RSS UpdatesCompany Information for Mariana Resources Ltd
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 AIM; MARL
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Company Statement
Mariana Resources Ltd is an AIM quoted exploration company with projects in Argentina and Chile prospective for epithermal gold-silver and IOCG (iron oxide copper–gold) deposits. An important gold-silver discovery at the 100% owned Dos Calandrias Project in the prospective Deseado Massif in Santa Cruz Province (southern Argentina) was announced in late 2009 on the back of an earlier epithermal silver-gold find at its 70% owned Sierra Blanca Project, also in the Deseado.
First pass diamond drilling at the Calandria Sur prospect at the Las Calandrias Project intersected wide zones of gold-silver mineralization, open in all directions, hosted in a brecciated rhyolite dme. Best intersection was 91.5m @ 1.6 g/t Au and 17 g/t Ag from 3.5m, including 21m @ 4.5 g/t Au and 39 g/t Ag from 40m - hole CSD15. Follow-up drilling underway Q1 and Q2 2010.
At Sierra Blanca, encouraging epithermal silver-gold was discovered over an 1100m trend at Veta Chala with best intersection of 11m @ 3.4 g/t Au and 386 g/t Ag from 46m - hole SBD51. Mariana also has a 130,000 Ha land package covering eight epithermal gold-silver target areas in Santa Cruz.
Mariana is active in the prolific Northern Chile IOCG (Iron Oxide Copper Gold) Belt, with advanced projects at Perro Chico and Buenaventura.
The Mariana team has over 150 years of industry experience, with a South American focus from discovery to mine development.
Current Operations
Overview
Mariana’s portfolio covers some prospective mining districts in Santa Cruz province, Argentina and in Northern Chile.
In Santa Cruz, key projects are the 100% owned Las Calandrias and 70% owned Sierra Blanca (option on remaining 30%) epithermal gold-silver discoveries. A third project, Los Amigos (49%) is being explored jointly with Hochschild Mining. Another 8 prospective areas are located within a 100% owned 160,000 Ha land package.
In Northern Chile. Mariana has exposure to copper-gold in the Candelaria Iron-Oxide-Copper-Gold Belt at Buenaventura and Pero Chico.
The main projects are briefly summarized as follows:
Sierra Blanca
Mariana has earned 70% in the Sierra Blanca and Cañadon Largo properties by spending US$2M by the end of 2008. In Q4 2009, Mariana secured an option to acquire the remaining 30% in the JV from IAMGOLD. Option terms included an initial consideration of 1,000,000 Mariana shares issued to IAMGOLD. Mariana must also complete a minimum of 1,500m of drilling on the properties in the two year option period. The option may be exercised by paying US$500,000, issuing the equivalent of US$500,000 in Mariana shares and awarding a 1.5% NSR to IAMGOLD.
Cañadon Largo
Low sulphidation epithermal vein strongly anomalous in gold, silver and pathfinder elements. Silicification, quartz veins and breccias occur along a 1.7km trend. Vein widths of up to 4m are reported with rock chip assays up to 1.4 g/t Au and 238 g/t Ag. Silicified zones reach widths of up to 8m.
Las Calandrias
Las Calandrias Project includes the Calandria Sur and Calandria Norte mineralised Jurassic rhyolite dome complexes in the southeastern part of the project area and the recently discovered El Nido dome complex located to the west (Figure 1). Hydrothermal breccias have been identified at dome margins at Clandria Sur. El Nido consists of several coalescent rhyolite domes along a northeast trending 3.5 x 2.5km belt west and northwest of the Calandria Sur and Calandria Norte domes. Veins and sulphide breccias have been identified at El Nido Sur, El Nido Norte and El Nido Centro, mostly at dome margins. NW and NE trending epithermal veins occur within the Calandria Norte dome.
Los Amigos
Mariana and Hochschild have pooled their properties into the JV. A US$2M exploration budget over 3 years will be 40% paid by Mariana and 60% by Hochschild, to confirm interests of 49% and 51% respectively. Of this, US$500,000 is committed in the first year. Hochschild can earn a further 9% by funding 60% of the next US$3M in the next 2 years and a further 10% by either completing a Feasibility Study or, if requested by Mariana, by providing project financing, repaid out of 80% of Mariana’s share of cash flow. This could see Hochschild’s interest in the JV increase to 70% with Mariana 30%. IAMGOLD retains a 1.5% NSR.
The 2010 porgramme includes additional surface rock chip sampling, geological mapping, follow up of airborne magnetic lineaments, soil sampling, IP surveying as required and drilling of priority gold targets.
La Borita
Mariana Resources has optioned tenements covering 3,000ha over the La Borita copper prospect situated in the northern part of Catamarca province, approximately 60km SW of Antofagasta de la Sierra, north-west Argentina.
Mariana has the right to acquire a 100% interest in the property from the owner by making staged payments over a four year period for a cumulative total of $900,000 and subject to a 2% NSR royalty, which Mariana can buy-out for $1.2 M.
The prospect is located in a prominent topographic low which coincides with a NE trending magnetic low anomaly approximately 7km long and up to 3.2 km wide. Copper-bearing travertine (carbonate rock deposited at surface from a hot spring) occupies a 1.0 x 1.5 km area within the area of a topographic low coincident with a magnetic low.
Mariana has completed three lines of pole-dipole induced polarisation (IP) geophysics across the magnetic-low target zone, which confirmed the potential for disseminated sulphides that could be porphyry related at depth.
Perro Chico
Three target areas, all related to gravity anomalies, were drilled at the Belleza, El Sauce and Pancho prospects by 4 RC holes and one diamond drill hole in Q4 2009.
At Belleza, core hole PC-DDH-01 intersected a 40m zone of strong copper-gold mineralisation and an underlying 250m long zone of intense pyritic mineralisation, up to the end of the hole at 296m. Best results were 40m @ 0.56% Cu from 6m including 22m @ 0.81% Cu + 0.15 g/t Au from 6m.
The hole tested stratabound copper mineralisation exposed in shallow artisanal mining workings down dip. The mineralsied zone is open to the north and northwest of the Belleza workings.
Mineralisation consists of copper oxides and sulphides hosted by skarn, sedimentary and andesitic lithologies. Alteration includes calcite, magnetite, hematite, chlorite-epidote and intense pyritisation.
At Pancho, 2km south-southwest of Belleza, hole PC-RC-02 tested the best gravity anomaly under 66m of gravel cover. It intersected a sedimentary sequence with weak to moderate IOCG style alteration with anomalous copper from 66m to end of hole at 388m.
Buenaventura
Targets at Cerro Brecha and Cerro Bertha were drill tested in Q4 2009.
Two RC percussion holes at Cerro Berta Norte tested coincident magnetics, alteration, brecciation, hematite, strong fracturing and anomalous Cu, Au and Co in soils over a 1.5 x 1km area. Hole BV-RC-01 was drilled to 500m and encountered anomalous copper and gold from near surface to 440m, with the highest assays returning 6m @ 0.32% Cu plus 0.44g/t Au from 374m.
The second hole (BV-RC-02) was terminated at 358m due to technical problems, however anomalous copper was encountered throughout, with the bottom 90m averaging 415 ppm Cu and 23 ppb Au.
At Cerro Brecha, a single deep hole tested the upper part of an anomaly interpreted to be dense iron oxides (from 3D modelling of the 2008 gravity survey) below known shallow IOCG type copper/gold mineralization from previous drilling. BV-RD-01 was drilled as a pre-collared diamond hole to 651m. It intersected hematite and minor magnetite (10-20%) from 180-234m with anomalous copper (120-1500ppm) from 210-272m. In the cored section, the rock is mainly an andesitic breccia with anomalous copper mineralisation (chalcopyrite) intersected from 454-490m (120-1500 ppm Cu).
Geographical Spread
Board of Directors and Key Management
| EXECUTIVE DIRECTORS | |
| John Horsburgh | Chairman |
| John Sutcliffe | Managing Director |
| Glen Parsons | Director Finance and Corporate Development |
| NON EXECUTIVE DIRECTORS | |
| Raymond Angus | Non Executive Director |
| Management | |
| Dr. Gustavo Rodríguez | Country Manager Argentina |
| Walter Espinosa | Country Manager Chile |
Company AddressGranite House
|
Additional Address/Key ContactSydney Office |
CapitalIssued capital 129,011,396
|
Year End30 June |
Nominated BrokersFinnCap | Nominated AdvisorsRFC Corporate Finance Ltd |
Major Shareholders
| Name | No. of shares held | % held |
| Hochschild Mining Holdings Limited | 11,002,948 | 8.58 |
| JP Morgan Asset Managemnet | 9,983,334 | 7.79 |
| Liechtenstein landesbank Vaduz (PB) | 9,250,000 | 7.21 |
| Ray Angus* | 5,354,300 | 4.17 |
| Australian Investors P/L | 5,350,000 | 4.17 |
| Generali Investments | 5,128,500 | 4.00 |
| Savoy Inv. Management | 4,950,000 | 3.90 |
| Pension Canada | 4,809,500 | 3.75 |
| John Sutcliffe* | 3,341,667 | 2.61 |
| John Horsburgh* | 3,187,002 | 2.49 |
| Total | 62,357,251 | 48.63 |
Related News
21/04/10 - Drill Results From Mariana’s Las Calandrias Epithermal Gold Project In Patagonia Are Due Within The Next Few Weeks29/10/09 - Shares In Mariana Resources Jump As Drilling On The Dos Calandrias Gold Property In Argentina Comes Up Trumps
08/09/09 - As The South American Drill Season Gets Underway, Mariana Resources Targets A Large Epithermal Gold System In Argentina
Most Recent Statement
06/09/10 - Drilling Report16/08/10 - Drilling Report
02/08/10 - Drilling Report
02/07/10 - Re Joint Venture
30/06/10 - Drilling Report
29/06/10 - Issue of Equity