🕐03.07.10 - 20:05 Uhr
Mariana Resources - Las Calandrias Gold discovery update southern Argentina
Mariana Resources* - MARL.L (28p) Target 41p - a new gold discovery at Las Calandrias
The announcement this morning from Mariana Resources of the remaining 7 assays from its wholly owned Las Calandrias gold silver project in Patagonia marks the culmination of the latest drilling campaign.
Of these latest 7 assays, the best result was from hole NND50 at El Nido Norte, a prospect located 1.3km north of Calandria Norte, which intersected 2 metres at 4.9g/t gold and 72g/t silver from 68 metres downhole.
The remaining three holes at El Nido Norte all intersected anomalous gold and silver over intervals between 1 and 5 metres which suggests to us that the 1,500 metre strike length is prospective.
Las Calandriass good proximity to infrastructure means that exploration can continue through the Patagonian winter.
A geophysical survey is already underway at the El Nido prospects to optimise drill targets for the forthcoming 10,000 metre drill campaign which is due to start in early September.
This drill programme will also test the 450 metre strike length at the Calandria Norte prospect where 2 holes, CND45 and CND46, intersected gold and silver running at bonanza grades as announced on 26 May.
The closing yesterday of the $10 million fundraise at 28 pence per share means that Mariana Resources has sufficient funds to pay for its large drilling programme.
The new gold discovery at El Nido Norte increases our confidence that our valuation of 41 pence per share will be achieved before the end of this year.
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AIM and PLUS code: MARL
30 June 2010
Mariana Moving Ahead at Las Calandrias, Santa Cruz, Argentina
Mariana Resources Ltd (Mariana or the Company), the AIM quoted exploration and development company focussed on Argentina and Chile, is pleased to update on progress at its wholly owned Las Calandrias gold-silver project (Las Calandrias), located in the prospective Deseado Massif gold district in southern Argentina.
Overview
Fast-tracking Las Calandrias Project towards resource definition drilling following 6.75 million capital raising (approximately US$10 million)
* 10,000m drilling programme to start September 2010 at the Calandria Norte bonanza gold-silver discovery, the south-western untested area of the Calandria Sur disseminated gold discovery, the El Nido Norte prospect and other El Nido targets
* Intensive exploration of the highly prospective Las Calandrias rhyolite dome field with ground magnetics and lag/trench sampling underway and 3D Induced Polarisation (IP) due to commence
* Major expansion potential at Las Calandrias - high grade vein breccias at Calandria Norte, bulk tonnage mineralisation at Calandria Sur and recently discovered El Nido targets
March-April 2010 drilling campaign confirms 1,500m long El Nido Norte trend as a third prime target area for exploration drilling
Mariana Managing Director John Sutcliffe said, "Our recent drilling campaign has demonstrated Las Calandrias prospectivity to host a major mineralised system with bulk tonnage and high grade gold potential.
Following the recent successful fundraising of 6.75million, we now are ideally positioned to fast-track Las Calandrias with a mix of exploration and resource definition drilling to further define the projects economic potential and in turn realise value for shareholders.
"This next stage of development at Las Calandrias is an exciting phase for Mariana, with ground magnetics of the whole project area in progress, 3D IP coverage of the extensive El Nido area due to commence and a 10,000m drilling programme planned for September 2010.
Step out drilling around the exceptional bonanza intersections at Calandria Norte is a top priority and we have also identified El Nido Norte as a prime target.
The 10km Calandrias dome field has so far yielded two impressive discoveries and we believe the 3D IP geophysics will result in yet more targets to further expand the projects potential."
March-April 2010 Drill Campaign
The 37-hole programme has resulted in two exciting gold-silver discoveries at the Calandria Sur and Calandria Norte prospects (see news releases 2/6/10, 26/5/10, and 5/5/10) with best intersections given below.
Assays from the seven remaining drill holes completed at the end of April 2010 have been received.
They include four from Nido Norte (NND50-53), two from Calandria Sur (43 & 44) and one from Nido Este (NED47).
Results are summarised below.
Calandria Sur
Hole CSD43 was drilled outside the southern limit of the Calandria Sur mineralised zone as defined by the 20gm metre boundary (see Figure 2).
It intersected a wide zone of anomalous gold (60m @ 0.4 g/t Au from 62m), consistent with nearby 2009 exploration campaign drill holes.
Hole CSD 44 was drilled 130m north of the northern limit of the mineralised zone and intersected anomalous gold and silver.
Best intersections:
Hole CSD23 - 69.5m @ 2.1 g/t Au and 39 g/t Ag from 47m
Hole CSD24 - 102m @ 1.4 g/t Au and 21 g/t Ag from 12.5m
Hole CSD25 - 68m @ 2.4 g/t Au and 24 g/t Ag from 74m
Hole CSD39 - 106m @ 1.6 g/t Au and 27 g/t Ag from 3m
Calandria Norte
Best intersections:
Hole CND45 - 4.0m @ 76 g/t Au* and 70 g/t Ag from 92.5m
Hole CND46 - 4.5m @ 102 g/t Au* and 72 g/t Ag from 81.5m
(* Screen Fire Assays)
El Nido Norte - Holes NND49-53
These scout holes were drilled at the middle of the El Nido Norte target trend, located 2km northwest of the Calandria Sur prospect to test outcropping bonanza gold and silver mineralisation with up to 0.5m @ 106 g/t Au and 510 g/t Ag in channel samples.
The first hole NND49, intersected a 30m zone of sulphide quartz veins stockwork and breccias with 14.4m assaying 0.3 g/t Au.
The other four holes intersected wide zones of sulphide breccia, stockworks and silicified zones hosted by rhyolite along the northeast-southwest trend, a setting broadly similar to the Calandria Norte bonanza vein-breccia discovery, 1.2km to the southeast.
All holes intersected anomalous gold and silver over intervals from 1m to 5m down-hole (see Table 1) with a best assay of 2m @ 4.9 g/t Au and 72 g/t Ag from 68m in hole NND50.
This initial drilling is restricted to a small sector of the 1,500m trend.
Follow up drilling, guided by the forthcoming 3D IP survey, will fully explore this highly prospective trend.
Nido Este - Holes NED47 & NED48
Hole NED47 and previously reported hole NED48 were drilled at the El Nido Este target, 1.1 km northwest of Calandria Sur.
Neither hole returned significant gold and silver values.
2010 Programme - Q3 and Q4
Following Marianas recent capital raising of 6.75 million (approximately US$10 million), the Company in a position to fast-track Las Calandrias on several fronts:
Intensive surface exploration of Las Calandrias Project area with ground magnetics (underway), lag/trench geochemical sampling (underway) and 3D IP (commencing shortly) of the El Nido area.
Step out drilling at the high priority Calandria Norte bonanza gold-silver vein-breccia discovery planned for Q3/Q4 2010 - approximately 4,000m
Infill and extension drilling at the Calandria Sur bulk tonnage gold-silver discovery to preliminary resource standard - approximately 5,000m
Follow up drilling at El Nido Norte target scheduled for Q4 2010
Scout drilling of emerging targets in El Nido area planned for Q4 2010
Mariana has appointed independent geological consultants Mine Development Associates of Reno, Nevada to prepare a project status report Q3 2010 followed by an initial resource estimate for end 2010 to a standard compliant with the Canadian National Instrument 43-101.
* Preliminary metallurgical test work for Calandria Sur by Metcon Laboratories is underway in Australia under the supervision of consulting metallurgist Peter Lewis.
Table 1: Las Calandrias Drill Hole Summary - March-April 2010 and 2009 Campaigns
CALANDRIA NORTE
HOLE PARAMETERS
INTERCEPT
HOLE
UTME
UTMN
ALT
AZ
DIP
DEPTH
FROM
TO
CORE LENGTH
GOLD
SILVER
(masl)
()
(-)
(m)
(m)
(m)
(m)
(g/t)
(g/t)
CND01
613831
4725279
185
125
50
54.6
39.6
40.45
0.85
2.2
NSV
CND02
613856
4725313
182
130
50
57.6
46.9
55.5
8.6
0.5
NSV
CND03
614093
4725515
188
90
50
54.5
46.95
51
4.1
0.9
NSV
Inc
49.8
50.4
0.6
3.1
NSV
CND04
614056
4725490
185
135
50
54.5
35.65
40
4.4
0.5
NSV
CND05
614132
4725551
187
125
50
105.6
8.5
9
0.5
4.9
NSV
CND05
79.2
80.18
1
0.4
NSV
CND06
614069
4725516
185
85
60
136.0
22
23
1
3.4
NSV
CND06
103.1
105.3
2.2
2.3
NSV
CND07
613790
4725300
180
125
50
129.5
54.2
64.5
10.2
0.6
NSV
CND07
87.1
92.3
5.2
0.6
NSV
CND45(1
613965
4725412
183
140
70
134.2
60
110.5
50.5
6.6
8
Inc
92.5
96.5
4
75.9**
70
CND45
132.5
134.2
1.7
0.8
10
CND46(1
614023
4725446
184
170
70
164.0
72
93
21
22.6
18
Inc
81.5
86
4.5
101.8**
72
CND46
118
121.25
3.25
1.1
6
CND46
134
153.5
19.5
0.4
1
CALANDRIA SUR
HOLE PARAMETERS
INTERCEPT
HOLE
UTME
UTMN
ALT
AZ
DIP
DEPTH
FROM
TO
CORE LENGTH
GOLD
SILVER
(masl)
()
(-)
(m)
(m)
(m)
(m)
(g/t)
(g/t)
CSD08
613709
4724881
166
340
55
90.7
32.6
42.3
9.7
0.4
NSV
CSD09
613962
4724313
167
85
50
117.4
22.5
77.3
54.8
0.8
10
Inc
67.3
75.3
8.0
1.9
13
CSD10
613906
4724364
178
85
50
107.3
38.9
99.9
61
0.2
4
Inc
38.9
44.9
6
1.1
10
CSD11
613980
4724490
168
295
50
126.5
No significant intercept- hole remains in the volcaniclastic
CSD12
613887
4724425
176
90
60
94.8
19.3
24.85
5.6
1.9
25
CSD12
36.4
88.5
51.1
0.6
5
Inc
75
85.5
10.5
1.2
11
CSD13
613836
4724512
178
85
50
112.8
7.0
109.0
102.0
1.2
17
Inc
89
109
20.0
2.6
39
CSD14
613880
4724366
176
95
75
127.8
92
121.1
29.1
0.3
1
CSD15
613832
4724577
179
20
60
96.8
3.5
95
91.5
1.6
17
Inc
49
70
21
4.5
39
Inc
51
53
2
28.4
154
CSD16
613790
4724587
179
20
60
97.0
23
94
71
1.1
23
Inc
61
90
29
1.8
35
CSD17
613788
4724515
176
90
60
152.2
7
31
24
0.5
4
CSD17
83
147.5
64.5
1.1
20
Inc
90
113.6
23.55
2.0
40
CSD18
613827
4724470
176
75
50
137.5
67.5
131.0
63.5
1.2
20
Inc
91.5
119
27.5
2.2
34
CSD19
613838
4724542
179
70
65
109.6
40
103
63
0.6
11
Inc
89
100
11
1.0
6
CSD20
613888
4724510
179
90
50
77.5
39
77.5
38.5
1.7
13
Inc
40
45
5
7.2
14
And
64
65
1
12.1
164
CSD21
613747
4724505
175
90
75
158.0
2
111.5
109.5
0.8
19
CSD21
33
97
64
1.2
29
Inc
51
70
19
2.2
43
CSD22
613806
4724429
172
80
60
115.5
4.5
99
94.5
0.7
11
CSD22
4.5
39
34.5
1.3
20
Inc
7.5
18
10.5
2.3
12
CSD23
613821
4724533
178
20
70
131.5
47
116.5
69.5
2.1
39
Inc
81
103
22
4.4
79
CSD24
613779
4724536
179
15
70
119.0
12.5
114.5
102
1.4
21
Inc
77
109
32
2.9
42
CSD25
613757
4724455
170
75
50
143.0
74
142
68
2.4
24
inc
99
104
5
10.3
76
And
115
116
1
40.2
85
CSD26
613763
4724643
182
20
70
86.5
9
29
20
0.3
18
CSD26
54
85
31
1.4
7
Inc
54
55
1
9.6
20
CSD27
613730
4724574
177
10
70
113.5
4.5
98
93.5
0.9
23
Inc
69
89
20
1.6
42
CSD28
613734
4724689
184
15
70
92.5
No significant intercept
CSD29
613487
4724697
171
280
70
71.5
No significant intercept
CSD30
613491
4724702
171
350
70
81.5
No significant intercept
CSD31
613563
4724690
171
10
70
86.5
No significant intercept
CSD32
613616
4724686
178
10
70
116.0
31
101.5
70.5
0.5
22
Inc
49
64
15
1.0
41
CSD33
613675
4724677
183
15
70
116.3
43
72
29
0.4
23
And
92
107.5
15.5
0.5
6
CSD34
613524
4724707
170
10
70
85.5
36
42
6
0.5
65
CSD35
613611
4724630
175
10
70
107.5
42
48
6
0.8
14
And
70
86
16
1.3
27
CSD36
613657
4724620
179
10
70
127.0
16.5
99
82.5
1.1
34
Inc
62
78
16
2.3
100
CSD37
613664
4724568
179
20
70
131.0
3.5
124
120.5
0.9
17
Inc
6.5
40
33.5
1.2
26
And
99
100
1
14.8
58
CSD38
613646
4724523
177
20
70
119.0
32
74
42
0.8
31
CSD39
613704
4724616
179
20
70
113.0
3
109
106
1.6
27
Inc
59
71
12
2.5
89
CSD40
613735
4724534
174
20
70
125.0
31
116
85
0.9
24
CSD41
613869
4724441
176
75
80
116.0
78
92.5
14.5
0.6
5
CSD42
613885
4724382
177
260
60
139.8
52
56
4
2.1
32
CSD42
69
115.5
46.5
0.4
4
CSD43
613877
4724331
174
260
60
160.3
62
122
60
0.4
4
CSD44
613758
4724804
174
30
65
80.0
No significant intercept
EL NIDO ESTE
HOLE PARAMETERS
INTERCEPT
HOLE
UTME
UTMN
ALT
AZ
DIP
DEPTH
FROM
TO
CORE LENGTH
GOLD
SILVER
(masl)
()
(-)
(m)
(m)
(m)
(m)
(g/t)
(g/t)
NED47
613170
4725588
180
180
50
184.5
No significant intercept
NED48
613092
4725549
185
175
60
125.0
No significant intercept
EL NIDO NORTE
HOLE PARAMETERS
INTERCEPT
HOLE
UTME
UTMN
ALT
AZ
DIP
DEPTH
FROM
TO
CORE LENGTH
GOLD
SILVER
(masl)
()
(-)
(m)
(m)
(m)
(m)
(g/t)
(g/t)
NND49
613156
4726299
168
330
60
74.0
13.3
27.7
14.4
0.3
3
NND50
613180
4726311
167
335
50
149.0
68
70
2
4.9
72
NND51
613084
4726197
175
330
60
150.0
114
119
5
0.3
1
NND52
613189
4726264
165
320
55
121.0
110.5
115
4.5
0.5
2
NND53
613105
4726363
161
130
50
86.0
15
18
3
0.6
18
NND53
26
27
1
1.5
132
*2009 Drill campaign
** Screen Fire AssaysNB Intervals are weighted averages with 3m maximum < 0.2 g/t Au within the intervals.NSV means "no significant value"
True Width: based in core axis/vein angle relationships the true width is estimate to be between 75-85 % of the reported width.
Las Calandrias Project
Las Calandrias, which is 100% owned by Mariana, comprises multiple zones of gold mineralisation hosted by a series of rhyolite domes which occur over a 10.5 km2 area.
In 2009, an initial drill programme of 16 shallow holes totalling 1,763m was designed to test two of the initial dome targets, Calandria Norte vein breccia and Calandria Sur dome breccia targets.
Significant gold mineralisation was intersected at Calandria Sur (see news release 28/10/2009).
The 2010 diamond drill programme consisted of 4,400m in 37 holes and tested four main targets: Calandria Sur (28 holes/3,212m); Calandria Norte (2 holes/299m), together with the recently discovered targets, El Nido Este (2 holes/309m) and El Nido Norte (5 holes/580m).
For further information please visit website at www.marianaresources.com or contact the following.
John Horsburgh (Chairman)
Mariana Resources Ltd
+61 2 94374588
John Sutcliffe (MD)
Mariana Resources Ltd
+593 99 808080
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
About Mariana Resources
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 Argentina, in addition to the Las Calandrias gold-silver discovery, the Company owns the Sierra Blanca silver prospect and has a joint venture with Hochschild Mining.
Mariana also owns exclusive exploration rights to a 160,000 Ha area acquired following detailed interpretation of satellite imagery.
All of these projects are located in the Deseado Massif gold district in mining-friendly Santa Cruz province of southern Argentina, which hosts four gold/silver mines and several notable bonanza type precious metal prospects.
In Chile, Mariana has a joint venture agreement 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 km area (SCM Mariana Area) in north-central Chile.
The SCM Mariana Area includes two Iron Oxide Copper Gold (IOCG) exploration projects in the highly prospective Atacama Fault Zone, approximately 100 km from Freeports Candelaria Copper Mine: the 44km Buenaventura and 46km Perro Chico projects.
Additional information:
Drilling was undertaken by Boart Longyear Argentina using a rig 25HH-3 core drill.
The drill program is being managed by the Argentina Exploration Manager, Dr Gustavo A.
Rodriguez under supervision of Managing Director Mr John Sutcliffe.
Exploration information in this announcement has been compiled by John Sutcliffe who is a Fellow of the Geological Society of London, a Chartered Engineer and a Member of the Institute of Mining and Metallurgy.
Mr Sutcliffe 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.
Sampling and Analytical DetailsAll diamond drill core samples are split on geological contacts with minimum and maximum sample length of 0.5 and 3 meters respectively and represent sawn half HQ-size core.Samples for analysis include certified control standards, quarter core duplicates and blanks.
The 2010 drill programme consisted of 3,752 core samples including a total 342 assay control samples.
All the samples are collected under the supervision of the Company geologists.
During the sample handling procedure, the sample shipments are tracked.
Core samples were placed into uniquely labelled sample bags.
A record of the sample location and other specific details is documented in the sample data base.
All samples were sent to ALS Chemex Labs with preparation facilities in Mendoza and assayed in Chile for gold and multi element ICP analyses.
Rock sample preparation includes weighing, drying, fine crushing of entire sample to better than 70% -2mm, split of 250g and pulverize split to better than 85% passing 75 microns (PREP-31- DRY-22).
The 34 element ME ICP41 package analyses utilise an aqua regia digestion.
Gold analyses for all samples are fire assay and AAS (Au-AA24, 50g nominal sample weight, range 0.005-10 ppm) with any results over 10g/t checked using a gravimetric finish (Au-GRA22- 50 gr , range 0.05- 1.000 g/t).
Silver grades exceeding 100 g/t were assayed by fire assay and gravimetric finish (Ag-GRA21, 30g nominal sample weight, range 5-10,000 ppm).
ALS Chemexs quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999
Quality Assurance/Quality Control All technical information for the Companys Argentina projects is obtained and reported under a quality assurance and quality control (QA/QC) programme.
Certified standards are inserted at an average of one per 20 samples, blanks (in house) at one per 40 samples, while quarter-core duplicates are inserted at intervals of approximately 35 samples.
A total of 9% control samples have been inserted.
Assays that meet the QA/QC are incorporated in the Mariana data base.
Felicity Edwards
St Brides Media and Finance Ltd
Chaucer House
38 Bow Lane
London
EC4M 9AY
Tel: +44 (0) 207 236 1177
Mob: +44 (0) 7748 843871
Fax: +44 (0) 207 236 1188
Email:
Web: www.stbridesmedia.co.uk