Marifil’s San Roque property is located near the Atlantic coast in southwestern Argentina within an area of excellent infrastructure and mining friendly politics. The discovery is an advanced exploration stage epithermal polymetallic deposit where gold is of principle economic focus. The property is secured by 37,055 hectares of mine rights of which 9,449 are patented and private royalty free claims.
More than US$7.5 million has been invested assessing the discovery, the majority of which was for nearly 16,000 meters of diamond core drilling as 108 holes. A continuation of drilling is imminent.
The property is jointly owned by Marifil and Novagold Resources. Marifil has 51% and is the current project operator. A 43-101 resource has not yet been produced. Though, it is clear to scientists that more than 100 million tonnes of earth is mineralized.
Several deposits of significant gold-silver-indium-lead-zinc mineralization have been discovered on a four kilometer long zone. The mineralization occurs in old volcanic formations and metamorphic rocks under them. Geologists suspected it to be related to a large volcanic paleo-caldera, and to be capping a deeper porphyry copper-molybdenum deposit.
Mineralization is manifested by multiple broad zones of narrow, sheeted and banded quartz-carbonate-sulphide veins and stockworks as well as sulphide disseminations within brecciaed volcanic rocks.
Drilling has outlined an area of semi-continuous Au-Ag-In-Pb-Zn mineralization covering approximately 0.3 x 0.9 km in the “33-zone”. Individual drill holes have intersections averaging as high as 1.2 g/t Au, 10 g/t Ag, 39 g/t In, 0.4% Pb and 2.0% Zn over 120 m.
Significant results have also been encountered in the 51-zone, located approximately 1.0 km to the southeast of the 33-zone, and in hole DDHMSR- 0034, located 1.9 km southeast of the 33-zone. That hole intersected 233 meters of 0.6 g/t Au plus 11 g/t Ag with just traces of base metals, and includes a run of 2.3 g/t Au plus 43 g/t Ag over 35 meters at the top of the hole.