Las Vegas-Marifil Mines Ltd. reports that an ongoing exploration program for potash in the Neuquen Basin in Argentina resulted in the identification and acquisition of a second large area highly favorable for potash in the northern portion of the basin in Mendoza Province. Marifil says it has acquired the area by staking four claims totalling 30,000 hectares (300 square kilometers) that it believes are highly prospective for potash. The claims the K-4 Project may also be prospective for uranium, biogenic sulfur, Mississippi Valley-type lead and zinc, and asphaltites. Research also identified an additional area adjacent to the K-3 property. The company staked 10,000 hectares to cover this prospective zone. The southern part of the company’s K-3 project lies about 50 kilometers northwest of Vale’s giant Potasio Rio Colorado potash mine, which has a resource of 2 billion tons of potassium chloride. The K-4 project is located about ten kilometers north of the K-3 project. Marifil says its K-1 property has been sold to Allana Resources; K-2, an 80,000-hectare project, is subject to a letter of intent with Saccharum Energy Corp.; and K-3 is subject to a right of first offer to Saccharum. The K-4 project is not subject to the right of first offer clause given to Saccharum Energy. The company intends to farm out or joint venture this property.
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