Drilling Report
(Thomson Reuters ONE) -
MARIANA RESOURCES LIMITED
AIM and PLUS code:
MARL 8 April
2010
Las Calandrias Exploration Update, Santa Cruz Province, Argentina
Mariana Resources Ltd ('Mariana' or 'the Company') is pleased to provide an
update on its 100% owned Las Calandrias Project in the Deseado Massif of Santa
Cruz Province, Southern Argentina. The 5,600 hectares project consists of four
key target areas: Calandria Sur, Calandria Norte, El Nido Este and El Nido
Norte.
Highlights
* Fourteen diamond drill holes totaling 1,560m completed at Calandria Sur with
broad zones of brecciation, silicification and stockwork marcasite
mineralisation, ranging from 14m to 80m down-hole, intersected in holes
drilled to date.
* A 3,500m minimum drilling programme is testing priority targets at Calandria
Sur, El Nido and Calandria Norte.
* Core samples from first four holes submitted to assay laboratory, results
expected by late April.
* New drill targets at El Nido Norte - bonanza gold and silver assays from
channel sampling with up to 0.7 m (at) 75.4 g/t gold ('Au') & 2,490 g/t silver
('Ag').
Commenting today, Managing Director of Mariana Resources Ltd, John Sutcliffe
said
"We are pleased to report good progress of the drilling at Las Calandrias with
the first batch of assays results expected by around the end of April. The wide
zones of brecciation and stockwork sulphide mineralization in these latest holes
are most encouraging. The recent bonanza gold and silver assays in follow up
channel sampling at the El Nido Norte prospect are very exciting and present new
drill targets."
Calandria Sur
To date, 14 holes have been completed for 1,560m, testing down dip extensions
below 2009 drill holes CS13, 15 and 16, and possible strike extensions west and
northwest along the rhyolite dome. The new undercut holes at Calandria Sur are
testing 50 to 60m below previous intercepts with approximately 40m between drill
sections. Broad zones of brecciation, silicification and stockwork marcasite
mineralisation, ranging from 14 to 80 m down-hole have been intersected in all
holes drilled to date.
A total of 495 samples from the firstfour diamond holes has been submitted to
the assay laboratory. Initial results are expected late April, with remaining
batches to follow in sequence. The 3,500m minimum drill program is expected to
take up to two months.
El Nido Norte
Ongoing exploration has identified a northeast trending 50m x 80m veined area at
the El Nido Norte Prospect in the northern part of the Las Calandrias project
area, 1.5km north of Calandria Sur. Abundant visible gold and silver
mineralization was noted in a narrow mineralized structure within this zone,
which returned bonanza gold and silver assays from surface channel samples
including: 0.4m (at) 62 g/t Au & 332 g/t Ag, 0.5m (at) 106 g/t Au & 510 g/t Ag and
0.7 m (at) 75.4 *g/t Au & 2,490 g/t Ag.
*Screen fire assay check to come.
Detailed mapping, lag sampling and limited trenching are in progress. This new
target will be tested as part of the current drill programme.
See website atwww.marianaresources.com for diagrams showing Calandria Sur,
Calandria Norte and El Nido Este drill plan plus the new El Nido Norte Prospect
channel sampling results.
John Sutcliffe
Managing Director
For further information see the Company's websitewww.marianaresources.com
John Horsburgh (Chairman) Mariana Resources Ltd +61 2 94374588
John Sutcliffe (MD) Mariana Resources Ltd +593 99 808080
Rob Adamson RFC Corporate Finance Limited +61 2 9250 0041
(Nomad)
Will Souter RFC Corporate Finance Limited +61 2 9250 0050
(Nomad)
Joe Lunn (Analyst) FinnCap (Broker) +44 20 7600 1658
Matthew Robinson FinnCap (Broker) +44 20 7600 1658
Felicity Edwards St Brides Media and Finance +44 20 7236 1177
Ltd (PR)
Hugo de Salis St Brides Media and Finance +44 20 7236 1177
Ltd (PR)
ABOUT MARIANA
Mariana Resources Ltd is an AIM quoted exploration and development company with
an extensive portfolio of gold, silver and copper projects in Argentina and
Chile. The Company has two gold-silver discoveries and a joint venture with
Hochschild Mining in the highly prospective Deseado Massif region: the Dos
Calandrias project indicating a major mineralised system with gold bulk tonnage
potential; the Sierra Blanca project, a high grade silver-gold prospect; and
advanced exploration at the Los Amigos JV. In Chile, Mariana has two Iron Oxide
Copper Gold ('IOCG') exploration projects in the highly prospective Atacama
Fault Zone, approximately 100 km from Freeport's Candelaria Copper Mine: the
Buenaventura and Perro Chico projects which comprise 12,000 hectares. In
addition, it has a generative pipeline of early stage projects including a major
land package totalling approximately 160,000 hectares in southern Argentina.
ADDITIONAL INFORMATION
Drilling is being undertaken by Boart Longyear Argentina using a rig 25HH-3 core
drill. The drill program is managed by the Argentina Exploration Manager, Dr
Gustavo A. Rodriguez under supervision of Managing Director Mr John Sutcliffe.
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 mineralization 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.
Sampling and Analytical Details
All diamond drill core samples are split on geological contacts with minimum and
maximum sample length of 0.7 and 3 metres respectively and represent sawn half
HQ-size core.
The first batch consisted of 495 samples, (including certified control
standards, quarter core duplicates and blanks). All the samples are collected
under the supervision of the Company geologists. During the sample handling
procedure, the sample shipments are tracked. Core samples were placed into
uniquely labeled sample bags. A record of the sample location and other specific
details is documented in the sample data base.
All samples were sent to ALS Chemex Labs with preparation facilities in Mendoza
and assayed in Chile for gold and multi element ICP analyses. Rock sample
preparation includes weighing, drying, fine crushing of entire sample to better
than 70% -2mm, split of 250g and pulverize split to better than 85% passing 75
microns (PREP-31- DRY-22). The 34 element ME ICP41 package analyses utilize an
aqua regia digestion. Gold analyses for all samples are fire assay and AAS
(Au-AA24, 50g nominal sample weight, range 0.005-10 ppm) with any results over
10g/t checked using a gravimetric finish (Au-GRA22- 50 gr , range 0.05- 1.000
g/t). Silver grades exceeding 100 g/t were assayed by fire assay and gravimetric
finish (Ag-GRA21, 30g nominal sample weight, range 5-10,000 ppm).
ALS Chemex's quality system complies with the requirements for the International
Standards ISO 9001:2000 and ISO 17025: 1999
Quality Assurance/Quality Control
All technical information for the Company's Argentina projects is obtained and
reported under a quality assurance and quality control (QA/QC) program. Four
different certified standards were inserted at an average of one per 20 samples,
blanks (in house) at one per 40 samples, while quarter-core duplicates were
inserted at intervals of approximately 35 samples. A total of 9 % control
samples have been inserted. Assays that meet the QA/QC are incorporated in the
Mariana data base.
[HUG#1401374]
Unternehmensinformation / Kurzprofil:
Datum: 08.04.2010 - 11:06 Uhr
Sprache: Deutsch
News-ID 18716
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