Mariana Resources Ltd (‘Mariana’ or ‘the Company’), the AIM quoted exploration and development company focussed in Argentina and Chile, is pleased to announce an exploration update at its 13,455 hectare Los Amigos Joint Venture gold-silver project operated by Hochschild Mining Holdings (‘Hochschild’). The Los Amigos Joint Venture area, which is being explored for gold and silver deposits, is located in the western sector of the highly prospective Deseado Massif gold-silver province of Santa Cruz, southern Argentina.
Overview
• Gator target within the San Augustin property tested for gold-silver
mineralisation by six Reverse Circulation (‘RC’) holes for 2,081m.
• All RC holes intersected silicified and sulphide-bearing structures.
• Intervals of silicification, sulphide mineralisation, carbonate and quartz
veining from 30 to 445m downhole.
• Assay results from RC drilling programme expected December 2010.
2010 Reconnaissance Drilling Update
Six diamond drill holes (and one which was incomplete) for 2,081m were drilled at the Gator target (see Figure 1) within a 2km x 2km area located in the San Augustin property in the north-central part of the Los Amigos Joint Venture area and approximately 3km east of the target drilled earlier in the year (see news release 27/01/10). Hochschild reports that all completed drill holes intersected silicified and mineralised sulphide-bearing structures which were the targets identified from previous surface mapping. Intervals with silicification, sulfide mineralisation, carbonate and quartz veining were cut from 30m to 445m down-hole (or up to 300m below surface).
Assay results are expected in December 2010 and will be reported when available.
Chairman John Horsburgh said, “The Los Amigos Joint Venture is progressing well with sulphide mineralisation encountered in all six completed drill holes in the Gator sector of the JV licence area. Follow up drilling, dependent on positive assay results will be undertaken in 2011 and we look forward to updating shareholders on this progress in due course.”
Background to Los Amigos Joint Venture
Mariana signed a joint venture agreement with Hochschild in November 2009 to explore and develop three adjoining prospective gold-silver tenements totalling 13,455 hectares, located in the western sector of the Deseado Massif. These tenements consist of the Company’s Amigos I and Amigos II licence areas and Hochschild’s San Augustin property which are located approximately 110km south of Hochschild’s producing gold-silver San Jose Mine.
The partners agreed to spend US$2 million on exploration within a three year period on a 40% Mariana, 60% Hochschild basis, to confirm participating interests of 49% and 51% respectively. A budget of US$500,000 is committed in the first year.
Under the terms, Hochschild may earn a further 9% by funding 60% of the next US$3 million in the subsequent two years and a further 10% by either completing a Pre-Feasibility Study or, if requested by Mariana, providing project financing, repaid out of 80% of Mariana’s share of cash flow. This could see Hochschild’s interest increase to a total 70%.
Hochschild previously held the San Augustin property in a joint venture with IAMGOLD Corporation (‘IAMGOLD’). Under the terms of the Hochschild-Mariana joint venture agreement, IAMGOLD will retain a 1.5% of net smelter returns royalty on any future production from the joint venture area.
Joint Venture exploration for epithermal gold and silver prior to the latest drilling has included geochemical sampling, which returned highly anomalous values ranging from 0.1 g/t to 5g/t gold (‘Au’) and 5g/t to 100 g/t silver (‘Ag’), an airborne magnetic survey and a three-hole 900m scout RC drilling programme. The previous drilling tested one target area at the south-eastern extremity of the 5.5km northwest trend (see news release 27/01/10).
Exploration information in this announcement has been compiled by John Sutcliffe who is a Fellow of the Geological Society of London, a Chartered Engineer and a Member of the Institute of Mining and Metallurgy. Mr Sutcliffe has sufficient experience relevant to the style of mineralisation and types of gold deposit under consideration and to the activity that he is undertaking to qualify as a Competent
Person as defined in the JORC Code.
For further information please see www.marianaresources.com
John Horsburgh (Chairman) Mariana Resources Ltd +61 2 94374588
John Sutcliffe (MD) Mariana Resources Ltd +593 99 808080
Overview
• Gator target within the San Augustin property tested for gold-silver
mineralisation by six Reverse Circulation (‘RC’) holes for 2,081m.
• All RC holes intersected silicified and sulphide-bearing structures.
• Intervals of silicification, sulphide mineralisation, carbonate and quartz
veining from 30 to 445m downhole.
• Assay results from RC drilling programme expected December 2010.
2010 Reconnaissance Drilling Update
Six diamond drill holes (and one which was incomplete) for 2,081m were drilled at the Gator target (see Figure 1) within a 2km x 2km area located in the San Augustin property in the north-central part of the Los Amigos Joint Venture area and approximately 3km east of the target drilled earlier in the year (see news release 27/01/10). Hochschild reports that all completed drill holes intersected silicified and mineralised sulphide-bearing structures which were the targets identified from previous surface mapping. Intervals with silicification, sulfide mineralisation, carbonate and quartz veining were cut from 30m to 445m down-hole (or up to 300m below surface).
Assay results are expected in December 2010 and will be reported when available.
Chairman John Horsburgh said, “The Los Amigos Joint Venture is progressing well with sulphide mineralisation encountered in all six completed drill holes in the Gator sector of the JV licence area. Follow up drilling, dependent on positive assay results will be undertaken in 2011 and we look forward to updating shareholders on this progress in due course.”
Background to Los Amigos Joint Venture
Mariana signed a joint venture agreement with Hochschild in November 2009 to explore and develop three adjoining prospective gold-silver tenements totalling 13,455 hectares, located in the western sector of the Deseado Massif. These tenements consist of the Company’s Amigos I and Amigos II licence areas and Hochschild’s San Augustin property which are located approximately 110km south of Hochschild’s producing gold-silver San Jose Mine.
The partners agreed to spend US$2 million on exploration within a three year period on a 40% Mariana, 60% Hochschild basis, to confirm participating interests of 49% and 51% respectively. A budget of US$500,000 is committed in the first year.
Under the terms, Hochschild may earn a further 9% by funding 60% of the next US$3 million in the subsequent two years and a further 10% by either completing a Pre-Feasibility Study or, if requested by Mariana, providing project financing, repaid out of 80% of Mariana’s share of cash flow. This could see Hochschild’s interest increase to a total 70%.
Hochschild previously held the San Augustin property in a joint venture with IAMGOLD Corporation (‘IAMGOLD’). Under the terms of the Hochschild-Mariana joint venture agreement, IAMGOLD will retain a 1.5% of net smelter returns royalty on any future production from the joint venture area.
Joint Venture exploration for epithermal gold and silver prior to the latest drilling has included geochemical sampling, which returned highly anomalous values ranging from 0.1 g/t to 5g/t gold (‘Au’) and 5g/t to 100 g/t silver (‘Ag’), an airborne magnetic survey and a three-hole 900m scout RC drilling programme. The previous drilling tested one target area at the south-eastern extremity of the 5.5km northwest trend (see news release 27/01/10).
Exploration information in this announcement has been compiled by John Sutcliffe who is a Fellow of the Geological Society of London, a Chartered Engineer and a Member of the Institute of Mining and Metallurgy. Mr Sutcliffe has sufficient experience relevant to the style of mineralisation and types of gold deposit under consideration and to the activity that he is undertaking to qualify as a Competent
Person as defined in the JORC Code.
For further information please see www.marianaresources.com
John Horsburgh (Chairman) Mariana Resources Ltd +61 2 94374588
John Sutcliffe (MD) Mariana Resources Ltd +593 99 808080
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