Mariana Resources (LON:MARL) said this morning it is expanding and fast-tracking its drill programme on the Las Calandrias gold project in southern Argentina.
This follows some very encouraging geophysical exploration results which identified high priority drill targets in the untested rhyolite domes in the area.
After assessing the data from 2D and 3D induced polarisation (IP), ground magnetic and other studies, the explorer has decided to expand its drill programme to 15,000 metres from 10,000 metres.
FinnCap analyst Joe Lunn said the 50 percent increase to the drilling campaign is positive for Mariana, and the exceptional potential in the untested area is providing the underlying reason for the expansion.
“We think that the prospectivity of the untested goldfields at Las Calandrias has been significantly enhanced this morning,” Lunn said.
A second rig ought to be on site by the middle of this month, the company said.
Mariana chairman John Horsburgh said: "These results clearly highlight the excellent potential of the dome fields at Las Calandrias to contain multiple mineralised zones with scope for both bonanza and bulk mining gold targets.
“As such we are raising the drilling campaign to 15,000 metres to accelerate exploration of this highly prospective low sulphidation epithermal gold system."
A target has been identified on the Calandria Norte part of the project and parallel to the Las Calandrias bonanza vein.
Modelling of a 2 kilometre by 2.8 kilometre Nido Norte block identified at least six anomalies at Nido Norte, Nido Oeste and Nido Centro, the group said.
Mariana’s results indicate a major untested 2 kilometre by 1 kilometre dome complex extending up to 300 metre deep and centred on the Nido Norte target.
At the same time it has found a 2,000 metre x 350 metre anomaly, which coincides with a 1.5 kilometre epithermal vein structure.
New 3D IP target areas have been outlined at the Pichones, Gamekeeper and Loica prospects next to the Nido Norte target.
Finally, the Nido Sur block 3D survey has been completed and modelling results are expected shortly.