Monday, May 12, 2008
Marifil Mines' JV Partner Discovers High Grade Nickel-Copper Gossan
with 6.71% Copper and 2.21% Nickel
Spokane, Washington - May 12, 2008. Marifil Mines (TSXV: MFM) is pleased to announce its JV partner, Castillian Resources Corporation (TSXV: CT), has received assays from a sample of a high grade gossan occurrence located approximately 6.5 kilometres north-northeast of the Las Aguilas deposits in Argentina. Castillian is presently drilling to expand the deposits at both Las Aguilas and San Luis (Figure 1) and has now completed a 3,569 line kilometre VTEM airborne EM and magnetic survey on both projects (Figure 2).
A grab sample taken from an outcrop of the new gossan (EF-2) contained 6.71% copper, 2.21% nickel and 0.21% cobalt. The sample was collected by a prospector during recent airborne follow up and was the only sample collected at the site during the initial traverse. The mineralization is weathered and includes malachite, azurite and annabergite, also called nickel bloom, and iron oxides (hematite, magnetite and goethite). Mineralization occurs within a pyroxenitic intrusive rock which is a key host rock for the known nickel mineralization in the area.
The surface exposure of this occurrence measures 50 metres long and approximately 20 metres wide before it is covered by overburden. Systematic sampling of this gossan is in progress along with a moving loop ground electromagnetic (EM) survey in preparation for drilling. EF-2 is located 700 metres north of the El Fierro gossan and is hosted within the same mafic and ultramafic intrusion. The El Fierro occurrence has been trenched in the past and outcrops as a 70 metre long gossan in pyroxenite and gabbro with a best analytical result of 0.5% nickel and 0.22% copper from the highly weathered surface material.
A series of high priority Versatile Time-Domain Electromagnetic (VTEM) EM conductors from the just completed airborne survey extends north from this showing for approximately 400 metres (Figure 3). Drilling is expected to commence within the next month upon completion of the ground EM survey and acquisition of applicable permits.
John Hite, President of Marifil Mines states "We are very happy with the assay results and remain very optimistic about the potential for more discoveries. Given the high grade of the initial sample from the EF-2 gossan, together with the extensive surface expression of the zone and the positive results of the VTEM survey, we continue to believe this Joint Venture area offers a number of new, exciting targets".
The VTEM survey, which was completed last week, identifies several highly conductive multi-line anomalies. Recent prospecting and ground follow-up of EM anomalies based on the preliminary interpretations is ongoing and several new gossans and sulphide occurrences have been identified for which analytical results are still pending.
The VTEM survey area covered portions of 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 3). These targets are priorities for follow up ground surveys and diamond drilling as part of the 2008 exploration program. The survey also covered part of the San Francisco Belt where regional geochemical sampling of stream sediments have highlighted numerous pronounced nickel-copper and palladium anomalies associated with mafic-ultramafic rocks in the northern part of the belt. The San Francisco belt is located on the western part of the property and the mafic-ultramafic rocks occur as a sub parallel trend to the San Luis belt. Both of these belts are owned 100% by Marifil and are the subject of a second joint venture between Marifil and Castillian.
The data collected from the airborne survey was monitored during collection and processed by Isabelle Dumas, P. Ing, 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. Dr. Giovenazzo is a qualified person as defined by National Instrument 43-101.
Sample preparation is completed at the ALS-Chemex lab preparation lab in Mendoza, Argentina and assayed at ALS-Chemex lab in Vancouver, Canada, using multi-acid digest/ ICP-AES for the base metals and A.A. when nickel and copper are over the detection limits. Platinum, palladium and gold values are determined by 30 gram fire assay with ICP-AES finish. A blank sample is inserted every 40th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 to 30 samples.
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:
John Hite, President
Anthony Srdanovic, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 242
Toll Free: 1.866.684.4743 ext. 242
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.
Figure 1: Location Map, San Luis Project
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Figure 2: Outline of the VTEM Airborne Survey and Location of the EF-2 Gossan
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Figure 3: San Luis Project Priority VTEM Anomalies
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