Marifil Reports Trenching Results on Cerro Samenta Porphyry Copper Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/29/12 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('Marifil' or 'the Company') reports that re-sampling of trenches on its Cerro Samenta porphyry copper project, Salta Province, Argentina confirms the presence of strong copper mineralization. The encouraging results of this sampling are set out in Table 1 below:
TABLE 1
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Soluble
Length Total (Oxide)
Trench (meters) Copper (%) Copper (%)
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B 80.4 0.39 0.23
Plus 51.0 0.99 0.83
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C 164.8 1.06 0.94
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D 102.7 0.47 0.39
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G 15 2.68 2.56
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I 52 1.21 1.15
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J 6 1.01 0.88
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L 20 0.28 0.18
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M 22 4.19 4.01
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N 65 0.31 0.22
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O 10 0.24 0.17
Plus 18 0.37 0.23
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P 23 0.90 0.79
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The trenches were originally dug by Teck Corp in the 1990s (see Marifil News Release dated November 30, 2011). The sample program was carried out by Petro Gold Servicios Mineros S.R.L., an independent geological services company. The purpose of the sampling program was to verify the presence and extent of oxide soluble copper.
Marifil concludes from the results of this examination that a significant copper oxide deposit may be present and that additional trenching along with shallow rotary drilling is justified. Marifil also believes that copper sulfide mineralization associated with the oxide copper deposits has been insufficiently tested by previous workers, and the property shows good promise for discovery of a porphyry copper deposit.
The Cerro Samenta property lies within a transverse continental scale lineament known as the Archibarca Lineament which localizes a string of porphyry copper prospects and deposits including Escondida situated 120 kilometers to the northwest of Cerro Samenta in Chile.
The project comprises two large and separate intrusive centers, the North Zone and the South Zone. Both zones display porphyry style copper and molybdenum sulfide mineralization within clusterhydrothermally altered quartz monzonite and rhyolitic intrusives. Both of the sulfide systems show strong induced potential (I.P.) geophysical anomalies. The South Zone appears to have been adequately drill tested by previous workers, but the North Zone, the site of the oxide copper trenches, lacks sufficient drilling for testing all the exploration potential.
Jeff Toohey, a qualified person and geologic consultant retained by Marifil to study the porphyry exploration potential of the property, concludes that further work is warranted and recommended with three key drill targets in the North Zone: the untested north-western quadrant of the chargeability anomaly (I.P.); the hydrothermal breccia deposit; and the sources of other occurrences of moderate- to high-grade oxide-Cu mineralization that has been sampled in soils and float and exposed in the sampled trenches to the south of the hydrothermal breccia.
Mr. Richard Walters remarks, 'Cerro Samenta lies within a well established structural corridor hosting several porphyry copper deposits. It has easy access, and it's big with plenty of exploration romance. Already, a major copper producer has approached Marifil to engage in joint venture terms discussions.'
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. Walters is a Qualified Person as defined by National Instrument 43-101.
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Contacts:
Marifil Mines Ltd.
John Hite
President
(702) 562-4880
www.marifilmines.com
Marifil Mines Ltd.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com