VANCOUVER, BC–(Marketwired – June 02, 2016) – Marifil Mines Limited (TSX VENTURE: MFM) –
The past few years have been extremely painful, not only for management but also for Marifil shareholders. The problems we faced were fivefold and were largely beyond our control:
After protracted negotiations Marifil and the buyer agreed that the sale of limestone should go through a public bid process to ensure transparency for the deal. Further lengthy delays ensued while various government agencies contributed their bureaucratic efforts in designing the bid process. These delays extended from 2014 through the first half of 2015. Then a change in the federal codes meant further rewrites of the bid process. In late 2015 federal elections led to further delays and to a change of government. This change of government, while favorable in the long term, resulting in our having to start all over in our negotiations to sell limestone to the government. The process continues!
At the beginning of 2016 the new government, led by President Macri, began rescinding most of the onerous restrictions imposed by the previous government. Argentina is once again a good place to do business. Similarly, gold, silver, and some of the base metals seem to have reached a bottom and prices are slowly rebounding. During most of this trying period management has foregone salaries and fees and done its best to keep the Company alive on very limited resources. With political and market conditions improving the Company is optimistic that we will be able to attract joint venture partners for our projects and we will once again grow.
One of our more interesting projects is an epithermal heap leachable gold-silver deposit within the San Roque claim block (See Figure 2). This project, called Z-34, has been explored by 16 drill holes. The drill holes test two sub-parallel zones of mineralization about 150 meters apart. The last hole drilled in the program intercepted from 0 to 35 meters, 35 meters grading 2.27g/t gold and 42g/t silver followed by a further 38 meters, from 155 to 193 meters, grading 1.12 g/t gold and 28.5 g/t silver.
Z-34 mineralization is open-ended along strike and down dip. Mineralization is thoroughly oxidized from surface to a vertical depth of about 35 meters. A bottle roll cyanide test of oxidized material shows gold recoveries in excess of 90%.
This project can be quickly tested with a minimum of say 30 or 40 short drill holes and more comprehensive metallurgical testing. Comparisons of this project with similar projects in Santa Cruz Province suggest that the Capex of this project would be less than US$18 million with a very quick payback.
The Company is cautiously optimistic that we will find a partner to develop the bulk tonnage target at San Roque where an Induced Polarization (IP) geophysical study shows a very large, strong IP anomaly extending more than 900 meters along strike and is close to surface (See Figure 3).
Our on-going geological research has identified several gold targets and a second project with similar geologic characteristics to San Roque.
In addition to our limestone and San Roque projects we still maintain strong land positions covering potash, sulfur, gold, silver, nickel, platinum, and oil and gas plays.
In summary, the Company believes that while times are still tough we are still surviving during this difficult period.
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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Marifil Mines Ltd. “Marifil” has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
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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.)
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