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Jan 2011 - Mariana Resources

Mariana Resources Limited (MARL.L) –Advancing Las Calandrias towards an Initial Targeted Resource of 0.5moz to 1.0mozAu

  • Mariana is an AIM listed exploration company that has a number of epithermal projects in the Deseado Massif that lies within the Santa Cruz Province of Southern Argentina. The pro-mining Santa Cruz Province contains a number of operating epithermal gold-silver mines such as Anglogold’s Cerro Vanguardia and Goldcorp’s (was Andean’s) Cerro Negro. Mariana’s tenements cover a wholly owned area of ~1750sqkm, with a further ~225sqkm in joint ventures.
  • Mariana has 3 main projects of which the most advanced are a cluster of rhyolite domes in an area of ~11sqkm (in the eastern end of a ~56sqkm tenement) at Las Calandrias, followed by more conventionally trending (NW/SE and NE/SW) epithermal veins at Sierra Blanca (over ~68sqkm) and in epithermal lake sediments and veins at Los Amigos (over ~76 sqkm).
  • Las Calandrias contains at least 7 rhyolite domes that formed during the Jurassic age and all appear to have different characteristics having possibly formed at different geological times. Most of the resource delineation and drilling has occurred in the sulphide-breccia complex of Calandria Sur (with up to ~70m @ 2.1g/tAu) and the higher grade vein-breccia of Calandria Norte (of ~4m @ 76g/tAu & 5m @ 34g/tAu & 32g/tAg or so). Visible electrum can be seen at grades of up to 450g/tAu at Calandria Norte, and visible silver of up to 2,500g/tAg at Nido Norte.
  • Mariana’s first Las Calandrias resource is aimed at being released by JQ 2011 based on the second drilling campaign at Calandria Sur focusing on a central higher grade core of ~400m x 300m within ~600m x 300m mineralisation to a depth of ~100m or so, along with the bonanza high gold grades encountered in the veins at Calandria Norte.
  • Mariana is now well-funded having globally placed 20m fpo shares at 40GBp, raising £8m (~US$12.5m) in December 2010 to fund the ongoing progress at Las Calandrias and increase the exploration activity in its other projects: near Las Calandrias, on Los Amigos, Sierra Blanca, & other prospects in Argentina & Chile.
  • Written by: Keith Goode
  • Tuesday, 18 January 2011