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Marifil (MFM.V) Identifies Oxide Gold at San Roque; Potential Heap Leach Gold Deposit

Discussion in 'Stock Market News & Analysis' started by mickymoose99, Dec 10, 2012.

  1. mickymoose99

    mickymoose99 Member

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    Marifil (MFM.V) Identifies Oxide Gold at San Roque; Potential Heap Leach Gold Deposit


    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces it has identified a potential heap leachable gold deposit at the Zone 34 area on its San Roque Property, Rio Negro Province, Argentina.

    Zone 34 includes two sub-parallel linear gold bearing structures about 125 meters apart, each exceeding 200 meters in length, named the west system and the east system. Both systems are hosted by a rhyolite crystal lithic tuff which has been shattered, silicified, and cut by stockwork quartz-pyrite-gold-silver veinlets. Mineralization is thoroughly oxidized to a depth of 30 to 35 meters.

    Zone 34 represents a sparsely explored sector of the property which differs markedly from the focus area of past drilling as it lacks significant base metal and indium mineralization. This absence of base metals, especially copper, enhances the leachability of precious metals mineralization.

    The last episode of drilling on the property ended with diamond drill core hole DDHMSR-0034 returning 35 m (oxidized) of 2.27 g/t Au and 42.6 g/t Ag from surface down followed by 37.5 m (unoxidized) of 1.12 g/t Au and 15.3 g/t Ag from 155.5 m to 193.0 m. These intercepts average less than 0.01% Cu, 0.10% Pb and 0.15% Zn.

    The east system is defined by nine drill holes, including DDHMSR-0034, with an average thickness of 16.8 meters and a weighted average grade of 3.18 grams per ton gold. The west system is defined by six holes with an average thickness of 14 meters and a weighted average grade of 1.50 grams per ton gold.

    Company geologists are preparing composite samples from drill core coarse rejects for metallurgical testing to determine whether this deposit can be exploited by low cost heap leach extraction. The Company is preparing for laboratory bottle roll cyanide leach tests to be quickly completed. If these results are positive then column leach tests will follow to further determine gold leachability characteristics.

    On Behalf of the Board of Directors,

    John Hite, President
     
  2. mickymoose99

    mickymoose99 Member

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    Marifil (MFM.V) Regains Ownership of Mina El Carmen

    Marifil (MFM.V) Regains Ownership of Mina El Carmen

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2012) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that Marifil has regained ownership of the Mina El Carmen oil and gas property in Chubut Province, Argentina.

    The Mina El Carmen project is an oil and gas property with a potential target of 8.1 billion cubic feet of natural gas and 6.4 million barrels of oil. Marifil's geologic report, including an estimate of target size, was prepared by an experienced Argentinian petroleum geologist who is a member of the American Association of Petroleum Geologists, but is not a Qualified Person as defined by NI 51-101. Therefore investors are cautioned that this estimated target is not a defined resource.

    Mina El Carmen was sold to Ilakon Ltd. ("Ilakon"), a private company, in November 2010 for $250,000, an 8% royalty, and an annual minimum advance royalty of $75,000. Ilakon completed the $250,000 purchase and subsequently sold the property to Obtala Resources ("Obtala"), a British Company. Obtala (and/or Ilakon) failed to make the $75,000 advance royalty payment due in November 2012. Marifil exercised its right to cancel the contract and is now the owner of the property.

    The property comprises four patented oil claims totalling 2,001 hectares located on the north flank of the Golfo San Jorge Basin in Chubut Province, Argentina (see El Carmen News Release dated October 16, 2007).

    Twelve shallow wells were drilled on the property by private and government oil companies between 1928 and 1944, primarily to test a near-surface gas-bearing formation. Four of the wells have shut-in gas and two of the deeper wells reported oil and gas shows from deeper reservoirs. Several factors sharply limited the value of this early testing, including lack of technical ability, lack of seismic coverage, the use of now obsolete technology and placing wells where access was convenient rather than based on geology.

    Marifil will begin looking for a new joint-venture partner for Mina El Carmen.

    On Behalf of the Board of Directors,

    John Hite, President
     
  3. mickymoose99

    mickymoose99 Member

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    Marifil Mines (MFM.V) Year End Update: December 2012

    Marifil Mines (MFM.V) Year End Update: December 2012

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2012) -

    Dear Shareholders & Investors,

    On behalf of Marifil Mines Ltd. ("Marifil" or the "Company") (TSX VENTURE:MFM), I am pleased to provide an operational update on Marifil's activities for the year end 2012. During the past year, the Company has made several significant accomplishments on our extensive portfolio of projects in Argentina.

    Marifil has expanded its land holdings and acquired two high-grade potash deposits K-5 and K-6 in the Neuquen basin. Additionally, the company hired consultant Dr. Robert Rennie to assist in the development and planned spinout of the potash, sulfur, and phosphate projects into Marifil Fertilizers Ltd. For more information on the company's potash projects please visit Marifil's website:

    Marifil has been working diligently to find new partners for our properties. We have reached an agreement on one of our larger projects; however, we have been unable to sign a contract for several months due to bureaucratic delays. A second major project is being reviewed by several companies and investor groups and we hope to have updates in the coming months.

    Further, Marifil has succeeded in adding value through exploration and development. One of our recent successes has been in identifying oxide gold at the San Roque property. This potential heap leach gold deposit is located in the Zone 34 area of the property and mineralization is thoroughly oxidized to a depth of 30 to 35 meters. Company geologists are currently preparing composite samples for metallurgical testing. Several companies have signed or are reviewing Confidentiality Agreements on this project. For more information on San Roque please read Marifil's December 10th News Release:

    Despite Marifil's successes and advancements this year, our share price has been hit hard by poor macro economic conditions. The junior mining sector has suffered from slowing economic growth in the US, the Eurozone crisis, and the looming fiscal cliff. Poor investor sentiment, declining trading volumes, and restricted access to capital have caused almost half of all TSX-Venture junior mining companies' stock prices to fall below 10 cents. Adding to this list of problems is the perception that Argentina offers a poor investment climate, although a number of major companies are spending billions of dollars to develop new projects. Even in the face of these tough market conditions, we are confident in our growth strategy and excited about the future.

    Our plan for 2013 is: •To continue to develop our portfolio of projects, our diversity allows us to whether commodity price volatility •To partner with mid-large mining companies to reduce risk and exploration costs •To spinout Marifil Fertilizers Inc.

    On Behalf of the Board of Directors,

    John Hite, President

    For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR or at Marifil's Website

    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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    mickymoose99 Member

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    Marifil (MFM.V) Identifies High Gold Recoveries in Oxide Gold Tests

    Marifil (MFM.V) Identifies High Gold Recoveries in Oxide Gold Tests


    Receives Favourable Results from Cyanide Leach Tests in Zone 34 San Roque Property, Argentina


    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2013) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces it has received preliminary results from bottle roll cyanide recovery tests from the Zone 34 oxide gold target at the San Roque Project, Rio Negro Province, Argentina.

    Marifil submitted composite drill core samples from three holes to the Alex Steward Argentina S.A. laboratory for testing. The purpose of these tests was to determine the amenability of the oxide mineralization to heap leach gold extraction. The tests were highly successful and the Company intends to move forward with further testing and drilling of this gold deposit. Table 1 shows the results of these tests.




    Table 1





    Composite ID

    Drill Hole

    Samples

    Number of samples


    MC-1-2

    DDHSR 34 (Nova)

    8314-15-16-17-18-20-
    21-22-23-25-26-27-28-
    29-30-32-33

    17


    MC-3

    DDH 17 (Marifil)

    9120-21-22-23-24-25-
    26-27-28-29-30-31-32-
    33

    14


    MC-4

    DDH 20 (Marifil)

    9218-19-20-21-22-23-
    24-25

    8





    The laboratory carried out metallic screen assays to determine if coarse gold was present. The assays of the three composites plus one duplicate sample show that 95% of the gold reports to the -140 mesh fraction. This is important because fine-grained gold leaches more readily than coarse-grained gold.

    The bottle roll tests were carried out at a pH of 11.2. The results for the 96 hour leach were 92.43%, 85.28%, and 95.14% recoveries of gold respectively. Graph 1 below shows the results for grade vs time for gold.

    To view "Graph 1", please visit the following link: http://media3.marketwire.com/docs/MFMfig.pdf.

    Silver recoveries were lower than expected, however this is typical for heap leach operations. Silver accounts for less than 20% of the dollar value of the deposit.

    The Company is pleased with these preliminary results from San Roque. We look forward to conducting further testing on the property.

    On Behalf of the Board of Directors,

    John Hite, President

    For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (http://www.sedar.com) or at Marifil's Website (http://www.marifilmines.com).
     
  5. mickymoose99

    mickymoose99 Member

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    Marifil Mines Ltd. (MFM.V) Announces Non-Brokered Private Placement

    Marifil Mines Ltd. (MFM.V) Announces Non-Brokered Private Placement




    VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2013) -


    MARIFIL MINES LTD. (TSX VENTURE:MFM) (the "Company") is pleased to announce a non-brokered private placement of up to 20,000,000 units at $0.05 per unit for gross proceeds of up to $1,000,000 (the "Offering"). Each unit will consist of one common share and one full purchase warrant (a "Unit"). Each whole warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.10 for 60 months from closing of the Offering. If, commencing on that date that is four months after the closing of the Offering, the closing price of the common shares of the Company on the TSX Venture Exchange is higher than $0.20 for 20 consecutive trading days then on the date that is the 20th consecutive trading day (the "Acceleration Trigger Date") the expiry date of the warrants will be accelerated to the date that is 20 business days after the Acceleration Trigger Date. Closing of the Offering is anticipated to be on or about February 25th, 2013.

    Insiders, management and other existing shareholders identified by the Company will subscribe for up to $200,000 (up to 4,000,000 Units) of the Offering on the same terms and conditions.

    Sprott Private Wealth LP and affiliates will act as finders in the Offering. A finders fee equal to 7.5% payable in cash or Units will be payable on a portion of the Offering. Brokers warrants equal to 7.5% of the Offering will be payable to certain finders, brokers warrants issued will be exercisable for a period of two years at $0.05 per share, subject to early acceleration on the same basis as the Unit warrants.

    All securities issued pursuant to this non-brokered private placement will be subject to a four month hold period from the date of issuance.

    Proceeds from the placement will be used for exploration and development activities on the Company's properties and for general working capital. The non-brokered private placement is subject to the approval of the TSX Venture Exchange
     

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