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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: MARL
Latest Price: 10.13p  (8.00% Ascending)
52-week High: 44.75p
52-week Low: 8.13p
Market Cap: 23.17M
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Mariana Resources
www.marianaresources.com

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.

Full Mariana Resources profile here
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Mariana Resources says drilling results at Buenaventura and Perro Chico iron-oxide-copper-gold projects indicate mineralisation potential

23rd Dec 2009, 12:08 pm Mariana Resources says drilling results at Buenaventura and Perro Chico iron-oxide-copper-gold projects indicate mineralisation potential

Mariana Resources (AIM: MARL) announced the results from initial drilling programmes at its Buenaventura and Perro Chico iron-oxide-copper-gold (IOCG) projects in the prospective Atacama region in northern Chile, saying they indicated potential for IOCG mineralisation.

The drilling comprised 2,280m of reverse circulation (RC) drilling and 969m of diamond core drilling on three holes at the Buenaventura project and five holes at the Perro Chico project with all eight holes showing evidence of IOCG style alteration with varying intensity of mineralisation.

Drilling at the Cerro Berta indicated the 4x1 km (kilometre) silica-albite alteration to be strongly anomalous in copper and possibly overlying an IOCG system. Another prospect at the Buenaventura, Cerro Brecha, showed indications of IOCG mineralisation to a depth of 650m on the flank of magnetite-rich andesite breccia body.

A drill hole at the Belleza prospect at the Perro Chico project intersected a 40m mineralised zone averaging 0.56% copper and an underlying 250m zone of intense pyritic mineralisation to the end of the hole at 296m, including 22m at 0.81% copper and 0.15 g/t gold. Other drilling results included 6m at 0.32% copper and 0.44g/t (grammes per tonne) gold, 6m at 0.5% Cu from 106m, including 2m at 1.1% copper, 8m at 0.1% copper and 8m at 0.2% copper.

An international mining company based in the US has been granted a three month exclusive period to negotiate a joint venture (JV) farm-in with Mariana for follow-up exploration at Buenaventura and Perro Chico. Negotiations include a possible alliance focusing on wider IOCG exploration potential in Chile.

“These first drilling results confirm the IOCG potential of the Buenaventura and Perro Chico projects. The current negotiations for a joint venture to follow up exploration at Buenaventura and Perro Chico, together with a possible alliance focussing on wider IOCG exploration potential in Chile, is a very positive development for Mariana which could substantially accelerate its IOCG programme,” said managing director ohn Sutcliffe.

The company will now consider gathering ground magnetic and other geophysics at both projects prior to the next stage of drilling.

Shares in Mariana surged 9.5% on the news.

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