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Last Post: 10/21/2018 9:02:21 PM - Followers: 0 - Board type: Free - Posts Today: 0

Marifil Acquiring High Grade Potash Deposit
PrintAlert
MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that
it has signed a Letter of Intent ("LOI") to acquire the Filo Morado potash
property in Neuquen Province, Argentina.


Filo Morado (now re-named K-5 by Marifil) comprises 14 claims totalling 30,100
hectares. Marifil has been granted a 60 day period to carry out due diligence; a
title report is in progress. The terms of the LOI call for a $25,000 payment on
signing (which has been paid); a $125,000 payment at the end of the due
diligence period; a $150,000 payment in six months; $175,000 in 24 months;
$200,000 in 30 months; and $2,400,000 in 48 months. The owner retains a 2% Net
Smelter Royalty but Marifil has the right to purchase 1.5% for $1,500,000.


The K-5 claims are bordered on the east by Vale's claims which host the +2
billion tonne Potasio Rio Colorado potash deposit and bordered on the north by
claims owned by K+S Group (a giant German fertilizer corporation) and which host
the large El Porton potash deposit. The K-5 prospect is possibly an extension of
the El Porton deposit.


Marifil geologists have identified significant sylvite (KCl) intervals in drill
logs from 27 holes drilled for oil. Eight additional drill logs are still being
analyzed. Potash mineralization has been identified in up to 7 separate
horizons. Most of these horizons range in depth from about 1000 to 1100 meters
but significant potash has been identified as deep as 1500 meters.


Table 1 below summarizes some of the more significant intervals:



Thickness
Drill Hole (meters) Grade (%KCl)

FM a17 2.5 45%
and 4.0 27%

FM 23 4.0 45%

FM 27 3.5 42%
and 2.5 43%
and 4.4 29%

FM 29 3.5 45%

RuC x-1 5.2 40%



All of the holes analyzed to date are shown in Table 2 and at the end of this
report.


The potash horizons occur in a large north-striking anticlinal or monoclinal
fold. Mineralization occurs over a width of 5 kilometers and a strike length of
about 20 kilometers.


Mr. John Hite reports, "This acquisition may be a real game changer for Marifil
and is one we worked for nearly one year to acquire. We have identified multiple
high grade sylvite (KCl) horizons with mineable thicknesses over an area of 80
to 100 square kilometers. These horizons should be extremely amenable to
solution mining. By adding the K-5 we have become the second largest potash
claim owner in the Neuquen Basin."


"Marifil is actively seeking a partner to develop our K-2, K-3, and K-4
properties. K-5 is a stellar addition to this portfolio."




TABLE 2

--------------------------------------------------------------------------
SILVITE HORIZON H1 SILVITE HORIZON H2
thick- thick-
WELL ID top Base ness % K Cl top Base ness % K Cl
--------------------------------------------------------------------------
FM X-1 1215.7 1217.5 1.8 21 1214 1215.3 1.3 23
FM X-3 1214.2 1216 1.8 18 1212 1213.6 1.6 22
FM X-4 1196 1197 1 14 1192 1193.5 1.5 26
FM X-5 1385.3 1386.8 1.5 25 1384 1385 1 24
FM 12 1528.7 1531.5 2.8 22 1524.2 1528.4 4.2 33
FM a-17 1160.8 1163.3 2.5 45 1158.4 1159.8 1.4 12
FM 19 1078.2 1080 1.8 21 1075.6 1078.2 2.6 19
FM 21 1083.8 1085.8 2 23 1080.5 1082.7 2.2 24
FM 23 1015.8 1019.8 4 45 1005.8 1008.3 2.5 17
FM a-26 1222.3 1223.8 1.5 26 1220.2 1222 1.8 25
FM 27 1021.3 1024.9 3.5 42 1017.8 1020.3 2.5 43
FM 29 1518.2 1521.7 3.5 45 1511.8 1513.8 2 37
FM 30 1534.8 1538 3.2 36 1515.2 1520.2 5 29
FM 31 1403.2 1406.5 3.3 37 1400.3 1402 1.7 13
FM 34 1391.5 1393.2 1.7 20 1388.7 1390.7 2 33
FM 35 1477 1478.2 1-1 22 1474.5 1476.6 2.1 33
FM 36 1376.5 1379.2 2.3 21 1370.4 1372 1.6 40
FM 36 1425.5 1427.2 1.7 22 1423.5 1424.8 1.3 20
FM 37 1058.2 1059.5 1.3 40 1055 1056.8 1.8 40
FM 38 1121.5 1123 1.5 25 1105.2 1107.4 2.2 22
RuC x-1 2437.5 2439 1.5 26 2436.2 2436.8 0.6 32
RuC x-2 2385.5 2388.3 2.8 27 2374.2 2376.3 2.1 29
FDT X-2 713.4 715 1.6 22 707.5 709.7 2.2 21
LBl X-1 1380.5 1382.4 1.9 17 1374.5 1379.5 5 19
--------------------------------------------------------------------------

SILVITE HORIZON H3 SILVITE HORIZON H4
thick- thick-
WELL ID top base ness % K Cl top base ness % K Cl
--------------------------------------------------------------------------
FM X-1 1212 1213.6 1.6 22 1196 1200 4 19
FM X-3 1208.6 1210 1.4 14 1204 1205.3 1.3 8
FM X-4 1189.5 1191 1.5 25 1178.8 1180.6 1.8 15
FM X-5 1377.3 1370.3 2 17
FM 12 1517.3 1522.8 5.5 25 1507 1510 3 44
FM a-17 1104 1108 4 27 1101.1 1102.3 1.2 17
FM 19 1068.5 1070.5 2 14 1054.2 1055.8 1.6 11
FM 21
FM 23 996 997.8 1.8 7
FM a-26 1207.8 1209.8 2 29
FM 27 1006.2 1010.6 4.4 29
FM 29 1509.8 1511 1.2 20 1501.5 1504 2.5 29
FM 30
FM 31 1398.8 1402.5 3.7 14
FM 34 1369.2 1371.5 2.3 45 1367 1368.7 1.7 38
FM 35
FM 36 1360.8 1362.8 2 21
FM 36 1422 1423 1 30
FM 37
FM 38 1096.4 1098.2 1.8 30 1090.7 1092.3 1.6 17
RuC x-1 2430 2435.2 5.2 40 2426 2429.3 3.3 7
RuC x-2 2372 2373.6 1.6 27 2353 2354 1 19
FDT X-2 704.8 706.2 1.4 24
LBl X-1 1367.8 1370 2.2 26



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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#1   Marifil Acquiring High Grade Potash Deposit SPARK 02/21/12 03:49:58 PM
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