Marifil Mines Ltd.: Drilling Update on Cerro Samenta Porphyry
Copper
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 20, 2014) -
MARIFIL MINES LTD. (TSX-VENTURE:MFM) ("Marifil" or "the Company")
reports drilling began on February 3rd on its Cerro Samenta
porphyry copper project in Salta Province, Argentina. The Company's
joint venture partner, Southern Copper Corp. (SCCO), plans to drill
six holes totalling about 3,000 meters.
DDH-1-S-14 was drilled at an angle of -45° to a depth of 500
meters. Persistent supergene copper mineralization is observed in
the core throughout the first 125 meters. This mineralization
includes neoticite (a manganese copper oxide), malachite, and
chrysocolla (the latter two are oxide copper minerals). A second
interval from 220 and 260 meters shows stronger oxide copper
mineralization.
DDH-2-S-14 is located about 350 meters southeast of DDH1 and was
in progress when a Company representative was present.
A third drill site has been set in the valley to the east of and
well below the elevation of the first two holes in order to achieve
a deeper penetration of the observed copper mineralization.
The HQ & NQ size drill cores are being sawed lengthwise into
two meter samples to be sent to the SGS preparatory station in
Mendoza, and from there to an SGS assay laboratory in Lima,
Peru.
Marifil reported channel sampling copper assay results of ten
trenches located in the vicinity of DDHs 1 & 2 prior to
venturing the property with SCCO (see the Company's press release
February 29, 2012). The sampling program was carried out by Petro
Gold Services Mineros S.R.L., an independent geological services
company based in Santiago, Chile. Trenches I and M are located 200
to 400 meters east of a line between DDH 1 and DDH 2. Trench I
contains 52 meters of 1.21% copper, and Trench M exposes 22 meters
of 4.19% copper.
Five SCCO geologists are working on the property. In addition to
the drilling, they are accomplishing grid geochemical sampling (so
far 1,322 samples), detailed geological and topographic mapping and
surveying, and continuous rock chip sampling using an excavator for
trenching. This work defines a three phase granodioritic porphyry
system with associated volcanics. The two earlier phases are
mineralized with copper; the youngest phase is un-mineralized.
Marifil's Cerro Samenta property is a porphyry Cu-Mo prospect
located 270 kilometers west of the city of Salta in the Puna region
of northwestern Argentina. It covers 5,300 hectares located on the
transverse continental scale Archibarca Lineament, which also
localizes Escondida situated 120 kilometers to the northwest of
Samenta in Chile, as well as several other porphyry copper
properties in the region including the nearby Taca Taca copper-gold
molybdenum deposit (Lumina Copper Corp.) and also the Rio Grande
(Regulus Resources Inc.) and Lindero/Arizaro (Goldrock Mines Corp.)
copper-gold deposits.
Marifil expects to release more information on this drilling
program as it becomes available. It is projected for completion by
late April. Complete drill cores assay returns should be available
in the next few months.
About Southern Copper
Southern Copper Corporation (NYSE:SCCO) is one of the largest
integrated copper producers in the world. The company is a leader
in low cost production and is also a producer of Molybdenum, Silver
and Zinc. All of its mining, smelting and refining facilities are
located in Peru and Mexico, and the company conducts additional
exploration activities in Argentina, Chile and Ecuador. The company
reported a net income of $1,624.2 million in 2013 with cash and
cash equivalents of $1,672.7 million.
SCCO was incorporated in the USA as Southern Peru Copper Corp.,
a subsidiary of ASARCO Inc. In 1999, Grupo Mexico S.A.B. de C.V.
acquired 100% of ASARCO Inc. Currently, Grupo Mexico controls
Southern Copper through a subsidiary, Americas Mining Corp.
Southern Copper is listed on both the New York and Lima stock
exchanges.
On Behalf of the Board of Directors, |
|
John Hite |
President |
This press release has been reviewed and approved by John
Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice
President. Mr. Hite and Mr. Walters are Qualified Persons as
defined by National Instrument 43-101.
WE SEEK SAFE HARBOR. |
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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.)
John HitePresident(702) 562-4880jhite@marifilmines.comHugh
OswaldInvestor Relations(604) 838-2855hoswald@marifilmines.com
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