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
SOURCE Marifil Mines Ltd.