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Tuesday, 7 May 2013
Marifil Mines sees "renewed interest" from potential partners on Argentina assets
Marifil Mines (CVE:MFM) says it has been busy carrying out field exploration programs and seeking partnerships for its properties in Argentina.
It told investors on Tuesday that four major mining companies and three junior companies have signed confidentiality agreements to review "a number" of Marifil's gold-silver and base metal properties.
The company said it expects the completion of a deal on one of its porphyry copper projects in the near-term, while it is also continuing its marketing program to find a joint venture partner for its potash, sulfur and phosphate assets.
"We are seeing a renewed interest from mining companies in acquiring mineral assets in Argentina. As a consequence, they are coming to us to look at our various projects," said president John Hite in a statement on Tuesday.
"Management has been highly focused on securing funding partners for our San Roque gold-silver-base metal project, for our two porphyry copper projects, for our numerous epithermal gold and silver projects and for our fertilizer projects as well.”
With regards to exploration programs on its assets, a contractor recently wrapped up a satellite imagery program in Patagonia for the company, where more than 50 mineralization targets were found, it said. Marifil is planning to examine these targets on the field, with work anticipated to start this month.
Also in Patagonia, it completed a reconnaissance sampling program for phosphate targets, with a report on the results in preparation.
In other new developments, the company said Tuesday it is awaiting final governmental approval of its environmental impact report on the planned drilling of the Punta Colorado cement-grade limestone project, which is located on the Atlantic Coast in Rio Negro Province, Argentina, 950 kilometres southwest of Buenos Aires.
It said a contract for 40 short holes has been awarded to a Buenos-Aires based drilling company, and expects to define an NI 43-101 compliant resource with this work. The deposit, which surrounds the largest bulk ship loading facility in the country, is believed to become one of the main sources of cement-grade limestone for the Buenos Aires market.
Marifil's plan is to build a royalty company using the project generator model, that is locating and acquiring high potential properties in Argentina and undertaking early-stage exploration work prior to joint venturing or selling these properties to earn an income stream and retain a royalty from production.