Mariana Resources
Mariana Resources Ltd is a Guernsey incorporated investment holding company established to acquire potentially large or high value gold and copper-gold prospects in Chile, Argentina and other selected parts of South America.
The Group's strategy is to seek underexplored areas with potential for high grade polymetallic-gold epithermal/skarn mineralisation. Mariana brings to bear considerable field experience in this regard and early recognition of critical geological features is an important aspect.The Mariana Team brings together over 150 years of combined industry experience, with a specific South American focus.
Mariana Resources secures right to acquire 100% of Sierra Blanca silver gold project
South American based explorer Mariana Resources (AIM: MARL) has secured an option to acquire the remaining 30% interest in the Santa Cruz JV (joint venture) from IAMGOLD Corporation, which would give it full ownership of the project.
The option for the JV, which comprises the Sierra Blanca and Canadon Largo silver-gold projects in the emerging Deseado Massif precious metals district in Argentina, can be exercised by paying US$0.5 million and issuing the equivalent of another US$0.5 million in the company’s shares to IAMGOLD, which would also be awarded a 1.5% royalty on net smelter returns from any commercial minerals production from the projects.
The company intends to focus on fast tracking exploration at the Sierra Blanca gold-silver project, which has a vein system with high-grade drill intercepts with another 3,000 metre programme planned for Q2 2010 top test for concealed gold-silver targets along the 4 km (kilometre) long Veta Chala – Lucia trend to “further assess the economic potential of the project.”
“This agreement, which gives Mariana 100% control of the Santa Cruz JV, is an important step forward and will enable us to fast-track exploration at the Sierra Blanca silver-gold discovery in Southern Argentina,” said Managing Director of Mariana Resources John Sutcliffe.
The two companies said the project had “promising potential” and could develop into a silver deposit similar to those in the Deseado precious metals district in the Santa Cruz province, including its Dos Calandrias gold-silver project, where the company has recently made a significant discovery with a 16 hole diamond drilling programme demonstrating wide intersections of gold and silver mineralisation.
The discovery sparked investor interest to the company, helping Mariana raise £2.95 million in a placing, more than the originally envisaged £2.6 million.
Mariana has recently launched a JV with FTSE 250 silver producer Hochschild Mining (LSE: HOC) to explore and develop the companies’ three gold and silver license areas in southern Argentina, including Mariana’s Amigos I and Amigos II areas along with Hochschild’s San Augustin property, all of them located in the Deseado Massif.
Mariana earned a 70% interest in the Santa Cruz JV in January 2009 by conducting a US$2 million exploration programme.
Best drill intersections from the Sierra Blanca project included 11m (metres) graded at 3.4 g/t (grammes per tonne) Au (gold) and 386g/t Ag (silver) from 46m in hole SBD51 and 21m at 0.7 g/t Au and 242 g/t Ag from 31m in hole SBD55. A review of results in Q1 2009 indicated potential for vein type economic ore shoots along the 1,200m long Veta Chala zone with 3,500m of infill and deeper drilling recommended, in addition to drill testing of other target.
Shares in the company rose 4% on the news.
Mariana’s House Broker, FinnCap, was encouraged by the news, also noting this morning’s announcement from another Argentina focused precious metals explorer Patagonia Gold (AIM: PGD), whose project in the Santa Cruz province fell into the newly designated “area of special mining interest,” which also hosts Mariana’s projects.
The US$3 million the company raised earlier this month is expected to enable it to explore multiple projects in 2010, starting with the next round of drilling at Dos Calandrias in March, which FinnCap said was proving to be an exceptional gold discovery and “could not have come at a better time” in view of the soaring gold prices.
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01/12/09 Mariana Resources – discovering solid value in South America
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02/03/09 Mariana Resources completes Sierra Blanca Silver-Gold Project earn in
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25/11/08 Mariana Resources reports positive results from Argentina and Chile projects
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28/08/08 Mariana Resources “gets” Santa Cruz and Catamarca
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23/04/08 transcript of audio interview with Mariana Resources
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30/01/08 Mariana Resources: three countries, four partners and a pipeline of prospects
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Other Mariana Resources news
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27/01/10 Mariana Resources and Hochschild intersect quartz veinlets at Los Amigos gold-silver JV
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23/12/09 Mariana Resources says drilling results at Buenaventura and Perro Chico iron-oxide-copper-gold projects indicate mineralisation potential
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02/12/09 John Sutcliffe of Mariana Resources talks about silver, gold and Hochschild Mining
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16/11/09 Mariana Resources closes placing, raises a better-than-expected £2.95 mln for Dos Calandrias gold-silver project
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12/11/09 Mariana Resources and Hochschild launch JV to develop gold and silver properties in Argentina
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10/11/09 Mariana Resources raises £2.6 million at premium thanks to strong interest in new gold-silver discovery
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28/10/09 Mariana Resources makes new gold-silver discovery at Dos Calandrias, Argentina
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19/10/09 Mariana Resources reports high grade results from drilling at Dos Calandrias, Argentina
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07/10/09 Mariana starts drilling iron oxide-copper-gold targets at Chilean projects Buenaventure and Perro Chico
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30/09/09 Mariana Resources expects drilling to commence in Chile soon and assays to be reported from Dos Calandrias in Argentina in October
