VANCOUVER, British Columbia,
November 5, 2018 /PRNewswire/ --
Marifil Mines Ltd.
(TSX.V: MFM) (OTCQB: MFMLF) ("Marifil" or the
"Company") is pleased to announce that a new system
of gold-bearing epithermal quartz veins (the "NW Vein
System") has been discovered at the San Roque property in a
zone that has yet to be drill tested. The San Roque property is
located near the Atlantic coast in the Province of Rio Negro, Argentina and has excellent
infrastructure in-place.
(Photo:
https://mma.prnewswire.com/media/779691/Map_A.jpg )
(Photo:
https://mma.prnewswire.com/media/779692/Map_B.jpg )
(Photo:
https://mma.prnewswire.com/media/779693/Map_C.jpg )
(Photo:
https://mma.prnewswire.com/media/779695/Map_D.jpg )
A total of 112 exploration holes
totaling 16,683 meters have been drilled to date at San Roque which
is an advanced-stage exploration property showing overall
encouraging drill results. These drill results support the
potential for a large disseminated precious-metals-rich,
polymetallic deposit. With the vein system new findings, apart from
the drilled areas, there is potential for one or more gold-bearing
epithermal quartz vein system deposits which could be amenable to
surface slot mining or possibly underground mining. It is the
Company's opinion that these new vein findings may, upon further
investigation, also offer possibilities for discovery of large, low
grade bulk tonnage gold deposits.
San Roque's Project Manager and
geologist, Mr. Pedro R. Vera, who
has worked exploring for gold in Patagonia for 20 years, stated:
"In light of the epithermal gold bearing quartz veins we are now
finding in undrilled areas of the property, we now have a
new exciting zone to pursue in our next drill program. The
more we are looking, the more gold showings of various sorts we
continue to find".
San Roque is held by Minas San Roque
S.A., which is jointly owned by Marifil's wholly owned subsidiary
Marifil Mines S.A. (51%) and
NOVAGOLD RESOURCES INC.'S (NYSE: NG, TSX: NG) wholly-owned
subsidiary NovaGold Argentina Inc. (49%). Marifil is the project
operator.
The discovery of the NW Vein System was
initially announced in the Company's press release titled
"Marifil Recommences Drilling at Flagship Property in
Argentina", dated June 6, 2018 that can be referred to for
additional information. However, now further exploration has
enlarged and increased the importance of this zone.
The NW Vein System is located about 2
kilometers northwest of the Zone 33 drilling, as shown on Map A
The yellow strips on Map A are the
interpretive tracks of the newly discovered vein
zones based on all the surface samples of rock, regolith
and soil, and are for illustrative purpose only. They exceed 2.5
kilometers length, and are possibly 3 kilometers long should they
project further southward to drill hole MIM RC 11 (-60°), drilled
in the year 2000 by Mount Isa Mines. Assay test results received
from this hole recorded 2 meters of quartz veining carrying 4.26
g/t Au (true width unknown) starting at 16 meters down hole. Map A
shows all the sites of the recent trenching and also the locations
of the four diamond drill holes completed this year. Some
assay highlights from trenching include:
-
A channel sample in Trench 3 on
the Clupe zone showing 1.7 meters of 9.06 g/t Au with 82 g/t Ag
(Map B),
-
An open-ended channel sample on
the Encuentro zone in Trench 8 of 3 meters at 2.18 g/t Au (Map C),
and
-
A 0.2 meter channel sample in
Trench 9 of 24.66 g/t Au with 78 g/t Ag within a 3.0
meter interval showing 2.43 g/t Au with 10 g/t Ag (Map D).
Major features of the NW Vein System
are two extensive zones of multiple veining: Clupe and Encuentro.
These prospective northeast trending vein zones have been
recognized by reconnaissance geologic mapping, a limited series of
backhoe trenches, as well as rock and regolith sampling. (Regolith
is a layer of loose, heterogeneous superficial deposits covering
solid rock including dust, soil, broken rock, and other related
materials.)
Definition of the NW Vein System is
based on rock chip samples from structures exposed by trenching,
sparsely exposed quartz vein outcrops, as well as some vein float
(rocks lying loose on the ground) in areas lacking outcrops. A
total of 180 rock samples have been analyzed, including 77
continuous rock chip channel samples for 217 meters in the seven
trenches (T-3 thru T-9) on the NW Vein System.
Additionally, 155 samples of regolith
were taken on a grid covering approximately one square kilometer of
the NW Vein System using an auger to penetrate the soil cover up to
depths up to a meter.
Table 1 below displays a summary of
merged analytical results of the trench sampling.
Table 1
Exploration Trench Samples - Assay
Summary
TRENCH I.D. Trench Length Au & Ag Includes Includes
meters meters|g/t Au|g/t Ag meters|g/t Au|g/t Ag meters|g/t Au|g/t Ag
T-1 35.0 No significants results
T-2 48.0 No significants results
T-3 45.1 25.7|0.73|5.6 7.7|2.09|18.2 1.7|9.06|82.0
T-4 54.0 18.0|0.28|0.5 6.0|0.41|<0.5
T-5 19.0 16.0|0.50|1.2 8.6|0.80|1.4 3.0|1.73|3.8
T-6 32.3 8.3|0.47|4.3 2.3|1.42|15.0
T-7 36.8 No significants results
T-8 21.0 21.0|1.17|3.7 12.0|1.46|6.2 6|2.27|10.7
3.0|2.18|<0.5 trench ends 2.18 g/t Au
T-9 9.0 6.0|1.36|5.1 3.0|2.43|9.9 0.2|24.66|77.7
Note: Cut-off grade = 3 m @ 0.10 g/t Au
"This reconnaissance geologic
mapping and sampling of the NW Vein System has turned up some new
and exciting possibilities at San Roque," stated Richard (Dick) Walters, Professional Geologist
and Vice President of Marifil. "Perhaps even more exciting,
Marifil found some areas of extensive rock silicification along the
Enquentro vein zone containing numerous subparallel gold bearing
quartz veinlets and veins where we intend to investigate the bulk
tonnage gold deposit possibilities."
Table 1 includes two trenches (T-1
& T-2) that are outside of the NW Vein System that were made in
an effort to expand the known gold mineralization of Zone 34, being
positioned about 400 meters apart in places of silica rich float
with abundant manganese oxides. No significant gold mineralization
was exposed by either trench. Paradoxically, drill hole MFDDH-59
(-60°) was later collared at the start point of T-2 and encountered
31.5 meters of 1.21 g/t Au from 2.0 to 33.5 meters down hole, the
vertical depths of the intercept below the trench being from 1.7
meters to 29.2 meters. The NW Vein System contains gold and silver
with only trace amounts of base metals. See the Company's press
release titled "Marifil Announces Final Drilling Results At Its
Flagship San Roque Property", dated October 16, 2018 that can be referred to for
additional information.
San Roque
Geology
The NW Vein System has discontinuous
and restricted outcrops showing multiple quartz veins and sheeted
quartz veinlets with observed widths of up to 2 meters that are
oftentimes located on the tops of some small mounds, knolls or
hills. The Clupe vein zone is characterized by a dominant 30°
trending, near vertical quartz vein of widths ranging 0.30 meter to
1.7 meter. Mineralized splay veins of 120° are noted. In the
south sector of the Encuentro vein zone, rhyolitic crystal tuffs
are crosscut by a multitude of generally vertical sheeted veins and
veinlets of outcropping widths between 0.4 meters to 0.8 meters
that are seen to be up to 40 meters long along azimuths
between 30° - 80°. The quartz veins of both the Clupe and Encuentro
zones frequently exhibit halos of weak to strong silica alteration
several meters outward into their wall rocks which is in turn
encased within an envelope of argillic alteration. Definitively
anomalous gold mineralization has been detected in these silica
soaked rocks surrounding veins. The quartz veins of the NW Vein
System invade a variety of rock formations, which generally from
the southwest to the northeast consists of syenites, trachytes,
rhyolitic crystal tuffs and sandstones.
The epithermal quartz vein textures
vary from bladed carbonate replacements, dog tooth, cockscomb
(hacksaw like), druse (coating of fine crystals on a rock fracture
surface, vein or within a small cavity), and brecciated, while
silica varies from coarse saccharoidal to crystalline quartz.
Grey silica flooding is observed in some samples. Different
sectors of the vein system show disseminated pyrite, sulfide
boxworks, hematite, jarosite, goethite & minor copper oxides
associated with the silica.
Quality Control - Quality
Assurance
Marifil adheres to rigorous Quality
Assurance - Quality Control (QA/QC) standards. The Company carried
out a very careful and systematic Quality Assurance/Quality Control
program on the San Roque property surface exploration sampling. All
the rock chip and float samples, rock saw channel cut samples, and
regolith samples were kept in a secured location, and commercially
shipped in sealed tamper proof bags to Alex
Stewart (International) Argentina
S.A. (ASI) (ISO 9001 and 14001 certified) in Mendoza,
Argentina for assaying. A safe chain of sample custody was
maintained in delivery to ASI. ASI code P-5 was used for rock
sample preparation procedure, and ASI code P-1 was used for pulp
homogenization and bar code assignment. All samples were analyzed
for gold under ASI code Au 4-30 (a 30 gram fire assay with Atomic
Absorption finish). All samples were additionally analyzed for 39
elements including silver under ALS code ICP-AR-39. ASI has an
arm's length relationship with the Company and its partners in the
Minas San Roque S.A. partnership.
The following QA/QC protocols were
adopted for the San Roque surface and trench exploration sampling:
1) Blank samples and Standards - Certified Reference Material
(CRM's) together duplicate samples account for approximately 5% of
samples submitted to the ASI, 2) QA/QC samples are spaced no more
than twenty samples apart, 3) geologists instruct the ASI to run
clean rock through equipment immediately following any samples
containing visible native gold, and 4) ASI prepared coarse crush
and fine pulverized duplicate samples and analyzes those
duplicates, which for this program was 23% of the samples
submitted.
The Qualified Person, Richard R. Walters, received certified assay
reports directly from ASI, and is of the opinion that the results
reported in this press release are reliable.
Qualified Person
The scientific and technical
information disclosed within this document has been prepared by
Richard R. Walters, Executive Vice
President, Exploration and a director of Marifil Mines Ltd. The
data presented herein was reviewed and verified as part of a
Quality Assurance/Quality Control (QA/QC) program under the
direction of Mr. Walters, who has approved its publishing. Mr.
Walters visited the analytical laboratory (ASI) and reviewed the
sample processing and analytical procedures with its management
prior to commencement of the project. He also personally examined
all of the trenching sites and many of the other surface sampling
sites where gold was reported in the assays together with the
project manager and field geologists who either took the samples or
oversaw the sampling. There are no data verification failures. Mr.
Walters is a Qualified Person as defined in NI 43-101 Standards of
Disclosure for Mineral Projects, and is the person under whose
directions the San Roque, Argentina exploration program has been
and is being carried out. Mr. Walters is a certified Professional
Geologist by the American Institute of Professional Geologists
(AIPG).
ON BEHALF OF MARIFIL MINES LIMITED
"Rob Abenante"
Robert Abenante, President &
CEO
For further information regarding
Marifil Mines Limited, please refer to the Company's filings
available on SEDAR (http://www.sedar.com) or at Marifil's Website
(http://www.marifilmines.com).
Forward-Looking
Statements
Statements in this news release that
are not historical facts are forward-looking statements.
Forward-looking statements are statements that are not
historical, and consist primarily of projections - statements
regarding future plans, expectations and developments.
Words such as "expects", "hopes", "intends", "plans", "may",
"could", "potential", "should", "anticipates", "likely", "believes"
and words of similar import tend to identify forward-looking
statements. Forward-looking statements in this news
release include the Company's belief that these positive results
constitute an important discovery of a large disseminated precious
metal rich polymetallic deposit which may be amenable to low-cost
bulk mining; the Company's belief that there is potential for one
or more gold-bearing epithermal quartz vein system deposits which
could be amenable to surface slot mining or possibly underground
mining; and the Company's belief that the new view findings offer
possibilities of larger, low grade bulk tonnage gold deposits. All
of these forward-looking statements are subject to a variety of
known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ from those expressed or
implied, including, without limitation, the risks that the Company
may not find any minerals in commercially feasible quantities; that
the Company may not raise enough money to fund its exploration
plans; uncertainty of development plans and cost estimates;
commodity price fluctuations; political or economic instability and
regulatory changes; currency fluctuations; the state of the capital
markets; uncertainty in the measurement of mineral reserves and
resource estimates; the Company's ability to attract and retain
qualified personnel and management; potential labour unrest;
uncertainty as to reclamation and closure requirements for its
mineral properties; unpredictable risks and hazards related to the
development and operation of a mine or mineral property that
are beyond the Company's control; and other risks and uncertainties
identified under the heading "Risk Factors" in the Company's
continuous disclosure documents filed on SEDAR. You
are cautioned that the foregoing list is not exhaustive of all
factors and assumptions which may have been used. The Company
cannot assure you that actual events, performance or results will
be consistent with these forward-looking statements, and
management's assumptions may prove to be incorrect. The Company's
forward-looking statements reflect current expectations regarding
future events and operating performance and speak only as of the
date hereof and the Company does not assume any obligation to
update forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change other than as
required by applicable law. For the reasons set forth above, you
should not place undue reliance on forward-looking
statements.
Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Contact Information:
Phone: 1-833-669-MINE (6463)
Email: info@marifilmines.com
Website: http://www.marifilmines.com