Mariana Resources Limited
AIM and PLUS code: MARL
8 June 2011
Drilling Underway at Bajo Epithermal Gold Target Area -
Los Amigos JV, Santa Cruz, Argentina
Mariana Resources Ltd (`Mariana` or `the Company`) the AIM quoted exploration and development company focused in Argentina and Chile, announces that the 2011 drilling campaign at the Los Amigos Joint Venture (`JV`) area is underway. The JV (Mariana 49%, Hochschild Mining plc 51% and operator) covers properties located in the western sector of the highly prospective Deseado Massif gold-silver province of Santa Cruz (Figure 1).
Exploration Q1 2011
Exploration since the Gator target drill programme (results reported 10 February 2011) included three reconnaissance pole-dipole Induced Polarisation (`IP`) lines (34 line km), interpretation of IP and magnetic surveys, geological mapping, rock chip sampling and a field review by leading geological consultant Dr. J. Hedenquist.
The IP lines traversed NW and WNW trending magnetic lineaments, structures coinciding with vein systems in covered areas and known outcropping and sub-outcropping vein systems at Amigos and Gator (Figure 2). As a result, 19 new targets were identified, of which 12 are IP and seven are geological. The IP anomalies indicate zones of disseminated sulphides correlating with magnetic lows and main structures.
Bajo - High Priority New Target Area
The Bajo quartz vein system is located in the western part of the JV area (Figure 1). It comprises sub-outcrop and float of a NW trending swarm of drusy quartz veins with associated breccias, iron oxides, silicification and sinter bodies characteristic of epithermal vein systems. The vein swarm is hosted by rhyolitic ignimbrites and tuffs and strikes for five kilometres with individual quartz veins from 0.4m to 1m wide. It has coincident chargeability IP anomalies, magnetic lows and strongly anomalous molybdenum (7,000 ppm maximum), gold (1g/t maximum) and arsenic (2,560 ppm maximum) in rock chips (61 samples). Alteration suites identified are consistent with known epithermal systems in the Deseado Massif and include kaolinite, illite and smectite.
A diamond drill programme of 2,000m in 13 holes is underway (Figure 1) with contractors Adviser Drilling SA, to provide an initial test of the Bajo vein system. Assay results are expected midway through Q3 2011.
Exploration information in this announcement has been compiled by John Horsburgh who is a Fellow of the Australasian Institute of Mining and Metallurgy from a report supplied by Joint Venture partners and operators Hochschild Mining plc. Mr Horsburgh has sufficient experience relevant to the style of mineralization and types of gold deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code.
For further information please visit website at www.marianaresources.com or contact the following.
|John Horsburgh (Chairman)||Mariana Resources Ltd||+61 2 94374588|
|Glen Parsons (CFO)||Mariana Resources Ltd||+612 94374588|
|Rob Adamson||RFC Corporate Finance Limited (Nomad)||+61 2 9250 0041|
|Will Souter||RFC Corporate Finance Limited (Nomad)||+61 2 9250 0050|
|Joe Lunn (Analyst)||FinnCap (Broker)||+44 20 7600 1658|
|Matthew Robinson||FinnCap (Broker)||+44 20 7600 1658|
|Felicity Edwards||St Brides Media and Finance Ltd (PR)||+44 20 7236 1177|
|Hugo de Salis||St Brides Media and Finance Ltd (PR)||+44 20 7236 1177|
Mariana Resources Ltd is an AIM quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in Argentina and Chile. In Southern Argentina, in addition to the Las Calandrias gold-silver discovery (100%), the Company has the Sierra Blanca silver-gold prospect (70%); the Los Amigos joint venture (49%) with Hochschild Mining and a 160,000 Ha land package (100%). All of these projects are located in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz province of southern Argentina, which hosts four mines and several advanced projects.
In Chile, Mariana has a joint venture with US based international mining and natural resources company Cliffs Natural Resources Inc., to explore for Iron Oxide-Copper-Gold deposits (`IOCG`) in a 92,000 sq km area (`SCM Mariana Area`) in north-central Chile along the highly prospective Atacama Fault Zone. The SCM Mariana Area includes the 44km² Buenaventura and 46km² Perro Chico IOCG projects. Mariana is also evaluating a number of gold-silver and copper-gold opportunities away from the Cliffs JV area, as part of a new initiative.