Marifil Updates Toruel Progress
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/12 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announces it has received an update from Netco Silver, Inc. (Netco), its Joint Venture partner on the Company's Toruel project, Rio Negro Province, Argentina.
Netco has completed additional prospecting and surface sampling on the project and reports assays from 162 surface samples. These rock samples returned assays from 0.0 to 0.714 g/t gold (sample 10041) and channel samples from 0.0 to 0.379 g/t gold, 56.8 g/t silver and over 1% lead over 0.95 meters (sample 10066). Equally important, this work reveals new vein structures outside of the known Toruel Vein, where past drilling had intersected 6.7 meters of 1,998 g/t silver and 5.34% copper.
These new vein structures are both along strike in the same structural corridor and to the south of the Toruel Vein. This work has extended the strike length of the Toruel Vein corridor to over 5,000 meters, and resulted in the discovery of a new vein structure, parallel to the Toruel Vein, approximately 1,500 meters to the southeast.
These results corroborate Marifil's geological model, which indicates that the Toruel Vein is at a lower level of an epithermal system, with downthrown blocks to the east and west. Upthrown blocks have been exposed to a deeper level of erosion whereas downthrown blocks have not. The consequences of this are that many of the lower level anomalies discovered by Netco geologists quite likely represent surface expressions of buried epithermal mineralization.
Netco reports that the next phase of their exploration program includes continued trenching and a 70 line-kilometer induced polarization geophysical survey. Both of these programs are currently underway, with assay results and the results of the IP survey expected within 4 to 6 weeks. These results will be used to determine future drill targets.
Netco is planning a minimum 3,000 meter diamond drilling program, targeted to start in late April or early May 2012.
John Hite, President of Marifil, states, 'Netco's work confirms what we have always known in that there are a large number of undiscovered veins on this property. We identified a structural corridor which may be up to 5 kilometers wide and more than 8 kilometers long. Many of the veins are poorly exposed at surface but the more one prospects the more veins will be found. We have always been convinced that this is a very large and important epithermal district. Our prior work discovered bonanza grade silver and copper along with important amounts of indium. Later work, including Netco's has discovered other veins where gold may be the predominate mineral.'
All samples and standards were submitted to ACME Labs, Santiago Chile, an ISO 17025 accredited analytical laboratory, for preparation and analysis. Sample preparation used procedure D60, R200-500, with digestion and analysis using method IEX, and precious metal determination by method G6-50.
The disclosures of a technical or scientific nature contained in this press release has been reviewed and approved by John Hite, P. Geol. and by Andrew Gourlay, P. Geol., both of whom are a qualified persons as defined in NI 43-101. For additional technical information about the Toruel property, see the Company's technical report on the Toruel Property, available on SEDAR at www.sedar.com, entitled 'Toruel Project, Rio Negro Province - Argentina', dated effective November 21, 2011, and authored by James F. Ebisch, MSc. The results disclosed in this press release do not represent conclusive evidence of the likelihood of the occurrence of a mineral deposit on the Toruel Property.
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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Contacts:
Marifil Mines Ltd.
John Hite
President
(702) 562-4880
www.marifilmines.com
Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com