Thursday, November 29, 2007
Las Aguilas Project Continues to Grow and Improve; New Drill Assays include 17.45 metres grading 0.82% Ni, 0.57% Cu including 6.63 metres grading 1.50% Ni, 1.03% Cu, 0.73 g/t Pt, 0.38 g/t Pd at the Las Aguilas East deposit, Argentina
Spokane, WA - November 29, 2007: MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces that its partner, Castillian Resources Corporation (TSX:CT) has reported a fourth round of assay results from its ongoing drill campaign at Marifil's Las Aguilas East Ni-Cu-PGE deposit, San Luis Province, central Argentina. Las Aguilas is located 40 km NE of the city of San Luis and about 200 km east of City of Mendoza (see Figure 1) and is an option - joint venture with (Marifil.)" (See Marifil press releases dated May 17 and June 6, 2007).
According to Castillian: "Drill holes LA07-28 and LA07-29 intersected thick intervals of mineralization. Hole number LA07-28 intersected 17.45 metres grading 0.82% nickel, 0.57% copper, 0.05% cobalt, 0.44 g/t Pt, 0.20 g/t Pd. Hole number LA07-29 intersected 17.03 metres grading 0.60% nickel, 0.35% copper, 0.02% cobalt, 1.16 g/t Pt, 0.45 g/t Pd, 0.21 g/t Au. High platinum (Pt) values were obtained in both LA07-028 and 029 and include the following:
0.63 metres grading 6.60 g/t Pt, 0.29 g/t Pd, 0.99 % Ni and 0.54% Cu in LA07-028
2.72 metres grading 4.53g/t Pt, 0.51 g/t Pd, 0.82% Ni and 0.35% Cu, in LA07-029;
including 0.73 metres grading 15.1 g/t Pt, 0.30 g/t Pd."
According to Danielle Giovenazzo, PhD, P. Geo., Exploration Manager for the Project, "We are very encouraged by these results. In the East Deposit we continue to intersect impressive thicknesses of good grade mineralization and we are locally identifying very high grade platinum values. This mineralization remains open and there are numerous drill holes with assays pending."
Drill hole LA07-30 did not intersect significant mineralization as it was outside of the mineralized zone. Complete assays for the three holes are listed in Table 1 below.
The Las Aguilas East deposit is associated with olivine pyroxenites and peridotites in a 100 metre thick variably differentiated ultramafic intrusion. These are typical rock types associated with major nickel deposits world wide. The mineralized zone has now been outlined for more than 175 metres along strike and down to 200 metre depth. The zone remains open (see Figure 1).
The ongoing drill program is designed to expand both the Las Aguilas East and West Ni-Cu-PGE deposits and provide data required to complete a NI-43-101 compliant resource estimate that includes assays for platinum group elements (PGE) which were not systematically analysed by previous explorers. The occurrence of significant platinum, palladium and gold values in addition to high nickel and copper in holes LA07-28 and 029 provides evidence that precious metals will provide a significant contribution to the value of the deposit.
Since the program started in early July a total of 60 drill holes totalling 9,300 meters of drilling have been completed of which assay results have only been received for 31 drill holes. Twenty nine (29) drill holes have assays pending and these will be reported on a continual basis as the data is received. The project is on track and it is expected that an initial, independent, NI 43-101 compliant resource estimate will be completed by the end of January. Turn around time for assay results has been longer than expected due to high volumes at the laboratories, therefore completion of the resource estimate could be delayed for several weeks due to pending assay results. It is probable that the deposit will not be closed off at the end of this drill campaign.
John Hite, President of Marifil Mines, notes that, "we continue to see a series of good results from the Castillian drilling. This news release once again confirms the validity of our joint venture model, and equally importantly shows that Las Aguilas is a significant mineral project. Marifil retains a 40% interest in this project, and, at Marifil's option, the Company can be fully carried through to production and still retain a 35% interest without further dilution to our shareholders. We are highly encouraged that there is a good possibility Castillian will be able to increase the size of this deposit."
The Las Aguilas Deposit contains a historical resource of 2.2 million tonnes grading 0.52% Ni, 0.51% Cu and 0.04% Co at a 0.3% Ni cut-off grade. The resource occurs in two sulfide deposits (Las Aguilas East and West Deposits), as defined by Fabricaciones Militares in 1986, which intermittently carried out various geological, geophysical and surface drilling exploration campaigns from 1972 until 1986. This resource estimate has not been confirmed by Marifil or Castillian and predates the establishment of NI 43-101 standards and is provided for information only.
Project Status
Since the program started in early July a total of 60 drill holes totalling 9,300 meters of drilling have been completed, of which assay results have only been received for 31 drill holes.
Quality Control
Castillian Resources Corporation employs a diligent QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ core is restored to the core box for future reference and one half of the core is sent for analysis. Samples are taken in approx. 1.0-metre intervals or less when in the mineralized zone, and at 1.5 metres or less when in disseminated sulphides (<2% sulphides). 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 Ni and Cu 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.
The quality control and all aspects of the exploration program are supervised by Castillian Exploration Managers, Danielle Giovenazzo, Ph.D., PGeo, and Fernando Tallarico, Ph.D., PGeo, both of whom meet the criteria for a qualified person as defined under 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.
Contacts: John Hite, President (509) 467-5200
Paul Searle, Investor Relations, pauljsearle@shaw.ca Vancouver area (604) 461-1117
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.
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.)
Forward Looking Statements
This document may contain or refer to forward looking information based on current expectations, including, but not limited to, mineralization projections, estimates regarding the timing for resource modeling 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.
Table 1: Mineralized intercepts from the Las Aguilas West Deposit. Width in the table represents core length of the intersections, true width is expected to be 70% or more of the core width.
| CT |
From |
To |
Width |
Ni % |
Cu % |
Co % |
Pt ppm |
Pd ppm |
Au ppm |
| LA07-028 |
72.48 |
78.04 |
5.56 |
0.45 |
0.38 |
0.02 |
0.61 |
0.59 |
0.35 |
| |
81.65 |
88.45 |
6.80 |
0.42 |
0.19 |
0.02 |
0.44 |
0.27 |
0.04 |
| |
104.2 |
121.65 |
17.45 |
0.82 |
0.57 |
0.05 |
0.44 |
0.20 |
0.09 |
| including |
108.7 |
115.33 |
6.63 |
1.50 |
1.03 |
0.08 |
0.73 |
0.38 |
0.16 |
| including |
114.7 |
115.33 |
0.63 |
1.09 |
0.54 |
0.06 |
6.66 |
0.29 |
0.06 |
| LA07-029 |
100.72 |
117.75 |
17.03 |
0.60 |
0.35 |
0.02 |
1.16 |
0.45 |
0.21 |
| Including |
104.6 |
107.35 |
2.75 |
0.86 |
0.35 |
0.03 |
4.55 |
0.51 |
0.08 |
| Including |
106.62 |
107.35 |
0.73 |
1.03 |
0.19 |
0.04 |
15.10 |
0.30 |
0.07 |
| Including |
111.04 |
112.68 |
1.64 |
0.55 |
0.67 |
0.02 |
1.70 |
0.40 |
0.36 |
| |
138.62 |
140.38 |
1.76 |
0.49 |
0.18 |
0.02 |
0.18 |
0.28 |
0.04 |
| LA07-030 |
No mineralization |
|
|
|
|
|
|
|
FIGURE 1: Location Map of Las Aguilas drill holes. All holes reported in this release are in the central part of the East Deposit.
Click to Enlarge
FIGURE 2. Vertical Longitudinal section of the Las Aguilas East deposit looking 260 degrees west, with Castillian 2007 drill hole pierce points.
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