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.