Tuesday, April 01, 2008
Marifil announces a 3,250 line kilometre airborne VTEM electromagnetic (TDEM) and magnetic survey over the San Luis Nickel-Copper-PGE Project, Argentina: Drilling to resume on Las Aguilas Platinum-Nickel-Copper Deposit
Spokane, Washington -- April 1, 2008: Marifil Mines Ltd. (TSXV: MFM) announces that its partner, Castillian Resources Corp., has initiated a 3,250 line kilometre airborne VTEM (Versatile Time-Domain Electromagnetic) survey, including a B-field sensor and magnetic survey. The survey will cover part of Marifil's mafic ultramafic belt which is highly prospective for nickel-copper-cobalt-platinum. This belt is covered by a second joint venture agreement with Castillian (see News Release dated May 17, 2007).
The survey, which commenced on March 23, 2008, is being conducted over the contiguous San Luis and Las Aguilas nickel, copper, PGE (Platinum Group Elements) project areas in San Luis Province, Argentina (Figure 1). The survey will cover approximately 390 square kilometres of 50 to 200 metres spaced lines with detailed coverage focused on areas with known mineralization. The survey is expected to be completed, including initial interpretations, by late April 2008.
According to Danielle Giovenazzo PhD, P.Geo., Exploration Manager for Castillian, "This VTEM survey is a very important phase in the exploration of the San Luis property. This data will quickly focus the exploration efforts and will be followed by ground verification of the anomalies and drilling in 2008."
The survey area covers the San Luis trend of mafic and ultramafic intrusions that host the Las Aguilas East and West Ni-Cu-PGE deposits and several other Ni-Cu-PGE sulphide occurrences and gossans including Virorco, Las Higueras and El Fierro (Figure 2). These targets are priorities for follow-up ground surveys and Diamond drilling as part of the 2008 exploration program. Regional geochemical sampling of stream sediments have highlighted numerous pronounced nickel-copper anomalies associated with the ultramafic rocks in the northern part of the belt (Figure 3 -- Geochemistry map). This area will also be covered by the VTEM survey. The projects are an option joint venture between Castillian and Marifil.
Priority areas that have already been identified within the survey area include the following:
Las Aguilas: Detailed surveying will be completed in the area of the Las Aguilas deposits to help outline the potential extensions of the deposits, both of which remain open. The Las Aguilas West deposit has Ni-Cu-PGE sulphides associated with a pyroxenite dyke, and the Las Aguilas East deposit is associated with a 100 metre wide mafic and ultramafic intrusion. Drilling is scheduled to resume on March 31, 2008.
Virorco: The Virorco target is located four kilometres north-northeast of the Las Aguilas deposits, and contains several gossans with anomalous nickel, copper and PGE over sulphide occurrences. The main Virorco nickel-copper-PGE occurrence is located on a prominent hill and is associated with pyroxenite and gabbro. The Direccion General Fabrications Militares (DGFM) (Argentina State Company) explored this occurrence in the 1970s. The program included two holes drilled under the gossan, one of which intersected four metres grading 0.41% Ni and 0.19% Cu in a norite. Surface sampling of the main gossan in 2007 returned the following best value for a grab: 0.55 % Cu, 0.05% Ni, 0.20 g/t Pt and 0.1 g/t Pd, all of which are highly anomalous values for gossan samples. This data provide strong evidence of a mineralized intrusion at Virorco. Within 500 metres of the Virorco gossan, several sulphide occurrences and small gossans were sampled by Castillian in 2007, in which best analytical results from a grab sample were 1.12% Cu, 0.115 g/t Pd and 0.119 g/t Au.
El Fierro: This occurrence is located 2.3 kilometres north-northeast of Virorco and outcrops as a 70 metre long gossan in pyroxenite and gabbro. Analytical results from grab samples have anomalous Cu, Ni and PGM values including one sample with 0.50% Ni and 0.22% Cu.
Las Higueras: This gossan is located 2 kilometres north of the Las Aguilas deposit and is associated with thin, coarse grained pyroxenitic to melanogabbro norite intrusion into paragneisses. Several grab samples were taken in 2007 with best result of 0.42% Ni, 1.59% Cu, 0.16ppm Au, and 0.19 ppm Pd.
The San Luis project covers two linear belts containing a series of Ordovician aged (480 Ma) mafic and ultramafic intrusions located along the margin of the Sierras Pampeanas de San Luis, in San Luis Province of central Argentina.
The San Luis Belt, located in the central portion of the property, contains mafic and ultramafic intrusions identified along 65 kilometres. These rocks intrude into the Pringles metamorphic complex consisting mostly of paragneisses.
The San Francisco belt is located in the western part of the property and trends sub-parallel to the San Luis belt. This belt contains numerous previously mapped ultramafic to mafic intrusions. This area will be covered in a future survey. The level of historical exploration in this belt is insufficient to test its potential for additional possible nickel-sulphide discoveries.
Quality Control
The data collected from the airborne survey will be monitored during collection and subsequently interpreted by Isabelle Dumas, Eng, MScA, a qualified person as defined by National Instrument 43-101.
Danielle Giovenazzo Ph.D, P.Geo has reviewed the scientific and technical information in this press release and is a qualified person as defined by National Instrument 43-101.
John Hite, PGeol, President and Chief Executive Officer of Marifil and David Gower, PGeo, President and Chief Executive Officer of Castillian, both of whom are qualified persons as defined by NI 43-101, have reviewed this release.
About Marifil Mines Ltd.
Marifil Mines Ltd. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "MFM" with approximately 31.8 million shares issued and outstanding. Marifil operates under a Joint Venture Model whereby the company acquires properties, adds value by geologic mapping, trenching, geophysics, and/or drilling and then seeks qualified partners to earn their interest by advancing the property to production. Castillian is earning an interest in the Las Aguilas Nickel-Copper-PGM Project in Argentina from Marifil Mines Ltd.
About Castillan Resources
Castillian Resources Corp. is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol "CT" with approximately 87.8 million shares issued and outstanding. The company is earning an interest in the Las Aguilas Nickel-Copper-PGM Project in Argentina from Marifil Mines Ltd. and has the right to purchase a 100 percent interest in the Kagera Project which comprises over 1,600 square kilometres in the highly mineralized Kabanga Nickel Belt in Tanzania and rights to acquire 90 percent of the Pederson deposit, an advanced gold exploration project in Bolivia which is currently under force majeure.
For Further Information Contact:
Head Office:
John Hite, President
Phone: 509.466.1505
Email: info@marifilmines.com
Website: www.marifilmines.com
Investor Relations:
Anthony Srdanovic, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 242
Toll Free: 1.866.684.4743 ext. 242
Email: anthony@ascentacapital.com
The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.
Forward Looking Statements
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections and similarities drawn to other deposits, estimates regarding the timing for resource modeling, future drill programs and the preparation of a 43-101 compliant technical report. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
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