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Wednesday, 4 September 2013
Marifil Mines reports progress at Cerro Samenta joint venture
Marifil Mines (CVE:MFM) says that its joint venture partner is carrying out geologic mapping of the Cerro Samenta property in Argentina, as well as a geochemical sampling program.
The news comes in an update released Wednesday, with a first progress report from Southern Copper, Marifil's joint venture partner on the project.
Southern Copper reported that it has set up a base camp in Tolar Grande Village, and has reviewed alternate access routes to the property via Chile. Aside from the mapping and sampling, it is also preparing an environmental impact assessment, which is required to complete trenching and drilling, and is expected to be presented to the Mining department shortly.
According to the terms of the joint venture agreement signed in May, a Southern Copper subsidiary must pay Marifil a total of US$375,000 over four years, including $75,000 on signing the agreement, in exchange for a 70 per cent holding in the property.
Southern Copper also has to carry out a minimum $4 million work program on the property over the same time frame, and will make the contract payments on behalf of Marifil to two underlying property owners over a six year period. After satisfying these terms, the copper company can also increase its equity stake from 70 per cent to 80 per cent by providing Marifil with a bankable feasibility study within seven years from the date of signing the deal.
The Cerro Samenta property has a high grade copper oxide target at surface, and boasts infrastructure including paved roads, rail road, and a nearby water source. So far, the company has completed a number of high grade copper samples from trenches, and outlined a 7 square kilometre IP anomaly.