Tuesday, June 12, 2007
Marifil Intercepts More Indium, Gold & Zinc in Latest San Roque Results
SPOKANE, WASHINGTON - JUNE 12, 2007, MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces it has received assay results from the balance of its recently completed 28-hole diamond drill program at the Company's* San Roque project in Rio Negro Province, Argentina. (See Marifil News Release of May 22, 2007.). The 2,104-metre drill program targeted five structures in this large, multi-phased sulphide system. One phase is enriched in base metals with indium and gold; another phase is enriched in gold and silver. DDH-1 through -9, plus DDH-26 through -28 tested for gold, zinc and indium on the Del Indio target; DDH-10 through -23 tested epithermal gold silver targets in the area; while DDH 24-25 tested for gold, zinc and indium on Target 5. (See San Roque map on the Company's website at http://www.marifilmines.com/i/maps/SanRoque_Del-Indio-Target.gif).
(*Under the terms of Marifil's Purchase Option Agreement with M.I.M. Argentina Explorationes S.A. (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.)
"We are very excited about this project, not only because of the high Indium values and the extensive Zinc mineralization, but also because we see it as a multi-phased, hydrothermal, alteration system involving at least 36-square kilometres," said Dick Walters, Marifil's Executive Vice-President. "As an exploration geologist I have been involved in a number of discoveries over the years and I'm confident we have a significant find here."
Although most of the detailed drill results have been received (pending assays are those with greater than either 1% lead or 1% zinc), the Company is conducting a detailed review over the coming weeks to:
- Determine the association between the high-grade indium and other elements, particularly zinc and bismuth, as well as the association between the gold and silver (which appears to have occurred largely in a later phase);
- Submit for assaying several drill samples that had not previously been tested for indium, particularly in areas where high levels of zinc had been found; and,
- Select targets for the next round of drilling, planned for the end of the Argentine winter in about three months.
San Roque is a 12,700-hectare 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.
Latest Results:
As noted above, DDH-25 was drilled to test for gold and silver on Target 5, located approximately 1,100 meters southwest of the Del Indio structure. However, in addition to the high values of silver with some gold intercepted, it also cut significant amounts of zinc, indium and bismuth in basement rocks. The area between Target 5 and Del Indio is covered with alluvium and is also the site of a large Induced Polarization (IP) anomaly carried out by MIM. This anomalous zone may conceal an important zinc-indium target.
John Hite, Marifil's CEO added, "As we continue to find more indium and zinc in some of our drilling, along with more gold and silver in other areas, San Roque is becoming increasingly interesting, both for our investors and geologically. For example, indium is selling for $850 per kilo, making this metal three times more valuable than uranium and twice as valuable as silver. Zinc and bismuth markets are also very strong. It is difficult to imagine a better time for this find."
El Relincho:
Hole No. Interval True Th Au Ag Zn In
(m) (m) (g/t) (g/t) (%) (g/t)
---------------------------------------------------------------------
DDH-10 Strongly anomalous amounts of gold, lead, zinc and indium.
DDH-11 3.0-12.0 9.0 < 0.01 < 0.5 0.14 < 1.0
And 12.0-19.5 5.1 2.61 24.0 < 0.1 30.4
Including 12.0-15.0 2.0 4.46 7.4 < 0.1 36.3
This structure is sub-parallel to the Del Indio structure and is apparently not as well mineralized as the main Del Indio structure.
San Roque:
Hole No. Interval True Th Au Ag
(m) (m) (g/t) (g/t)
-----------------------------------------------------
DDH-12 3.0-20.0 14.5 3.1 5.1
including 12.2-16.5 3.7 11.1 11.2
including 12.2-13.1 0.77 43.3 35.8
DDH-13 21.8-27.0 4.4 7.5 7.4
Including 21.8-23.0 1.0 29.6 27.4
Plus 93.0-96.0 3.0 0.7 357.0
DDH-14 9.0-10.2 1.2 1.8 120.0
plus 13.2-16.0 2.8 7.4 69.3
DDH-15 16.1-22.0 5.3 1.6 28.3
Plus 87.7-88.9 1.1 5.5 7.3
Plus 94.0-97.0 2.7 4.3 323.0(1)
DDH-16 3.0-16.1 11.4 2.0 5.6
Including 12.8-14.2 1.3 5.9 4.9
DDH-17 3.0-16.1 12.2 1.2 3.5
Including 10.2-11.0 0.8 6.9 5.0
DDH-18 3.0-12.2 6.9 1.1 4.7
Including 10.9-12.2 1.0 4.3 2.7
Plus 38.3-39.0 0.5 4.5 1.7
DDH-19 3.9-22.5 13.8 1.1 1.3
Including 19.0-20.1 0.8 4.7 12.4
DDH-20 7.6-16.0 8.4 0.9 0.7
DDH-21 10.0-18.5 7.1 4.5 1.5
Including 14.0-16.8 2.3 11.8 1.8
Target 3
DDH-22 Geochemically anomalous amounts of gold, silver and zinc
DDH-23 Geochemically anomalous amounts of gold, silver, zinc and lead
Target 5
DDH-24 7.0-18.9 10.5 2.1 31.9
Including 9.0-11.0 1.8 5.9 35.1
Interval True Th Au Ag Zn In
(m) (m) (g/t) (g/t) (%) ---
DDH-25 30.0-51.0 21 1.0 30.0 0.47 16.0
Including 25.0-38.0 11.4 2.1 49.0 0.28 102.0
less
Including 25.8-26.9 1.0 2.2 244.0 than 0.10 62
Including 34.0-36.0 1.8 1.1 63.6 0.52 95
Plus 45.0-48.0 2.6 0.2 pending 29.3 77
Del Indio
DDH-26 38.6-40.0 1.4 0.04 2.8 0.39 26
less less
Plus 36.9-101.0 62.9 than 0.01 2.0 0.21 than 1
less
DDH-27 3.0-7.0 4.0 0.02 than 0.1 0.28 32.5
Plus 34.5-36.2 1.7 1.09 1.8 0.25 12.5
less
Plus 42.0-44.1 2.1 0.41 1.5 pending than 1
DDH-28 Strongly anomalous lead and zinc but not "ore grades"
Including 65.0-66.5 1.4 .03 3.2 0.72 9
(1). pending assays are those with greater than 1% lead or greater
than 1% zinc.
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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