Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

May 31, 2012 15:43 ET

Marifil Mines Ltd.: Partner Announces the Discovery of Two New Mineralized Vein Systems at the Toruel Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2012) - Marifil Mines Ltd. (TSX VENTURE:MFM) with their JV Partner ("Netco" or the "Company") (TSX VENTURE:NEI) is pleased to announce it has received a progress report from its joint venture partner, Netco Silver Inc. (Netco) on their prospecting, trenching and sampling program at the Toruel Property, Rio Negro Province, Argentina. The Toruel Property is located approximately 23 kilometres southeast of the town of Los Menucos and approximately 100 kilometres from Pan American Silver's Navidad project, one of the world's largest undeveloped silver deposits.

Multiple vein structures have been identified on the Toruel Property to date, with only 50 percent of the property having been explored and mapped. Recent prospecting and sampling has identified two additional vein structures, the "El Cumpa" vein and the "Capo" vein.

To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/MariMap531.pdf

The El Cumpa vein was discovered 2,500 metres east of the Toruel vein where past drilling had intersected 6.7 metres of almost 2 kilograms silver and 5.34% copper (See Marifil news release of November 28, 2005). This new vein is expressed by discountinuous, one meter wide outcrops along a strike length of approximately 1,100 metres.

The El Cumpa vein is genetically similar to the known Toruel vein system and comprises multi-phased silica events. The mineralizing environment consists of hydrothermal replacement breccias and numerous drusy (and, to a lesser extent, chalcedonic) silica veinlets exhibiting colloform textures. The breccia fragments are crystal tuffs partially replaced by silica. The breccias show the traditional cockscomb or cockade textures typical of epithermal mineralized systems. Sparse fluorite veinlets occur towards the eastern end of the vein. These fluorite veinlets suggest a this part of the vein is in the upper portion of the epithermal mineralizing system.

The Capo vein lies approximately 250 metres to the north of the El Cumpa vein. This new vein exhibits one meter wide discontinuous outcrops over a strike length of approximately 950 metres.

To date, trenches have been opened across both mineralized structures and rock samples (including the corresponding quality control samples) were collected. The resulting samples have been sent to ACME Labs for analysis.

These results continue to support the geological model, which indicates that the Toruel vein is at a lower level of an epithermal system, with tectonically down-thrown blocks to the east and west. Up-thrown blocks have been exposed to a deeper level of erosion whereas downthrown blocks have not. The consequence of this is that many of the lower level anomalies discovered quite likely represent surface expressions of buried epithermal mineralization. Prospecting and mapping efforts are ongoing to tie the complete geological picture together, including identifying the intrusive source for the Ag and Au mineralized systems.

As part of these efforts, a selection of the historic diamond drill core from the Toruel vein is scheduled to be resampled and analyzed for silver (Ag) and gold (Au), and also for indium (In) and gallium (Ga), both important metals for the high tech electronics sector.

All samples and standards were submitted to ACME Labs, Santiago, Chile, an ISO 17025 accredited analytical laboratory, for preparation and analysis. Sample preparation used procedure D60, R200-500, with digestion and analysis using method IEX, and precious metal determination by method G6-50.

Netco is a publicly traded exploration company focused on the discovery and development of high-value precious metals deposits in the Americas. The Company holds an option to acquire up to 75% of the Toruel property.

The Company's disclosure of a technical or scientific nature contained in this press release has been reviewed and approved by Andrew Gourlay, P. Geo., President and a director of the Company, who is a qualified person as defined in NI 43-101. For additional technical information about the Toruel property, see the Company's technical report on the Toruel property, available on SEDAR at www.sedar.com, entitled "Toruel Project, Rio Negro Province - Argentina", dated effective November 21, 2011, and authored by James F. Ebisch, MSc. The results disclosed in this press release do not represent conclusive evidence of the likelihood of the occurrence of a mineral deposit on the Toruel property.

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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Contact Information

  • Marifil Mines Ltd.
    John Hite
    President
    (702) 562-4880

    Marifil Mines Ltd.
    Hugh Oswald
    Investor Relations
    (604) 684-4743 ext. 243
    hugh@ascentacapital.com