Marifil Mines Ltd.

Marifil Mines Ltd.

November 07, 2014 09:00 ET

Marifil Mines Ltd.: Southern Copper Terminates Cerro Samenta Option

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2014) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that Southern Copper Company ("SCCO") has terminated its agreement with Marifil to explore the Company's Cerro Samenta porphyry copper property in Salta Province, Argentina.

Southern Copper completed a nine angle hole, widely spaced 3,011 meter exploratory diamond core drill hole program in May, 2014. This program's final results are reported in Marifil's news release of August 22, 2014. The drill hole collars are on the order of 300 to 600 meters apart, with the deepest vertical depth reached of 433 meters. The weighted average of all drill cores is 0.1% Cu and 15 ppm Mo. SCCO also produced new geologic maps of the property and completed extensive grid soil and rock geochemical sampling. SCCO's work has yielded a valuable data base providing a good springboard for future exploration programs.

Marifil's Cerro Samenta property is a porphyry Cu-Mo prospect located 270 kilometers west of the city of Salta in the Puna region of northwestern Argentina. It covers 5,300 hectares located on the transverse continental scale Archibarca Lineament, which also hosts Escondida, situated 120 kilometers to the northwest of Samenta in Chile, as well as several other porphyry copper properties including the nearby Taca Taca copper-gold molybdenum deposit and the Rio Grande and Lindero/Arizaro copper-gold deposits.

Trenching programs done prior to SCCO's option identified a number of important oxide copper zones on the property including 51 m at 0.99% copper; 164.8 m at 1.06% copper; 52 m at 1.21% copper; and 22 m at 4.19% copper. Background information and the complete results of the trench sampling are presented in Marifil's news release of February 29, 2012. SCCO's drilling did not adequately test these zones nor explain the source of the rich copper mineralization exposed in the extensive series of trenches.

The Company is now seeking a new partner to advance the exploration of this promising 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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