Vancouver, BC -- February 22,
2011 -- Marifil Mines Ltd. (TSXV: MFM) ("Marifil"
or "the Company") announces that it has staked
two additional cateos (claims), totalling 17,456 hectares, on its K-3 potash project
and four additional cateos, totalling
30,000 hectares, on its K-4 potash project, both in Mendoza Province,
Argentina.
The K-3 project now covers
64,606 hectares and the K-4 project now covers 56,083 hectares; both in
the northern portion of the Neuquen Sedimentary
Basin. The Neuquen Basin is Argentina's most
prolific oil producing basin, and also hosts the country's
only producing potash mine - Potassio Rio
Colorado owned by RTZ.
The K-3 and K-4 properties
have been acquired on the basis of regional geologic studies to determine
which parts of the basin are prospective for potash. A few small
blocks remain unstaked but those are either
underlain by later intrusives which have
destroyed the favourable beds or the favourable horizons lie too deep to be economically
mined. The Company is now reviewing drill log data of abandoned oil
wells. This highly technical work is focused on the identification of
potassium bearing salt beds.
In addition, Company
geologists identified a significant, previously unrecognized sulphur prospect located largely in the K-4 claim
block. The new sulphur prospect, called
S-2, exhibits sediment dissolution collapse breccias extending over an
area of about 4,000 hectares. The target is open-ended to the
north. Solution breccias developed over a know gypsum horizon is a
geologic characteristic of all biogenic sulphur
deposits. S-2 is similar to Marifil's Codihue sulphur prospect
located to the south on the Company's K-2 property in that portion of the
basin within Neuquen Province (see News Release
dated February 25, 2009).
Mr. Hite reports, "Marifil is now the largest potash play in Argentina
aside from the assets of Vale's Rio Potasio
deposit, and has now covered all of the prospective ground in the
northern half of the Neuquen Sedimentary Basin.
We are highly encouraged by the discovery of a second biogenic sulphur prospect. Last year sulphur
prices hit a low of $30 per ton but now prices are approaching $200 per
ton. We expect to begin an aggressive exploration program, including
drilling on both the Codihue and S-2 prospects
in the coming months."
For Further Information
Contact:
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.
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