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.
Mariana Resources reveals positive drill results from Phase IV drilling at Calandrias gold-silver project
Mariana Resources (LON:MARL,TSE:MRY) today released the results of the first 28 holes in the recently completed Phase IV drill programme on the Calandrias gold-silver project, in Argentina’s Santa Cruz province.
The programme has included the exploration of new targets - La Picasa, Loma Verde, Vieja Hearradura and El Clavo. Mariana described the results as positive.
The best intersections included 40 metres grading 1 gram per tonne, which included a 1 metre intersection with a gold grade of 10.8 grams per tonne. As well as 22.8 metres grading 1.1 grams per tonne of gold equivalent, comprising 0.6 g/t gold and 30 g/t silver.
"These encouraging results demonstrate the potential of the Calandria Sur mineral system to be expanded substantially in several directions outside the core area,” chairman John Horsburgh said.
“Results further indicate scope for breccia-hosted gold at the new El Clavo target northwest of Calandria Sur.
“We anticipate follow up drilling in the next few months once all results are in with detailed mapping and geophysics to further outline the targets.
“We await the next batch of drill results with great interest."
Mariana highlighted that the Calandria Sur mineralised 'footprint' now extends over circa 800 metres by 350-500 metres. It explained that the intersections of gold mineralisation are located up to 300 metres to the east and 120 metres to the north of the project’s initial resource area.
Importantly Mariana said that the Calandria Sur zone remains open in several directions. Further drilling is needed to test the continuity and resource potential of the zone.
The company told investors that it will plan the next drill programme once all the Phase IV results have been received, and it has carried out follow up mapping and geophysics completed over key target areas.
Focusing on the exploration of new targets Mariana said that holes on the Loma Verde, La Picasa and Vieja Herradura encountered “encouraging intercepts over significant intervals”.
The mineralisation in this area is hosted by multiple ‘gently dipping favourable units’ within the volcaniclastics, it said.
Meanwhile the company explained that El Clavo is a newly discovered trending fault-controlled dyke-breccia zone. This target extends south west from the Calandria Norte area.
It revealed that low grade gold mineralisation (between 0.1 and 0.4 g/t gold) and highly anomalous pathfinder elements were intersected in most holes.
"Mariana considers El Clavo to have potential for structurally controlled vein-breccia quartz- sulphide gold-silver mineralisation related to a dome at depth,” the company said.
