Statement re commencement of Chile drilling program
(Thomson Reuters ONE) - MARIANA RESOURCES LIMITEDAIM & PLUS: MARLOctober 7th 2009.Mariana commences drilling IOCG targets, Northern ChileHighlights * 3,300m 9-hole drill programme has started at Buenaventura and Perro Chico. * Eight IOCG targets defined by gravity surveying, geological mapping and geochemistry. * Primary target: A large residual gravity anomaly beneath known IOCG copper mineralization at Cerro Brecha (Buenaventura). * Projects all located in Chile's world class IOCG belt.Mariana has commenced a drilling programme to test IOCG targets atBuenaventure and Perro Chico projects in Northern Chile. There arethree targets to be drilled at Buenaventura and five at Perro Chico.BuenaventuraBuenaventura is located at a maximum altitude of 1200m ASL, 50 km NNEof Copiapó, between Freeport's Candelaria and Anglo American's MantoVerde copper mines in Northern Chile. The 44km2 project area issituated along the Atacama Fault Complex, which hosts all majorChilean iron oxide-copper-gold (IOCG) deposits. Previous drilling(2002, 2005) intersected several zones of IOCG mineralisation,including six holes ranging from 22m to 90m (at) 0.40% to 0.49 % Cu(copper) with up to 0.13 g/t Au (gold).In April 2008, Mariana and Minotaur Exploration Ltd (Minotaur)announced a joint venture with Sociedad Minera ContractualBuenaventura whereby they could jointly earn 51% by spending US$3Mover three years and 80% by completing a bankable feasibility studywith additional rights to bring in a funding partner and firstrefusal over the remaining 20%.In 2008, Mariana and Minotaur expanded and infilled a 2004 gravitysurvey to locate dense bodies of iron oxides. Data sets were mergedand reprocessed with four main residual gravity anomalieshighlighted. An anomaly stood out in the NE corner of the surveycoinciding with the Cerro Brecha Copper-Gold Prospect, a 2km2 area ofhydrothermal breccias, extensive hematite (specularite), copperoxides and strong faulting, all key IOCG characteristics. Moreover,past drilling intersected up to 28m (at) 0.43% Cu, 0.13 g/t Au. Threedimensional inversion modeling of the Cerro Brecha gravity anomaly byMinotaur indicated a significant dense mass at depth, below previousdrilling, indicating a possible iron oxide body. A deep drill holewas planned for the first quarter of 2009 but was not drilled afterMinotaur withdrew from the joint venture owing to its reducedexploration budget. Mariana subsequently reviewed the 3D modeling,which confirmed the major drill target at Cerro Brecha.Mariana will test this priority target with a 600-700m pre-collareddiamond drill hole located 250m SW of two previous drill holes, bothof which intersected encouraging copper mineralisation andalteration. In Hole B7, drilled to 400m, IOCG type alteration inandesites, was intensifying with depth with abundant stockworks,hydrothermal breccias and ten intersections ranging from 2m to 10m (at)0.1% to 0.4% Cu. In SB 3, two 28m intersections (at) 0.43% Cu were madefrom 8m and 173m, associated with hematite alteration.Other IOCG targets at Cerro Berta Norte and Cerro Berta Sur will bedrill tested in the current programme. The combined 4km2 Cerro Bertaarea is the largest of the mineralized centres at Buenaventura andcomprises altered intrusives and volcanics, which may represent upperlevels of an IOCG system. Two RC percussion holes at Cerro BertaNorte will test coincident magnetic highs, extensive alteration,brecciation, hematite, strong fracturing and anomalous Cu, Au and Coin soils over a 1.5 x 1km area. One hole at Cerro Berta Sur willtest intense alteration and hydrothermal breccias.Perro ChicoPerro Chico is located at a maximum altitude of 1000m ASL, about 67km SSW of Copiapó. Copper and gold iron oxides have been mined byartisans in the area for many years but there has been no previoussystematic exploration or drilling on the property. Several styles ofIOCG type mineralization are recognized in the form of mantos, veins,stockworks and breccia zones.Mariana can acquire a 100% interest in the 549 Ha Perro Chicoproperty by making progress option payments totaling US$205,000, witha final buyout of US$600,000 at the end of a 39 months option period.Mariana has a surrounding 6,600 Ha area under application.Mariana completed geological mapping and a gravity survey on a 500m x500m grid over 7km x 10km, followed by an infill gravity of fiveanomalies on a 200m x 200m grid. This confirmed and enhanced theresidual gravity anomalies. Three dimensional inversion modelingwas recently carried out and indicated dense bodies at drillabledepths at Anomalies A, B and C, which may represent iron oxide zonesunder gravel cover. These will be tested by four RC and/or diamonddrill holes. Two RC holes will test the Belleza copper-gold bearingmanto.IOCG BackgroundIOCG's are economically important complex copper deposits hostedwithin hydrothermal systems with associated iron oxides and can beenriched in gold, silver, uranium and rare earths. They displaystrong hydrothermal alteration, brecciation, important regional andlocal structures and geophysical expressions in the form of prominentmagnetic or gravity anomalies. The major IOCG mines are located inSouth Australia, Queensland, NE Brazil and N Chile. The Atacama FaultComplex of Northern Chile is considered one of the world's mostprominent IOCG belts, hosting Freeport's world class Candelariacopper deposit.Commenting today, Managing Director, John Sutcliffe said "We now havean exciting drill programme commencing which will test twomulti-target projects located in the heart of this pre-eminent IOCGbelt. Minotaur's early withdrawal from Buenaventura wasunderstandable but their input to the Buenaventura project, asdiscoverers of the new Prominent Hill copper-gold mine in SouthAustralia using gravity surveying, was significant."For diagrams of the projects and drilling targets go to the websitewww.marianaresources.comON BEHALF OF THE BOARDJohn SutcliffeManaging DirectorFor more information: RFC Corporate Finance Mariana Resources Limited Limited (Nomad) +61 2 9437 +61 2John Horsburgh (Chairman) 4588 Rob Adamson 9250 0041 +59 3 +61 2John Sutcliffe (MD) 99808080 Will Souter 9250 0050 FinnCap (Broker)Joe Lunn (Analyst) +44 20 76001658Matthew Robinson +44 20 76001658Or visit website at www.marianaresources.com ADDITIONAL INFORMATIONThe exploration programme is being directed by the Chile ExplorationManager, Mr Walter Espinosa under supervision of Managing Director MrJohn Sutcliffe. Exploration information in this announcement has beencompiled by John Sutcliffe who is a Fellow of the Geological Societyof London, a Chartered Engineer and a Member of the Institute ofMining and Metallurgy. Mr Sutcliffe has sufficient experiencerelevant to the style of mineralization and types of gold depositunder consideration and to the activity that he is undertaking toqualify as a Competent Person as defined in the JORC Code.Quality Assurance/Quality ControlAll technical information for the Company's Chile projects isobtained and reported under a quality assurance and quality control(QA/QC) program. All samples are collected under the supervision ofthe Company geologists and dispatched via commercial transport to ALSChemex laboratories in Santiago de Chile. ALS Chemex's quality systemcomplies with the requirements for the International Standards ISO9001:2000 and ISO 17025: 1999. Samples returning greater than 10 g/tgold and/or greater than 100 g/t silver are assayed using gravimetricanalyses.Systematic assaying of sample duplicates and commercially preparedstandards and blanks is performed for analytical reliability.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 07.10.2009 - 07:14 Uhr
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