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 expands Picadero gold and silver project with option deal
Mariana Resources (LON:MARL, TSE:MRY) has signed an option deal that will expand its Picadero gold and silver project in the Deseado Massif of Southern Argentina.
It will acquire the 9,124 hectare El Aguila gold-silver property adjacent to the 25,000 hectare Picadero project from Argentinean private company Winki SA.
Limited exploration in the 1990s by Coeur d'Alene Mines and from 2008-2009 by Newcrest Mining discovered significant gold and silver mineralisation at the Aguila Main and Aguila Sur prospects within the 13.5 square kilometre target area of El Aguila.
Starting in the second quarter this year, Mariana plans 3,000 metres of drilling as well as mapping, channel sampling, and geophysics work at the property.
The combined 34,000 hectare Aguila-Picadero project is 60 kilometres south of Mariana's Las Calandrias project and 50 kilometres west of Extorre Gold Mines (TSE:XG, OTC:EXGMF) Cerro Moro gold-silver discoveries.
Vice president of exploration Dr Gustavo Rodriguez said: “The indications of a highly prospective underexplored epithermal setting are present and the properties are located just 50km west of Extorre's Cerro Moro gold-silver discovery. Previous exploration has already highlighted excellent potential for vein-style high-grade gold-silver mineralisation and we look forward to developing multiple targets for drill testing over the course of 2012."
Mariana can acquire a 100 percent interest in El Aguila with Winki retaining a 1.5 per cent net smelter royalty.
The option period is five years with an initial payment of US$60,000 followed by a US$150,000 payment a year later. Thereafter, payments are six monthly for a total of US$3.14 million over the five years.
Mariana can exercise the option within the first two years for US$2.4 million or for US$2 million in the following two years. It is committed to spend at least US$1 million on exploration in the first two years.
In addition, Mariana will pay Winki a success fee if it completes a NI-43101-compliant feasibility study.
