VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/20/14 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ("Marifil" or "the Company") announces that it has received positive assay results from the latest round of rotary drilling and channel sampling of limestone outcrops on its Puna Colorada limestone project.
A prospective buyer of limestone from the property requested that Marifil complete a further round of drilling and sampling to confirm the size and grade of the limestone required by the buyer. The buyer wanted limestone with a grade of greater than 40% CaO (approx. 70 % CaCO3) with less than 5% MgO. Table 1 sets out the results of the latest drilling and rock channel sampling.
TABLE 1 - Assay Results
---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Sample Type From To Thickness CaO CaCo3 MgO No. (meters) (meters) (meters) (%) (%) (%) 185106 Channel 0.00 3.50 3.50 42.20 75.37 0.25 185107 Channel 3.50 7.00 3.50 37.98 67.83 0.25 185108 Hole H-5 0.00 5.67 5.67 43.71 78.07 0.26 185109 Hole H-5 5.67 11.24 5.67 48.83 87.21 0.40 185110 Hole H-5 11.34 17.00 5.66 40.97 73.17 0.30 185111 Channel 0.00 3.50 3.50 50.56 90.30 0.27 185112 Channel 3.50 7.00 3.50 49.69 88.75 0.28 185113 Hole H-8 0.00 5.67 5.67 41.15 73.49 0.87 185114 Hole H-8 5.67 11.34 5.67 43.14 77.05 2.51 185115 Hole H-8 11.34 17.00 5.66 40.89 73.03 0.70 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Assays provided by Alex Stewart Laboratory, Mendoza, Argentina
The two vertical rotary drill holes H-5 and H-1 are both 17 meters deep and average 44.51% CaO (79.49% CaCO3) with 0.32% MgO and 41.73% CaO (74.52% CaCO3) with 1.36 MgO over that thickness, respectively. The two vertical channels I-8 and H-2 cut on outcrops both represent 7 meters of true thickness and average 40.09% CaO (71.60% CaCO3) with 0.25% MgO and 50.13% CaO (89.53% CaCO3) with 0.28 MgO, respectively. The outcrop sampling represents only the accessible upper part of the limestone sequence. These assay results clearly show that the limestone easily exceeds the minimum requirements set out by the prospective buyer.
The prospective buyer of limestone from the property has reimbursed Marifil for the cost of the additional exploration confirmation work that they requested and that is presented herein.
Maps showing the location of the drill holes and surface samples will be posted to the Company's website as soon as they become available.
Mr. John Hite reports, "Unlike precious metal deposits which have to be drilled on very close intervals we are dealing with beds of horizontal limestone which were laid down over relatively long periods of time and tend to be very uniform. Therefore, we can drill these beds on 200 meter spacing's with a high degree of confidence. Thus, fewer samples are needed to be able to generate large tonnages. For example each meter of thickness represents approximately 98,800 tonnes of limestone in a 200 meter square block."
Mr. Hite further comments, "I want to remind our shareholders that this deposit lies just a few tens of meters from a bulk loading facility capable of handling 1,600 tonnes per hour into up to five docked ships of up to 60,000 tonne capacity. Marifil has a contractual right to use this facility to ship our product."
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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Contacts:
Marifil Mines Ltd.
John Hite
President
(702) 562-4880
jhite@marifilmines.com
Marifil Mines Ltd.
Hugh Oswald
Investor Relations
(604) 838-2855
hoswald@marifilmines.com
