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| | Tue Jul 22, 2008
New Drill Results from K-2 Potash Project Define a +200 Square km Potash Target
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| | NI 43-101 Report Completed
Spokane, Washington -- July 22, 2008 -- Marifil Mines Ltd. (TSXV: MFM) announces that the latest drill results indicate a more than 200 square kilometre potash target on the K-2 project. Additionally, the company is pleased to announce the completion of an NI 43-101 report on the same project. This 99,964.9 hectare property is located in the Neuquen Basin in Argentina and is 100% owned by Marifil.
The primary down-hole tool for measuring the presence of potash is a gamma ray log which directly detects potassium salts in great detail. Complimentary information in support of these logs include: well diameter, density, resistivity, induction and neutron logs.
Company geologists have completed gamma ray and electric log analyses of two additional drill holes on the property and both contain important amounts of potash. Hole YPF Quilimalal X-1 contains 7.70 meters grading 14.45% potash (K2O) followed by 1.6 m grading 15.0% K2O between a depth of 1,280.3 m and a depth of 1,291.6 m. Hole YPF Pasa Hacha X-1 contains 3.1 m grading 11.35% K2O followed by 1.0 meters grading 13% K2O between 1,494.8 m and 1501.1 m in depth.
The two holes reported above, along with the two holes reported in the Marifil news release dated July 7, 2008, define an area 18 kilometers long in a north-south direction and 13 kilometers wide in an east-west direction. All four holes show excellent stratigraphic correlations with each other.
Prior work by other companies in the Neuquen Basin determined that the southern margin of the evaporite basin was located north of the Marifil property. However, recent work by Marifil geologists shows that the evaporite basin continues to the south. Marifil's claims cover this new discovery.
"This discovery is based on careful analysis of oil well logs and structural analysis" commented Mr. John Hite, President of Marifil Mines. "Since the oil wells are located to test deeper oil targets they are essentially random with respect to the location of the shallower K2O target. This means that we may not have yet tested the thicker and richer portions along the axis of this basin. Further, we can demonstrate excellent stratigraphic correlations of these holes. Mineralization is probably present over a 200 square kilometer area and mineralization is still open ended; these factors suggest we may have made a major potash discovery."
The NI 43-101 report recommends carrying out more geological and interpretative work prior to drilling. This work includes reviewing the surface geology along some geo-traverses coincident with seismic surveys. The report recommends drilling three widely spaced holes totaling 5,000 m. If this work is successful then it is recommended to develop an ore resource by drilling on 500 m centers.
For further information on the company and its projects, please refer to Marifil's website: www.marifilmines.com.
For Further Information Contact:
Head Office:
John Hite, President
Phone: 509.466.1505
Email: info@marifilmines.com
Website: www.marifilmines.com
Investor Relations:
Anthony Srdanovic, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 242
Toll Free: 1.866.684.4743 ext. 242
Email: anthony@ascentacapital.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.
General Disclaimer
Marifil Mines Ltd. "Marifil", has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
Forward-Looking Statements
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The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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