Spokane, Wash.-Marifil Mines Ltd. said June 16 that an ongoing exploration program for potash in the Neuquen Basin in Argentina resulted in identification of two potash horizons from electric logs from an abandoned oil well drill hole. Analysis of electric logs from this 1996 hole suggests that there are two potassium horizons ?Çô an Upper Horizon from 1303 m to 1314 m, followed by a Lower Horizon from 1314 m to 1323 m. The Lower Horizon is of higher grade, as in Rio Tinto’s nearby Rio Colorado mine, and can be estimated at 15-20 percent K2O; the grade of the Upper Horizon is estimated to run between 5 to 15 percent in K2O. Rio Tinto’s Rio Colorado mine has a geologic resource of two billion tons of KCl, according to Marifil. Based on this analysis, the company has staked 100,000 hectares and is now planning to conduct a NI 43-101 study of this exciting new prospect. The company owns 100 percent of this new project. “The focus of this company is to build value in Argentina,” said Marifil President John Hite. “Recently we acquired some land with potash potential and quickly sold it to Latin American Potash, which in turn was acquired by Allana Resources. We immediately began a program to discover additional resources. This new discovery is just the second from an ongoing non-metallic program for coal, sulfur, potash, limestone, and phosphate. In keeping with our business plan, the company intends to farm out or joint venture this property.” Marifil identifies itself as a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol “MFM.”
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