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Marifil Reports Positive Drill Results From San Roque Project In Argentina
Drill Hole DDHMSR 0034 Cuts 35 Meters Grading 2.27g/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, B.C. - February 14, 2012, MARIFIL MINES LTD. (MFM: TSX-V) ("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 and31 contained no significant results Table Computations Assumptions:
Significant interval defined as a minimum 10 meter interval or a 10 gram meters AuEq interval grading a minimum of 1 gpt AuEq Internal dilution limited to 4 continuous meters of <0.5gpt 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 $1200/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 web site 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".
QUALITYASSURANCE/QUALITYCONTROLS
NovaGold has been carrying out a very careful, systematic Quality Assurance/Quality Control program of the 2011 drilling. This work including 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 2554 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.
On Behalf of the Board, John Hite, President and CEO
For Further Information Contact:
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