- Marifil Mines’ primary exploration goals involve high-demand gold, lithium and cobalt targets
- Argentina is the third-largest gold producer in South America and anticipates most of its geological potential has yet to be tapped
- Canada-based Marifil has numerous project sites throughout Argentina in search for gold, lithium, cobalt, nickel, platinum, silver, phosphate and potassium
Argentina’s nascent mining industry is proving to be a land of opportunity for Canadian explorer Marifil Mines Ltd. (TSX.V: MFM) (OTCQB: MFMLF), which has projects established throughout the country and most recently has been evaluating the gold and silver prospects of its property in the country’s southeastern province of Rio Negro.
Discovery of viable gold, lithium and cobalt deposits comprise the primary aim of the company, although it is involved in exploring for other metals as well. Argentina is the third-largest producer of gold in South America, thanks to the mineral-rich Andes mountain range and the vast plains of Patagonia. Overall, the country anticipates that more than 70 percent of its geological potential has yet to be developed (http://ibn.fm/qblHd). Despite its relative newness, it is competing with countries in which mining output has traditionally factored into the national economy.
During the three years since the mining-averse government that dominated national politics was succeeded by a business-friendly administration (http://ibn.fm/41Jtw), the country has faced growing pains associated with jump-starting the industry, according to Reuters. Still, investments in mining exploration rose to $300 million last year, up from $148 million in 2016, Reuters reported, citing official data. A significant increase in lithium production has led Mining Secretary Mariano Lamothe to predict that Argentina could be producing 290,000 metric tons of lithium per year by 2023 (http://ibn.fm/M8V7P), increasing its profile from some 16 percent of the world’s market’s consumption to as much as 45 percent (http://ibn.fm/8MLhh).
Marifil states that it has found more than 100 million metric tons of earth mineralized with disseminated zinc and lead sulfides containing gold, silver and indium at its Rio Negro site of San Roque, although completion of an official NI 43-101 resource report on the 42,321-hectare (104,577-acre) location is still pending.
In addition to the San Roque project, Marifil has more than 15,267 hectares (37,726 acres) of lithium-potential property in northern Argentina’s Puna grasslands, located within the ‘Lithium Triangle’, where that metal has been found in abundance. Additionally, its Las Aguilas property far to the south of the Puna in San Luis province comprises 359 hectares (887 acres) covering sulfide deposits featuring nickel, cobalt, copper and platinum — the biggest deposits for that combination of metals in the country. Further south yet, the company’s 37,384-hectare (92,378-acre) concession in Neuquen province contains extensive potash (a chloride salt of potassium) beds adjacent to where Vale (the world’s largest mining company) is extracting potassium by in-situ leaching from continuations of those same beds. Its properties in Mendoza province are adjacent to those in Neuquen, showing the same potash beds and also potential for discovery of bedded deposits of sulfur. In Chubut province, south of Rio Negro, the company has an exploration prospect for gas and petroleum (http://ibn.fm/5SYSD) where 12 holes done in the 1930s and 1940s yielded encouraging amounts of hydrocarbons.
The company is in the middle of a private placement financing effort, offering up to 10 million units for proceeds of up to $1 million. Marifil expects to close the financing effort by October 26.
For more information, visit the company’s website at www.MarifilMines.com
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