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EPIC: MARL
Market: AIM:MARL, TSX-V:MRY
52-week High/Low: 70.75p / 12.00p
Sector: General Mining - Gold
Market Cap: 64.46M
Phone: +61 2 9437 4588
Address: Granite House, La Grande Rue, St Martin, Guernsey GY1 3RS.
Website: www.marianaresources.com
Mariana Resources Ltd.

Mariana Resources Ltd.

Mariana Resources Ltd is an AIM & TSX-V quoted exploration & development company with a diversified, highly prospective portfolio of gold, silver & copper projects in Turkey & South America.

Mariana Resources Ltd.

www.marianaresources.com

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Big picture - Why invest in Mariana Resources Ltd.


Mariana Resources Ltd. Snapshot

Mariana’s objective is Discovery driven – leveraging Mariana’s expertise and  exploration capital to advance a diversified portfolio of highly prospective projects up the value curve.

THE STRATEGY

Accumulate & advance a portfolio of potential company maker assets over a defined timeline.
By applying financial & geologically disciplined expertise in advancing its assets close to feasibility to crystallise & return value to shareholders.
In order to achieve this, the Company has a highly experienced management team with a successful track record in discovery through to resource development.

MARIANA’S CURRENT FOCUS

Gold, Copper & Silver with a strategic focus on asset scale, prospectivity & economic potential in mining friendly jurisdictions.

Areas of focus:

Turkey – Hot Maden  and Ergama
Argentina – Las Calandrias, Los Cisnes , Bozal and Sierra Blanca
Peru – Soledad and Rurimarac
Suriname – Nassau Gold
Chile – Dona Ines and Exploradora East

Mariana’s portfolio covers some prospective mining districts in Santa Cruz province, Argentina and in Northern Chile.
 
In Santa Cruz, key projects are the 100% owned Las Calandrias and 70% owned Sierra Blanca (option on remaining 30%) epithermal gold-silver discoveries. A third project, Los Amigos (49%) is being explored jointly with Hochschild Mining. Another 8 prospective areas are located within a 100% owned 160,000 Ha land package.
 
In Northern Chile. Mariana has exposure to copper-gold in the Candelaria Iron-Oxide-Copper-Gold Belt at Buenaventura and Pero Chico.
 
 
 
 
Argentina Overview:
 
Mariana is exploring for low sulphidation epithermal gold–silver deposits in the Deseado Massif, Santa Cruz Province in Patagonia in both its own right and in separate joint ventures with IAMGOLD and Hochschild Mining. The Deseado Massif is a world class gold-silver mining province and Mariana has rapidly become a serious player both in terms of advanced projects and its extensive land package.
 
 
The Company discovered very promising disseminated style gold-silver mineralisation around the eastern brecciated margin of the Calandria Sur rhyolite dome at its 100% owned Las Calandrias Project (formerly Dos Calandrias/Tongoril) in Q4 2009. Intersections included 91.5m @ 1.6g/t Au (CSD 15) and 102m @ 1.2 g/t Au (CSD 13). Subsequent mapping and an IP survey have expanded the scope of the project significantly. A 3,000m minimum drill programme is underway.
 
 
The Santa Cruz Joint Venture with IAMGOLD covers the Sierra Blanca and Cañadon Largo concessions which were located by IAMGOLD using ASTER satellite imagery. Mariana has earned 70% in the JV by spending US$2M in four years and has an option to acquire the remaining 30%. Mariana commenced drilling, mainly at the Chala and Lucila prospects, at Sierra Blanca in Q3 2008. Encouraging epithermal style gold-silver mineralization was discovered at Veta Chala with a best intersection of 11.0m @ 3.4 g/t Au and 386 g/t Ag from 46m in hole SBD51.
 
 
Elsewhere in Santa Cruz Province, Mariana has more than 160,000 Ha covering eight groups of concessions under application which are considered prospective for epithermal gold-silver mineralization. Reconnaissance exploration has located a number of epithermal gold-silver prospects. So far, the Las Calandrias Project and the Los Amigos JV with Hochschild Mining have emerged from this active project pipeline.
 
 
At La Borita, Mariana has on option to acquire 100% of a concealed porphyry copper target beneath extensive copper-bearing travertine within a magnetic low on the Alumbrera Trend in Catamarca province, north west Argentina. An IP survey indicates porphyry copper scale sulphides at depth.
 
 
Chile Overview:
 
Chile forms an important part of Mariana's strategic plan. The country is the World’s largest copper producer from a number of giant porphyry coppers such as Escondida and two world class iron oxide copper gold (IOCG) deposits. It consistently ranks as a top global exploration/mining destination.
 
 
In 2007/2008, Mariana’s subsidiary Sociedad Contractual Minera Mariana (’SCM Mariana’), acquired interests in two IOCG projects along the easily accessed low altitude 1400km Coastal Cordillera (IOCG Belt) of Northern Chile. The Belt hosts Freeport-McMoran’s Candelaria mine (470Mt @ 0.95% Cu, 0.22g/t Au) and Anglo American’s Manto Verde mine (350Mt @ 0.75% Cu) and others. Mariana’s Buenaventura and Perro Chico projects are located along this belt and both have significant IOCG potential.
 
 
Cliffs Natural Resources (‘Cliffs’), a U.S. based international natural resources company has earned a 70% interest in SCM Mariana, which is the joint venture vehicle between Mariana (30%) and Cliffs and is exploring for IOCG deposits along the Belt, having spent US$3 million on exploration to date.
 
 
 
 
 
IOCGs are economically important complex copper deposits hosted within hydrothermal systems with associated iron oxides and can be enriched in gold, silver, uranium and rare earths. They display strong hydrothermal alteration, brecciation, important regional and local structures and geophysical expressions in the form of prominent magnetic or gravity anomalies. The major IOCG mines are located in South Australia, Queensland, NE Brazil and N Chile. The Northern Chile IOCG Belt is considered one of the world’s most prominent IOCG belts.
 
 
Mariana is seeking new copper-gold projects in its own right through Chilean subsidiary, Compania Minera Mariana Chile Ltda (‘MMC’). MMC has entered into a three year option to acquire the 1,700 hectare Tolita gold prospect located in the 200 km long Maricunga Gold Belt, 30 km SW of the Kinross Cerro Casales mine in northern Chile.
 
 
This world class belt contains several epithermal high sulphidation gold and associated porphyry gold-copper deposits. The most notable deposits include Marte-Lobo (Kinross, 6Moz Au), Refugio (2.2M oz Au,) Cerro Casale (Barrick, 31Moz Au, 14B lbs Cu), and Caspitche (Exeter, 26Moz Au) and Volcan (Andina, 10Moz Au).
 

 

John Horsburgh  - BSc, ARSM, MSc, DIC, FAusIMM, FSEG, Non Executive Chairman

John Horsburgh, a graduate of the Royal School of Mines, Imperial College, London is a geologist with more than 40 years experience in exploration, project development and company management. He was a co-founder of Solomon Pacific Resources NL which achieved success with the discovery and development of the Brocks Creek gold mine in the Northern Territory in Australia. As Executive Chairman he was involved in the acquisition, exploration and financing of the project. Prior to this, he was Exploration Manager for SE Australia with Getty Oil Development (minerals division). Before Getty, John gained extensive exploration experience with Billiton and the RTZ Group in Australia, South America and Europe. He has been involved in a number of lead-zinc and gold discoveries in Queensland, New South Wales and Western Australia. He is a director and a co-founder of Cullen Resources Ltd which is a partner in the Mt Stuart Joint Venture, a new iron ore development project in the West Pilbara, Western Australia.

 

Glen Parsons - CASA, B Com Economics, Chief Executive Officer

Glen Parsons has over 20 years international experience in corporate finance, treasury, operational and general management. The most recent role was as Chief Financial Officer and Corporate Development of Neptune Minerals Plc. He has built new profitable businesses and divisions within both large and small organisations. Glen was an executive director of RFC Corporate Finance Ltd, a specialist minerals resources investment bank and fund manager. Duties included corporate finance mandates which included mergers and acquisitions, strategic advice, mineral project assessment and capital raisings. He has specific LSE-AIM experience and has been involved with a number of successful equity and debt raisings for junior and developing mining companies. Glen is a qualified Chartered Accountant with an Honours degree in Accounting Science and a Bachelor of Commerce degree in Economics.

 

 

Christopher Mitchell BSc, (Hons. Chem.), MSc (Metallurgy), MBA (Fin.) - Non Executive Director

Chris Mitchell is a Vancouver based financial advisor to listed companies active in the mineral exploration and production arena. During an international career spanning more than 40 years, he has served in senior executive positions with several listed minerals exploration and mining companies. He currently serves as Chief Financial Officer of several TSX Venture Exchange listed companies and as a non-executive director of three junior minerals exploration companies listed on the TSX Venture Exchange. He is also principal of Adera Company Management Inc., a private consulting company which provides financial and administrative management services to smaller public companies.

 

 

 

Eric Roth PhD (Economic Geology University of Western Australia), FAusIMM, - Non Executive Director

Eric Roth is Santiago based and was most-recently President & CEO and then Director of Extorre Gold Mines Ltd until Extorre was acquired by Yamana Gold Inc in June 2012. Prior to Extorre, Eric was engaged as a consultant on South American gold projects for Exeter Resource Corp. and Kinross Gold Corp. From January 2002 to March 2008, he was employed by AngloGold Ashanti Ltd, initially as the Lima-based Peru Project and South American Opportunities Manager and subsequently as the Johannesburg-based Global Head of Greenfields Exploration. He is also principal of consulting firm ER Global Consulting SpA.

 

 

Raymond Angus - BAppSc, Country and Project Manager Peru

Ray Angus is a geologist with over 20 years experience in the Americas, Africa, Australia and the Middle East. He graduated with a Bachelor of Applied Science - Applied Geology from the Queensland Institute of Technology in 1987. He worked in mineral exploration and mining for Cyprus Gold Australia followed by postings in Zimbabwe and Saudi Arabia. In 1994, Ray established a foothold in Peru, working in property evaluation and new business opportunities. He obtained a senior position with Newcrest Mining (Peru), followed by consulting assignments to companies including Queenstake, Goldfields Limited and Billiton. He was co-founder of Monterrico Metals from incorporation to quotation on AIM in 2002. He served as Executive Director and Chief Operating Officer, and was responsible for the identification and acquisition of the Rio Blanco copper-molybdenum project in northern Peru. He managed the resource definition drilling which ultimately reported 1.26 billion tonnes at 0.57% Cu + 228 ppm Mo. A Detailed Feasibility Study was based upon a mining scenario of 25Mtpa for an initial 20 years estimated, with a Capex in excess of US$1.4Bn. In April 2007 Monterrico was acquired by the Chinese-lead Zijin Consortium.

 

 

Sharon Cooper CA, BA  - Chief Financial Officer

Sharon is a Chartered Accountant with over ten years’ experience in accounting and auditing roles for mining and mining -related companies. Sharon began her career as an auditor at Ernst & Young, working on internal and external audits; and gained experience working on larger audits for major mining companies, as well as junior explorers and mining related companies. Sharon has taken on several group accounting and financial reporting roles for junior exploration companies and a mining services company since leaving Ernst & Young, and has been working as Finance Manager for Mariana Resources for the past two years.

 

 

 

 

 

Significant Shareholders

Significant shareholders and holders of more than 3% of the fully paid shares and the holdings of Directors are listed below:

Name No. of shares held % held
Exploration Capital Partners 2014 Partnership (Sprott Group) 50,000,000 5.83%
AngloGold Ashanti Holdings PLC 48,982,959 5.71%
Resource Capital Funds VI LP 32,250,000 3.76%
Australian Investors Pty Ltd 26,507,942 3.09%
John Horsburgh* 8,580,501 1.00%
Eric Roth* 7,581,906 0.88%
Glen Parsons* 3,372,500 0.39%
John Goodwin* 620,000 0.07%
* Percentage of shares not in public hands 2.35% – Directors hold 2.35% of issued shares.

Registered Office

Granite House

La Grande Rue, St Martin,

Guernsey GY1 3RS

tel:  +61 2 9437 4588

fax: +61 2 9437 4599

 

Directors

Executive

John Horsburgh (Chairman)

Glen Parsons (Finance and Corporate Development)

Ray Angus (Chief Operating Officer)

Non Executive

Randy Turner

Chris Mitchell

 

Company Secretary

Federal Trust Company

Granite House

La Grande Rue, St Martin,

Guernsey GY1 3RS

tel: +44 1481 234101

 

Lawyers

Watson, Farley & Williams LLP

15 Appold Street

London, EC2A 2HB

England

 

Gowlings

550 Burrard Street

Suite 2300, Bentall 5

Vancouver, British Columbia

V6C 2B5 Canada

tel:  604 683 6498

fax: 604 683 35589 

 

Public Relations

St Brides Media & Financial Ltd

Chaucer House 38 Bow Lane

London, EC4M 9AY

England

tel: 020 7236 1177

fax: 020 7236 1188

 

Nominated Advisor (Nomad)

RFC Corporate Finance Ltd

14th Floor, 19-31 Pitt St

Sydney NSW 2000

Australia

tel: +61 2 9250 0041

 

UK Co-Brokers

Fox Davies Capital

1 Tudor Street

London EC4Y 0AH

England

tel: +44 203 463 5000

fax: +44 203 463 5001

 

RFC Ambrian Limited

Condor House

10 St. Paul's Churchyard

London EC4M 8AL

England

tel: +44 (0)20 3440 6800

fax: +44 (0)20 3440 6801

 

Registrars

Computershare Investor Services (Guernsey) Limited

C/o Queensway House,

Hilgrove Street,

St Helier,

Jersey JE1 1ES

Channel Islands.

 

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© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.