VANCOUVER, British Columbia, May 8, 2018 /PRNewswire/ --
Marifil Mines Limited (TSXV: MFM) ("Marifil" or the "Company") is pleased to announce the launch of its lithium exploration program with the acquisition of two brine properties (the "Properties") in the Province of Catamarca, Argentina, which is located within the famed "Lithium Triangle".
The Properties total 6,528 hectares, covering portions of alkali flats ("salars" or "salt lakes") on the Puna plateau, a high elevation basin-like plain on the eastern slope of the Andes Mountains. The tenements, or claims, have potential not only for lithium salts, but also for potash and borates. The project area is approximately 100 kilometers south of FMC's Hombre Muerto lithium brine production operation.
"The acquisition of these exciting lithium claims marks the beginning of our aggressive lithium property acquisition and exploration campaign," stated Robert Abenante, Marifil's President and Chief Executive Officer.
"Obtaining the rights to these significant lithium properties, in the heart of Argentina's Lithium Triangle, displays our Company's ability to leverage its respected and experienced team in Argentina," added Mr. Abenante. "We continue negotiations to obtain additional lithium prospects for our lithium portfolio all within Argentina's world-renowned Lithium Triangle."
Lithium is derived from hot waters of volcanic origin, which leach it from surrounding volcanic rocks, and is concentrated by evaporation in salars that have no outlet except for evaporation. Hydrothermal solutions emanating from regional faults may also be a secondary source of lithium and borates.
The tenements constituting the Properties are referred to as the "cateos", which in Argentina translates to "exploration concessions". The cateos, Fraile (5,678 has.) and Ratones (850 has.), are controlled 100% by Marifil. The Properties are not subject to surface owner obligations, as both of the cateos are located on government lands.
The Ratones cateo is located on the Ratones salar, approximately 50 km southwest of the town of Antofagasta de la Sierra, and is accessible by dirt road. The crescent shaped Ratones salar is approximately 1.5 km wide and 15 km long. The Company's claim covers the prospective heart of the southern portion of the salar.
The Company has taken eight reconnaissance surface water samples on the Ratones salar. Geochemically anomalous levels of boron were found, but without anomalous lithium. These brine samples are believed to have been diluted by fresh water run-off and the results represent only the top of the water column where samples may not be representative of denser brines that exist further down in the water column. Lithium brine-bearing aquifers below the glistening salt crust are of low resistivity with high conductivity. Such horizons can be detected by a Transient Electromagnetic Method (TEM) geophysical survey, which is intended to be the next step in the Company's exploration of the Ratones salar.
The Fraile cateo is located on the Fraile salar, approximately 60 km west of the town of Antofagasta de la Sierra, and is accessible by dirt road. It covers the northeast rim of the large salar that is largely concealed by alluvial fans. Reconnaissance exploration pit sampling is planned.
ON BEHALF OF MARIFIL MINES LIMITED
Robert Abenante, President & CEO
This press release has been reviewed and approved by Robert Abenante, CEO of Marifil Mines Ltd. and by Richard Walters, P.Geo, Vice President. Mr. Walters is Qualified Person, as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Marifil Mines Limited "Marifil" has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections, the Company's plans with respect to the Properties and the Company's plans with respect to future acquisitions of lithium properties and its future exploration campaign. 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
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SOURCE Marifil Mines Limited