Marifil Mines Ltd.: Positive Results from Limestone Drill Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 20, 2014) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has received positive assay results from the latest round of rotary drilling and channel sampling of limestone outcrops on its Puna Colorada limestone project.
A prospective buyer of limestone from the property requested that Marifil complete a further round of drilling and sampling to confirm the size and grade of the limestone required by the buyer. The buyer wanted limestone with a grade of >40% CaO (~70 % CaCO3) with < 5% MgO. Table 1 sets out the results of the latest drilling and rock channel sampling.
TABLE 1 - Assay Results
Sample | Type | From | To | Thickness | CaO | CaCo3 | MgO |
No. | (meters) | (meters) | (meters) | (%) | (%) | (%) | |
185106 | Channel | 0.00 | 3.50 | 3.50 | 42.20 | 75.37 | 0.25 |
185107 | Channel | 3.50 | 7.00 | 3.50 | 37.98 | 67.83 | 0.25 |
185108 | Hole H-5 | 0.00 | 5.67 | 5.67 | 43.71 | 78.07 | 0.26 |
185109 | Hole H-5 | 5.67 | 11.24 | 5.67 | 48.83 | 87.21 | 0.40 |
185110 | Hole H-5 | 11.34 | 17.00 | 5.66 | 40.97 | 73.17 | 0.30 |
185111 | Channel | 0.00 | 3.50 | 3.50 | 50.56 | 90.30 | 0.27 |
185112 | Channel | 3.50 | 7.00 | 3.50 | 49.69 | 88.75 | 0.28 |
185113 | Hole H-8 | 0.00 | 5.67 | 5.67 | 41.15 | 73.49 | 0.87 |
185114 | Hole H-8 | 5.67 | 11.34 | 5.67 | 43.14 | 77.05 | 2.51 |
185115 | Hole H-8 | 11.34 | 17.00 | 5.66 | 40.89 | 73.03 | 0.70 |
Assays provided by Alex Stewart Laboratory, Mendoza, Argentina
The two vertical rotary drill holes H-5 and H-1 are both 17 meters deep and average 44.51% CaO (79.49% CaCO3) with 0.32% MgO and 41.73% CaO (74.52% CaCO3) with 1.36 MgO over that thickness, respectively. The two vertical channels I-8 and H-2 cut on outcrops both represent 7 meters of true thickness and average 40.09% CaO (71.60% CaCO3) with 0.25% MgO and 50.13% CaO (89.53% CaCO3) with 0.28 MgO, respectively. The outcrop sampling represents only the accessible upper part of the limestone sequence. These assay results clearly show that the limestone easily exceeds the minimum requirements set out by the prospective buyer.
The prospective buyer of limestone from the property has reimbursed Marifil for the cost of the additional exploration confirmation work that they requested and that is presented herein.
Maps showing the location of the drill holes and surface samples will be posted to the Company's website as soon as they become available.
Mr. John Hite reports, "Unlike precious metal deposits which have to be drilled on very close intervals we are dealing with beds of horizontal limestone which were laid down over relatively long periods of time and tend to be very uniform. Therefore, we can drill these beds on 200 meter spacing's with a high degree of confidence. Thus, fewer samples are needed to be able to generate large tonnages. For example each meter of thickness represents approximately 98,800 tonnes of limestone in a 200 meter square block."
Mr. Hite further comments, "I want to remind our shareholders that this deposit lies just a few tens of meters from a bulk loading facility capable of handling 1,600 tonnes per hour into up to five docked ships of up to 60,000 tonne capacity. Marifil has a contractual right to use this facility to ship our product."
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.
WE SEEK SAFE HARBOR.
General Disclaimer
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.
Forward-Looking Statements
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such 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."
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.)
