 continuous meters of less than 0.5 gpt AuEq
---------------------------------------------------------------------------
Cutoff grade of 0.5 grams/tonne AuEq
---------------------------------------------------------------------------
Equivalencies based on the following metal value ratios
---------------------------------------------------------------------------
Au:Ag 50:1
---------------------------------------------------------------------------
Au:In 87.5:1
---------------------------------------------------------------------------
Au:Pb 19845:1
---------------------------------------------------------------------------
Au:Zn 19845:1
---------------------------------------------------------------------------
assumed long-term metals values of $1,200/oz Au, $24/oz Ag, $400/kg In,
$0.80/lb Pb and Zn
---------------------------------------------------------------------------
NovaGold's Phase 2 drilling consists of 19 holes totalling 4,278 meters, of which 961 meters above cut-off grade assay an average of 1.94 g/t equivalent gold as mineralization of gold, silver, indium and lead and zinc. There are now 108 holes totalling 15,837 meters drilled on the San Roque property. Every one of these drill holes intercepted mineralization, although some of the holes are below the grade cut-off grade used in Table 1, indicating an extensive system of mineralization over several square kilometers. Mineralization is open in all directions and at depth. Equally important, mineralization frequently starts at surface and has been followed to the bottom of the deepest holes. Marifil believes these are positive results and constitute an important discovery of a large disseminated precious metal rich polymetallic deposit which will probably be amenable to low-cost bulk mining.
A drill hole location map is being posted on the Company's website at www.marifilmines.com.
The Phase 2 drilling explores the linear northwest trending Griselda zone. An Induced Polarization (I.P.) survey defines the zone to be open to the northwest, where approximately 1.5 kilometers beyond and along trend the results of 8 reconnaissance grab samples taken during soil sampling for 200 meters across the trend returned some very good gold assays as shown in Table 2.
Table 2
-------------------------
-------------------------
Sample Type Au g/t
-------------------------
-------------------------
2951 Rock 3.095
-------------------------
2952 Rock 2.380
-------------------------
2953 Rock 4.895
-------------------------
2954 Rock 22.900
-------------------------
2955 Rock 0.104
-------------------------
2956 Rock 0.327
-------------------------
2957 Rock 2.569
-------------------------
2958 Rock 0.580
-------------------------
-------------------------
NovaGold reports they are compiling data and drafting the 2011 Annual Report. They are preparing updated geologic maps as well as updated and expanded soil geochemical maps based on an additional 846 samples. They are also constructing a 3D model in Minesite software for added interpretative modeling and potentially resource estimation as the project moves forward. With the completion of this drill program and the corresponding expenditures, NovaGold has earned a 49% interest in the project and the right to increase its ownership to 70%. NovaGold is currently considering plans for the next stage of the project.
Richard Walters, Marifil's Executive Vice President, states, 'San Roque has evolved through six successive drilling programs into a very valuable asset for Marifil. It is now a substantial mineral deposit discovery that may well prove to be an ore body as work continues.'
QUALITY ASSURANCE/QUALITY CONTROLS
NovaGold has been carrying out a very careful, systematic Quality Assurance/Quality Control program of the 2011 drilling. This work includes insertion of blanks, standards, and duplicate samples. An insertion rate of 5% of all samples were blanks, standards, and duplicates.
Phase II of the drill program included 16 holes with 2,554 assayed samples. Gold was assayed with a fire assay fusion procedure and Au-AA23 method. All other elements were analyzed with HF-HNO3-HClO4 acid digestion and HCl leach using the ME-MS61 method. High grade copper, silver, lead, and zinc values were determined using a four acid digestion using the AA62 method. All the assays were processed by ALS Chemex in Mendoza, Argentina.
Blank data was provided from an in-house software program and then compiled into the data file. Blank material came from a Cenozoic post-mineral basalt flow found near the property. Each blank was analyzed for Au, Ag, Cu, Pb, and Zn.
Duplicate date was exported from an in house software program. Duplicate pairs were obtained from coarse reject material. Charts were plotted to show duplicate pairs and their Pass/Fail lines.
Standards: A total of 124 results from five certified reference materials were compiled and used.
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd., and by Richard Walters, Vice President, under whose directions the exploration program is being carried out. Mr. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
WE SEEK SAFE HARBOR.
General Disclaimer
Marifil Mines Ltd. ('Marifil') has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
Forward-Looking Statements
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR www.sedar.com) or at Marifil's website (www.marifilmines.com).
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Marifil Mines Ltd.
John Hite
President
(702) 562-4880
www.marifilmines.com
Ascenta Capital
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com