Marifil Mines has announced that NovaGold Resources (NovaGold) has decided to forfeit its 70% interest as per the option agreement in the San Roque property. A 49% of interest has been earned in the property by NovaGold.
Both the companies will work to conclude a shareholder’s deal, which will enable Marifil to advance with additional exploration and development work of the discovery. The area of the property measures around 111,000 ha and is located adjacent to the south Atlantic coast in Argentina. A huge gold-indium-lead-silver-zinc mineral deposit encloses this property.
Drilling of 7,817 m totaling 34 holes, was carried out in 2011. Now, 15,837 m in 108 holes have been drilled that explores a wide polymetallic sulfide system, whose length is over 3 km.
The 33 Zone encloses regions that measure approximately 300x900 m and is open in all directions. A strong induced polarization (IP) anomaly has been found near this mineralization. Drilling has been conducted only at the southern end of this 1-km long IP anomaly.
Marifil drilled a hole MFDDH-0043 and intersected 1.94 g/t gold equivalent over 42.8 m. The step-out hole DHMSR-033 examining the IP anomaly encountered 0.85 g/t gold, 2.67 g/t indium, 0.31% lead, 9.15 g/t silver and 0.63% zinc over 81 m.
The location of hole DDHMSR-0034 lies around 1.9 km towards the southeastern part of the 33-zone. The company intersected 2.27 g/t gold, 0.08 g/t indium, 0.03% lead, 42.62 g/t silver and 0.08% zinc over 34 m in hole 34, which is a 50 m step-back hole on a former MFDDH-0013 including 22.16 g/t gold and 20.63 g/t silver over 11.5 m.
The 34-zone is quite dissimilar from the 33-zone because significant quartz veining and base metal mineralization were not found in the 34-zone. Precious metal mineralization discovered in 34-zone is related to different volcanic sediments and silicified tuffs.