VANCOUVER, B.C. -- JANUARY 10, 2012, MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces that it has signed an option to purchase a 100% interest in the Arroyo Verde in Chubut Province, Argentina. The 149.6 square kilometer property includes both an epithermal gold target and a separate porphyry copper-molybdenum target. The project is adjacent to the main paved route (National Highway 3) along the Atlantic coastline.
The terms of the agreement call for an initial payment of $35,000 (paid) with escalating payments of $735,000 over six years with a final payment of $2,800,000 at the end of the sixth year. The seller retains a 1% Net Smelter Royalty but the Company can purchase the royalty for $2,000,000. All dollar amounts are in US dollars.
The exploration history began in the 1960s when a small amount of manganese was mined from several small pits. In 1994 Pegasus Gold Corp. drilled 25 holes and discovered a gold-silver bearing epithermal vein. Pegasus formed a joint venture with Minera Andes and the partners drilled a further 13 holes. In 2004 Portal Resources Ltd. ("Portal") optioned the property and drilled 82 holes and discovered the porphyry molybdenum deposit. To date, the property has been tested by 120 holes totalling 19,525 meters. Marifil concludes more work is warranted due to rising gold and molybdenum prices and the presence of untested targets.
Portal commissioned a NI 43-101 compliant report including a resource calculation but the report was never filed with the securities commission. This report describes a zone of economic significance defined by 18 drill holes and 12 trenches with an Inferred Resource of 386,000 tonnes averaging 7.60 gpt gold and 276.80 gpt silver or 12.22 gpt gold equivalent. The true thickness of the vein within this zone of economic significance ranges from 0.29 to 3.9 metres and the grades range from 0.035 to 80.96 gpt gold equivalent with a weighted average grade of 12.22 gpt gold equivalent and an average 1.67 metres true thickness. An additional Inferred Resource of 39,375 tonnes averaging 6.78 gpt gold and 135.30 gpt silver or 9.03 gpt gold equivalent was calculated for the Hanging Wall Vein Number 1 as defined by two drill holes. The two Inferred Resources contain approximately 163,000 ounces gold equivalent. The Inferred Resource calculation has not accounted for a minimum mining width, mining dilution, cutoff grade, recovery rate for gold and silver, or a smelting and refining cost.
Because it was not filed with the securities commission the tonnage and grade estimates described in it must be considered historic estimates only and cannot be relied upon by investors.
A second independent mineral resource estimate, in the Portal report,utilizing geostatistical methods outlines various grade/tonnage combinations at specific cutoff gold grades. For comparison, the second resource estimate shows (at a >3.0 gpt gold cutoff), a 400,000 tonne resource with an average grade of 5.675 gpt gold and 166.26 gpt silver or 73,000 contained ounces of gold and 2,138,000 ounces of silver, which equals approximately 108,619 equivalent ounces of gold, which is based on a gold to silver ratio of 1:60. The first, hand calculated estimation is 386,000 tonnes averaging 7.60 gpt gold and 276.8 gpt silver, which equals approximately 151,655 equivalent ounces of gold. The difference of 43,035 equivalent ounces gold between the two calculations can be attributed to differences between a geostatistical approach versus an approach using triangulation, weighted averages and cutoffs controlled by geological factors. Again, because the Portal NI 43-101 report was never filed with the securities commission the tonnage and grade estimates described above must be considered historic estimates only and cannot be relied upon by investors.
Marifil feels that these historic estimates suggest a significant gold target is present and additional exploration is warranted. The Company intends to commission a new NI 43-101 report immediately.
The Refugio-Porvenir molybdenum-copper porphyry target area is about 8 kilometers south of the epithermal gold veins, trends NE-SW, and is approximately 9 km long by 4 km wide. The target has been defined by an IP geophysical survey and alteration mapping. A total of eight drill holes have tested this extensive target area.
The Refugio-Porvenir drilling tested the geological, geophysical and geochemical hypothesis that a large sulphide bearing intrusive occurs at depth. Mineralization consisting of molybdenum and minor copper-lead--zinc± barite occurs within quartz-sulphide bearing stringers and stockwork within a porphyry monzogranite in contact with an overlying rhyolite ignimbrite and sandstone.
The most significant drill results were encountered in PO-54, which intersected two zones of higher grade molybdenum mineralization within the porphyry monzogranite before passing into equigranular granite at depth. The first intersection at a depth of 284 metres encountered 176 m averaging 0.031% Mo and the second intersection at a depth of 655 metres encountered 54.5 m averaging 0.0324% molybdenum. These two sections of mineralization contain elevated values up to 1% for copper, lead and zinc.
The pole-dipole IP geophysical survey indicated two extensive, relatively flat lying, targets of high chargeability which are coincident with the two high sulphide, molybdenum bearing zones defined in PO-54. The upper target is from 170 to 200 metres thick and the lower target is approximately 50 metres thick. The distance between PO-54 and the most southwesterly hole PO-106 is four kilometres.
Drill holes PO-90 and PO-91 which are located 800 metres and 1400 metres northeast of PO-54 intersected similar style of mineralization and alteration. PO-90 and PO-91, which are relatively short reverse circulation holes, intersect 258 m grading 0.0167% molybdenum and 141 m grading 0.0211% molybdenum, respectively.
Marifil believes that additional, untested potential is present in this large target. The mineralized porphyry(ies) occur at depth over an area of more than 30 square kilometers. Marifil concludes that the drilling done so far is insufficient to adequately test the area for potentially economic porphyry molybdenum and copper deposits, and additional drill tests are warranted.
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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