Monday, April 07, 2008
San Roque Base Metal Deposit Now 1,700m by 2,500m & Open Ended
SPOKANE, WASHINGTON -- April 7, 2008: Marifil Mines Ltd. (MFM: TSXV) is pleased to announce results from its second round of drilling on the company's wholly owned San Roque base metal project, in Rio Negro Province, Argentina. Drill holes 52 to 55 have continued to cut long intercepts of base metals along with gold-silver-indium (see news release dated January 8, 2008). The mineralization is indicative of a porphyry type disseminated sulphide system that is believed to be up to three kilometres in diameter.
Previously, silver values were not reported for drill hole 51. In this round of drilling, hole 51 cut 143 meters (m) of 0.66 grams per ton (g/t) gold, 27.2 g/t silver, 0.37% lead and 0.55% zinc. Drill hole 52 cut 127.8 m grading 0.22% lead and 0.40% zinc. Drill hole 53 cut 26.0 m grading 0.24% lead and 0.62% zinc. Drill hole 55 cut 75.6 m grading 0.12 g/t gold, 3.9 g/t silver, 0.26% lead and 0.81% zinc, followed by 5.8 m grading 0.37% lead and 0.58% zinc, followed by 13.7 m grading 0.4% lead and 0.82% zinc, followed by 25.3 m grading 0.43% lead and 0.89% zinc.
This second round of drilling produced significant intercepts of combined gold, silver, indium, lead and zinc values in all 16 holes, as illustrated in Table 1.
"We continue to believe that San Roque is a huge discovery," stated Mr. John Hite, president of Marifil Mines. "Our initial two rounds of drilling focused on testing indium and gold-bearing epithermal veins. As a result, we have now identified significant amounts of disseminated base metals over a zone measuring 1,700 m in a northeast-southwest direction and 2,400 m in a northwest-southeast direction. Mineralization is open-ended in every direction, including at depth."
The company is currently analysing the new drilling information in conjunction with new geophysical survey results and is planning a third round of drilling of at least 10,000 m to further probe the vast sulphide system. All 55 holes drilled so far contain significant amounts of gold, silver, indium, lead, and zinc. Marifil's exploration model is similar to Goldcorp Inc.'s world-class Peñasquito deposit in the state Zacatecas, Mexico.
| Hole # |
From |
To |
Width (m) |
Au (ppm) |
In (ppm) |
Ag (ppm) |
Pb (%) |
Zn (%) |
51
|
7.0
16.1
47.2
69.0
94.0
7.0 |
10.3
19.0
52.0
81.0
96.0
150.0 |
3.3
2.9
4.8
12.0
2.0
143.0 |
2.92
0.98
0.66 |
35
94
27
|
126.0
34.0
27.2 | 0.62
1.15
1.62
1.62
1.37
0.37 |
2.98
3.01
1.59
0.55 |
52
|
4.8
38.4 |
132.6
93.4 |
127.8
55.0 |
0.06
0.08 |
4
7 |
3.3
5.3 |
0.22
0.35 |
0.40
0.76 |
| 53 |
132.1 |
158.1 |
26.0 |
0.03 |
9 |
2.6 |
0.24 |
0.62 |
| 54 |
17.2 |
48.0 |
29.8 |
0.03 |
1 |
1.2 |
0.11 |
0.43 |
55
|
35.0
130.9
192.1
214.2 |
110.6
136.7
205.8
239.5 |
75.6
5.8
13.7
25.3 |
0.12
0.04
0.30
0.04 |
8
3
1
1 |
3.9
2.5
2.4
3.6 |
0.26
0.37
0.40
0.43 |
0.81
0.58
0.82
0.89 |
This press release has been reviewed and approved by John Hite, president of Marifil 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.
About Marifil Mines Ltd.
Marifil Mines Ltd. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "MFM" with approximately 31.8 million shares issued and outstanding. Marifil operates under a Joint Venture Model whereby the company acquires properties, adds value by geologic mapping, trenching, geophysics, and/or drilling and then seeks qualified partners to earn their interest by advancing the property to production. Castillian is earning an interest in the Las Aguilas nickel-copper-PGM project in Argentina from Marifil.
For further information on the company and its projects, please refer to Marifil's website (www.marifilmines.com) or SEDAR (www.sedar.com.)
For Further Information Contact:
Head Office:
John Hite, President
Phone: 509.466.1505
Email: info@marifilmines.com
Website: www.marifilmines.com
Investor Relations:
Anthony Srdanovic, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 242
Toll Free: 1.866.684.4743 ext. 242
Email: anthony@ascentacapital.com
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.
Forward Looking Statements
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections and similarities drawn to other deposits, estimates regarding the timing for resource modeling, future drill programs and the preparation of a 43-101 compliant technical report. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
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