Monday, June 18, 2007
Marifil Finds More Zinc in Historic "MIM" Drill-Core from San Roque Zinc-Indium-Gold Project
To Conduct First Assays for Indium Southeast of High-Grade Find
SPOKANE, WASHINGTON - JUNE 18, 2007, MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces that a re-examination of assay results from an 19-hole drill program conducted in 2001/02 by MIM Exploraciones S.A. (a wholly-owned subsidiary of mining giant XSTRATA) reveals extensive high-grade zinc (Zn) approximately 1,100 metres (m) southeast of the Del Indio structure on at the Company's San Roque project in Rio Negro Province, Argentina. (See Marifil News Release of May 28, 2007.) MIM's Diamond drill hole number eight (DDH-8) cut 54 m (depth: 130-184 m) of 1.1% Zn and 0.5% lead (Pb), including 14 m (138 - 152 m) of 3.23% Zn and 1.5% Pb, and 8 m (40-48 m) of 4.79% Zn and 2.0% Pb.
Importantly, while all of MIM's 8 Diamond and 11 reverse circulation drill holes intercepted anomalous amounts of zinc, no samples were assayed for indium. Marifil plans to have drill samples from intercepts where MIM intercepted high grade zinc re-assayed for indium shortly.
''Since we found strong zinc values over a wide area in our own drilling, it is very significant that MIM found still more of it in another completely untested area of this very large, hydrothermally altered area," said John Hite, Marifil's President. "It is even more exciting that our drilling showed a strong association between zinc and indium and, since MIM didn't assay for indium, we're looking forward to seeing whether there's even more indium present in the MIM holes."
The San Roque property contains a huge hydrothermal system with more than 36 square kilometres of alteration, which has been initially tested through wide-spread surface sampling, trenching, drilling and geophysical examination. While most of the area is overlain by shallow alluvial cover, numerous surface samples have been found with visible gold. Marifil recently completed a 28-hole, 2,104-metre Diamond drill program that intercepted values including:
Au Ag Zn In
Hole No. Interval (m) True Th (m) (g/t) (g/t) (%) (g/t)
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DDH-2 34.4 - 44.9 10.5 0.76 NA 0.06 473
incl. 2.7 0.87 NA 0.11 1,459
DDH-4 3.0 - 120.0 117.0 NA NA 0.95 NA
incl. 74.0 - 78.5 4.5 0.37 NA 6.64 499
and 0.9 1.31 NA 14.81 1,160
DDH-6 3.0 - 154 151.0 NA NA 0.79 NA
DDH-15 94.0 - 97 2.7 4.3 323.0 NA NA
(1) Under the terms of Marifil's Purchase Option Agreement with MIM, the Company has already spent the required US$200,000 on the property and may acquire 100% ownership of San Roque by paying MIM US$400,000 before June 4, 2010.
A geophysical survey conducted by MIM also showed wide-spread Induced Polarization (IP) anomalies on the property, which may suggest porphyry-style mineralization beneath the alluvial cover.
"So far, it seems that each new step we take in advancing this property brings new, positive surprises," noted John Hite. "At the same time we are looking for the right joint-venture partner for San Roque - and we are talking with more than one right now - we are continuing to test our theory that we are sitting on something very large with indium and zinc in some areas, and lots of gold and silver in other parts of the system."
San Roque is a 12,700-hectare base metal porphyry-scale property with zinc and high grade indium along with epithermal gold and silver. Mineralization is found in broad structural corridors containing silicified breccias, quartz veins, disseminated sulphides, and extensive associated stockwork fracturing. The mineralized system is largely hidden by thin alluvial cover and is hosted in Jurassic acidic volcanics and Paleozoic basement rocks of schist. Importantly, this is a strong sulphide system that penetrates all rock types and has the potential for significant size and porphyry-scale, bulk mining. The Company would like to emphasize the mineralization does extend into the underlying basement rocks thus increasing the potential size and importance of the ore targets.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information regarding Marifil Mines Ltd., please refer to the Company's filings on SEDAR
(Http://www.sedar.com) or at Marifil's Website (Http://www.marifilmines.com.)
Marifil Mines Contacts: John Hite, President (509) 467-5200
Greg Taylor, Investor Relations, gtaylor@marifilmines.com Toronto area (905) 337-8475*
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