Gold/Silver Discovery at Dos Calandrias - Argentina
(Thomson Reuters ONE) - Mariana Resources Ltd / Epic: MARL / Market: AIM / Sector: Gold Mining28 October 2009 Mariana Resources Ltd ('Mariana Resources' or 'the Company') Confirms Gold-Silver Discovery at the Dos Calandrias Project ArgentinaMariana Resources Ltd, the AIM quoted exploration and developmentcompany focussed in Argentina and Chile, is pleased to announce asignificant new gold-silver discovery at its 100% owned DosCalandrias Project ('Dos Calandrias') located in the prospectiveDeseado Massif region in southern Argentina. The discovery wasconfirmed following results from the first eight holes of a 16 holediamond drilling programme at the Calandria Sur prospect.Overview* Best intersection from the Calandria Sur prospect of 91.5m (at) 1.6 g/t gold ('Au') and 17 g/t silver ('Ag') from 3.5m, including 21m (at) 4.5 g/t Au and 39 g/t Ag from 40m* Results from all holes demonstrate wide intersections of gold and silver mineralisation open at depth and laterally* Grades and nature of the orebody indicate bulk tonnage potential* Follow-up 3,000m drilling programme planned for early 2010 to define the project's economic potentialMariana Resources Managing Director John Sutcliffe said, "Theseexceptional results represent an exciting new gold-silver discoveryat Dos Calandrias, indicating its development into a majormineralised system with bulk tonnage gold potential. This is thefirst mineralisation of its type to be found in the Patagonia region,and we believe it is comparable with a number of gold systemsworldwide. We are planning a major follow-up exploration programme,which will include additional geochemistry, geophysics, step-outdrilling, deeper testing of the known mineralisation, and scoutdrilling of the remaining prospective hydrothermally brecciatedrhyolite dome perimeter."The potential uplift in value that Dos Calandrias presents throughan economic discovery is significant. It is therefore the Company'sintention to fast track the project through resource definitiondrilling."Calandria Sur Drill ResultsTo date, the Company has undertaken a 16 hole diamond drillingprogramme at Dos Calandrias targeting both the Calandria Sur andCalandria Norte prospects of which eight holes were undertaken at theCalandria Sur target totalling 883m. Preliminary results for holeCSD13 at Calandria Sur together with the eight Calandria Norte drillholes were released previously on 19 October 2009.The table of results from Calandria Sur below demonstrates wideintersections of gold and silver mineralisation in holes CSD 9, 12,13, 15 and 16. Mineralisation is open at depth and laterally. Hole From To Core length Gold Silver (m) (m) (m) (g/t) (g/t) CSD09* 22.5 77.3 54.8 0.8 10 Incl 67.3 75.3 8.0 1.9 13 CSD10** 38.9 99.9 61.0 0.2 4 Incl 38.9 44.9 6.0 1.1 10 CSD11 No significant results, hole remained in wallrock CSD12* 19.3 24.9 5.6 1.9 25 And 45.5 89.5 44.0 0.6 6 CSD13** 7.0 109.0 102.0 1.2 17 Incl 89.0 109.0 20.0 2.6 39 CSD14 47.0 100.1 53.1 0.2 2 CSD15 3.5 95.0 91.5 1.6 17 Incl 49.0 70.0 21.0 4.5 39 Incl 51.0 53.0 2.0 28.4 154 CSD16 23.0 94.0 71.0 1.1 23 Incl 61.0 90.0 29.0 1.8 35* Sampling commences and ends in mineralisation** Sampling ends in mineralisationNotes:(1) Weighted average values are uncut(2) A total of 145m of additional drill core sampling and assayingspread over five holes is yet to be completed(3) The above drill intercepts are considered to representapproximate true widthsConsultant's on-site evaluationManagement and Directors recently accompanied leading geologicalconsultant and epithermal specialist Dr. Richard Sillitoe, on atwo-day site visit to appraise the significance of the Dos Calandriasdrilling results. Results conclude that the Calandria Sur prospectis a low-sulphidation epithermal discovery located along the marginof an extensively hydrothermally brecciated rhyolite dome ('HBD').The mineralisation appears to possess bulk tonnage potential in beingdisseminated and not reliant upon identifiable veins.Dr. Sillitoe has provided the following summary of his preliminaryfindings - illustrative material and his full report will beavailable shortly at www.marianaresources.comCalandria Sur * Shallow level epithermal gold-silver mineralisation of low-sulphidation at Calandria Sur occurs in a pervasively HBD * The prospect is the first example of bulk tonnage gold-silver mineralisation hosted in a dome-related hydrothermal breccia to be discovered to date in the Jurassic epithermal precious metal province of Patagonia. * Drilling results to date strongly indicate that the gold-silver mineralisation has a grossly annular, steeply inward dipping form controlled by the contact between the HBD and country rocks. There is a strong suggestion that the highest grade mineralisation terminates upwards some 10m to 20m beneath the current surface, thereby raising the possibility of concealed mineralisation elsewhere around the HBD perimeter. * Highest gold grade intercepts to date abut the HBD contact and are hosted by pervasively silicified breccia overprinted by a marcasite-pyrite stockwork. * Current first pass drilling has preliminarily tested approximately 400m of the 1,500m mapped HBD perimeter. * This drilling has shown that the highest grade gold-silver mineralisation remains open below a vertical depth of approximately 100m. * Geological reconstruction of the HBD shows that the better drill intercepts, ranging from 50m-100m, approximate the interpreted true thicknesses (within 20%). * Follow-up drilling will aim to undercut the current holes, which are spaced 40m-100m apart, as well as test lag geochemical anomalies around the remaining HBD perimeter. Lag sampling around the perimeter will be in-filled and extended to better define targets. A minimum 2,500m-3,000m drill programme is recommended. * Given the close observed association between the highest gold and silver values and the marcasite-pyrite stockwork, consideration is being given to conducting an Induced polarisation chargeability-resistivity survey.Calandria Norte * Shallow drill testing of the two mapped veins did not intersect high gold and silver values so at least one deeper hole needs to be drilled to test for any downward changes that might indicate approach to an ore-bearing epithermal environment.Project InfrastructureThe Deseado Massif region in southern Argentina has excellentinfrastructure. Dos Calandrias has a paved national highway passingwithin 20 km and is serviced by Caleta Olivia, located 150 km to thenorth-east of the project and one of the most important ports in theSanta Cruz province. Electric power is at a distance ofapproximately 60 km and a national gas pipeline runs 15 km east ofthe project. **ENDS**See website www.marianaresources.com for accompanying diagrams.Ray Angus (UK) Mariana Resources Ltd Tel +61 4 00042630John Horsburgh (Chairman) Mariana Resources Ltd Tel +61 2 94374588John Sutcliffe (MD) Mariana Resources Ltd Tel +593 99 808080Rob Adamson RFC Corporate Finance +61 2 9250 Limited (Nomad) 0041Will Souter RFC Corporate Finance +61 2 9250 Limited (Nomad) 0050Joe Lunn (Analyst) FinnCap (Broker) +44 20 7600 1658Matthew Robinson FinnCap (Broker) +44 20 7600 1658Felicity Edwards St Brides Media and +44 20 7236 Finance Ltd 1177Hugo De Salis St Brides Media and +44 20 7236 Finance Ltd 1177Additional InformationDrilling was undertaken by Boart Longyear Argentina. The drillprogramme was managed by the Argentina Exploration Manager, DrGustavo A. Rodriguez under supervision of Managing Director Mr JohnSutcliffe. Exploration information in this announcement has beencompiled by Mr Sutcliffe who is a Fellow of the Geological Society ofLondon, a Chartered Engineer and a Member of the Institute of Miningand Metallurgy. Mr Sutcliffe has sufficient experience relevant tothe style of mineralisation and types of gold deposit underconsideration and to the activity that he is undertaking to qualifyas a Competent Person as defined in the JORC Code.Sampling and Analytical DetailsAll diamond drill core samples are split on geological contacts withminimum and maximum sample length of 0.4 and 2.1 metres respectivelyand represent sawn half HQ-size core.The programme consisted of 768 samples, (including certified controlstandards, quarter core duplicates and blanks). All the samples arecollected under the supervision of the Company geologists. During thesample handling procedure, the sample shipments are tracked. Coresamples were placed into uniquely labelled sample bags. A record ofthe sample location and other specific details is documented in thesample data base.All samples were sent to ALS Chemex Labs with preparation facilitiesin Mendoza and assayed in Chile for gold and multi element ICPanalyses. Rock sample preparation includes weighing, drying, finecrushing of entire sample to better than 70%-2mm, split of 250g andpulverise split to better than 85% passing 75 microns (PREP-31-DRY-22). The 34 element ME ICP41 package analyses utilise an aquaregia digestion. Gold analyses for all samples are fire assay and AAS(Au-AA24, 50g nominal sample weight, range 0.005-10 ppm) with anyresults over 10g/t checked using a gravimetric finish (Au-GRA22-50g ,range 0.05- 1.000 g/t). Silver grades exceeding 100 g/t were assayedby fire assay and gravimetric finish (Ag-GRA21, 30g nominal sampleweight, range 5-10,000 ppm).ALS Cheme's quality system complies with the requirements for theInternational Standards ISO 9001:2000 and ISO 17025: 1999Quality Assurance/Quality ControlAll technical information for the Company's Argentina projects isobtained and reported under a quality assurance and quality control(QA/QC) programme. Four different certified standards were insertedat an average of one per 21 samples, blanks (in house) at one per 40samples, while quarter-core duplicates were inserted at intervals ofapproximately 45 samples. A total of 9% control samples have beeninserted. Assays that meet the QA/QC are incorporated in the Marianadata base.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 07:48 Uhr
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