Marifil Finds High Grade Indium in San Roque Gold Vein
Thursday February 15, 8:31 am ET
ca.us.biz.yahoo.com
SPOKANE, WASHINGTON--(CCNMatthews - Feb. 15, 2007) - MARIFIL MINES LTD. (TSX VENTURE:MFM - News; "Marifil" or "the Company") announces that it has found high grade indium mineralization in trench sampling in a gold-bearing brecciated silica vein system (see table) on the Company's wholly-owned, 12,705 hectare San Roque property in Rio Negro Province, Argentina (see Marifil news release of November 9, 2006 - Map of target locations: marifilmines.com.
Mineralization has been identified through trenching in a brecciated area at least 500 meters long and averaging 0.8 meters wide, and with a maximum width of 1.8 meters. One trench sample (#6489) found 14,883 grams per tonne (g/t) of indium ("In") with 2.64 g/t gold over 1.5 meters. The strongest gold ("Au") sample (6483) returned 12.37 g/t Au with 289 g/t In over 0.7 meters. As combined gold equivalent, these two samples returned 1,977.74 g/t and 83.97 g/t equivalent gold respectively. The samples all contain highly anomalous amounts of copper, lead, and zinc.
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Width Gold Equivalent
Sample No. (m) In (g/t) Au (g/t) (g/t)
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6477 1.0 497 0.92 15.34
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6483 0.7 289 12.37 119.96
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6489 1.5 14,883 2.64 1318.49
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6490 0.2 1831 0.83 51.00
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6491 1.8 1354 0.18 8.18
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6497 0.2 1794 1.13 68.03
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6503 1.5 170 3.42 19.51
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6535 0.7 176 0.39 2.30
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6536 0.5 285 0.49 4.69
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6539 0.8 50 0.04 0.07
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6540 0.6 65 0.05 0.11
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6551 1.0 296 0.83 8.24
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6558 0.4 299 0.27 2.71
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Indium is currently selling for $720 per kilo or $0.72 per gram, making indium worth 67% more than silver.
The Toyoho Mine in Japan is one of the leading indium producers in the world and has an average grade of 140 g/t Indium. Indium occurs with zinc and is recovered as a byproduct of zinc smelting.
Indium is a reasonably abundant but generally little known mineral used in the manufacture of semiconductors, high speed transistors, specialized solders and other specialized alloys. It is also used in the control rods for nuclear reactors. However, almost 50% of indium produced is used in the creation of thin-film coatings to make electronic devices such as thin-film solar panels and liquid crystal displays (LCDs), screens that transform electricity into light energy (i.e. television screens and computer monitors).
Noted writer Luke Burgess, "Finding indium in high concentration is extremely difficult. For mineral firms, that means having a property with a lot of indium can be jaw-droppingly profitable." (http://www.goldworld.com/articles/indium-argentex-production/103)
The San Roque property is located 56 kilometers east of San Antonio Oeste, a port on the Atlantic coast, in Rio Negro Province, Argentina. It lies on an extensive alluvial covered plain where some low-lying outcrops of silicified rhyolites protrude the cover. Geologic mapping requires extensive use of float tracking and trenching, an approach that has already identified several drill targets.
The samples were assayed by Alex Stewart (Assayers) Mendoza S.A. and the indium-rich samples were re-assayed by ICP-MA method with multiple assays of the higher values.
The Company is now planning a drill program to test both the indium-rich gold breccia/vein and some of the other higher grade gold veins.
Marifil Mines (TSX VENTURE:MFM - News) is a Canadian resource exploration company with an aggressive strategy, focused on exploring for precious and base metals in Argentina, home of some of the world's most prolific recent discoveries. The Company has built an impressive portfolio of approximately 20 properties, including several showing bonanza grade gold and silver values. Other properties contain bulk tonnage precious and base metal targets.
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Executive Vice President, under whose directions the exploration program will be being carried out. Mr. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
Forward-Looking Statements:
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (Http://www.sedar.com) or at Marifil's Website (Http://www.marifilmines.com.)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
John Hite
Marifil Mines Ltd.
President
(509) 467-5200
Greg Taylor
Marifil Mines Ltd.
Investor Relations
Toronto area (905) 337-8475
Email: gtaylor@marifilmines.com
Website: marifilmines.com
Source: Marifil Mines Ltd. |
