VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2012) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") reports NovaGold Resources Inc. (NovaGold) has elected not to move forward under its option agreement to earn a 70% interest in the San Roque property.
NovaGold has earned a 49% interest in the property. Both parties will now work to complete a shareholder's agreement which will allow Marifil to move forward with further exploration and development of the discovery.
The San Roque property of approximately 111,000 hectares is located near the south Atlantic coast in Rio Negro Province, Argentina, and covers a large gold-silver-lead-zinc-indium mineral deposit. A total of 7,817 meters of drilling in 34 holes was completed during 2011. There are now a total of 108 drill holes totalling 15,837 meters that probe an expansive polymetallic sulfide system more than 3 kilometers long and hundreds of meters wide.
The 33 Zone covers an area measuring about 300 meters by 900 meters and is open-ended in every direction including at depth. Equally important, directly adjacent to this mineralization is a very strong induced polarization (IP) anomaly. Only the far south end of this one kilometer long IP anomaly has been drilled. Marifil had previously drilled an isolated hole (MFDDH-0043) there that intercepted 42.8 meters at 1.94 g/t Au equivalent (average Au at 0.25 g/t). DDHMSR-033 is a step-out of that hole testing the IP anomaly and it intercepted 0.85 g/t Au, 9.15 g/t Ag, 2.67 g/t In, 0.31% Pb and 0.63% zinc over 81 meters.
DH 34 Zone
Hole DDHMSR-0034 is located approximately 1.9 kilometers southeast of the 33-zone. Hole 34 intercepting at surface 34 meters of 2.27 g/t/Au, 42.62 g/t Ag, 0.08 g/t In, 0.03% Pb and 0.08% Zn from 1 to 35 meters. This hole is a 50 meter step-back on a previous Marifil hole (MFDDH-0013) showing 22.16 g/t Au and 20.63 g/t Ag over 11.5 meters. The "34-zone" is distinctly different from the 33-zone as it lacks significant base metal mineralization and quartz veining. Precious metal mineralization in 34-zone is associated with variably silicified tuffs and volcanic sediments, and it is wide open for expansion by continued drilling. This as an excellent near surface bulk tonnage gold drilling target that Marifil will focus on in the next phase of exploration of this expansive property.
John Hite, President of Marifil Mines comments, "We are disappointed that NovaGold was not able to continue, they have been a good partner and the work they carried out increased the value of this property immeasurably. Marifil plans to continue work on this property and are highly confident that we have made a major discovery. Our geologists will shortly begin a detailed mapping program around the DH 34 Zone to develop follow up drilling hole sites."
"This is a huge property with exceptional grades. Not only is the 33 Zone open-ended but more drilling is warranted in the 51-zone and several areas of high IP chargeability and elevated soil geochemistry have not been tested. Work completed to date has been focused within a relatively small area of the overall claim block and much of the property remains untested. We are excited and looking forward to further exploration and development at San Roque."
On behalf of the Board of Directors,
John Hite, President
For further information on the Company and its projects, please refer to Marifil's website: www.marifilmines.com.
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.
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