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 AIM; MARL
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Company Statement
Mariana Resources Ltd (AIM, PLUS: MARL) is a Guernsey based exploration company with a portfolio of mineral tenements which are considered highly prospective for large scale, or high value gold and copper-gold prospects with a focus in Argentina and Chile.
The Company's strategy is to seek under-explored areas with potential for high grade gold-silver epithermal mineralization and IOCG (Iron Oxide Copper Gold) deposits. Mariana brings to bear considerable field experience in this regard where early recognition of critical geological features is an important aspect of identifying potentially high value projects.
Mariana completed an RC and diamond core drilling program at its Sierra Blanca joint venture project in Santa Cruz province, Argentina in the September Quarter 2008. Encouraging epithermal style gold-silver mineralization was discovered over an 1100m trend at Veta Chala. Best intersections included 11.0m @ 3.4 g/t Au and 386 g/t Ag from 46m in hole SBD51, 14.3m @ 2.8 g/t Au and 242 g/t Ag from 31m in hole SBD55, 21.0m @ 0.7 g/t Au and 189 g/t Ag from 33m in hole SBR27 and 3.0m @ 4.3 g/t Au and 236 g/t Ag from 30m in hole SBR38.
The Mariana team brings together over 150 years of combined industry experience, with a specific South American focus. This includes discovery to mine development as well as successful management of junior companies.
Exploring for Bonanza Grade Gold and Silver in South America.
Current Operations
Overview
Since 2004, Mariana's Exploration's efforts have focussed on selected prospective mineral belts of Chile, Argentina and Ecuador. A quality portfolio has been assembled backed by an experienced team of minefinders.
The prospects are mostly advanced exploration projects with either mineralized drill intersections, shallow small-scale mine workings or bonanza gold/silver grades in surface channel/trenches. The Directors believe the portfolio has excellent potential for the discovery of various styles of gold/silver and copper-gold deposits.
The main projects are briefly summarized as follows:
Sierra Blanca/Cañadon Largo (Argentina) – exciting low-sulphidation epithermal silver-gold project with a number of new high priority drill-ready targets and scope for more along 35km of prospective vein trends. Bonanza silver-gold grades at Veta Chala with a best diamond saw channel sample of 9.4m @ 2,362 g/t Ag including a 1m sample of 7 kg/t Ag.
Perro Chico (Chile) – untested copper-gold skarn targets, IOCG potential in gravel-covered areas.
La Borita (Argentina) – concealed porphyry copper target on Alumbrera Porphyry Copper Trend.
Macara JV (S Ecuador) – narrow high grade gold mineralization hosted by skarns adjacent to diorite intrusives, recent drill intercepts of 1.7m @ 33.2 g/t Au and 1.1m @ 27.7 g/t Au.
Fierro Urcu (S Ecuador) – large alteration system, high sulphidation gold-silver, vein gold-silver and porphyry copper potential. Partially tested by Newmont – 147m @ 0.5 g/t Au and 62m @ 0.3% Cu. Apex farming in, veins in old workings have assayed 20-30 g/t Au over 1-2m.
ECUADOR
The company's main Ecuador projects are:
- Fierro Urcu, a joint venture between Mariana, the concession owner, and Silex Ecuador S.A., a subsidiary of Apex Silver Mines Ltd. In October 2007, the company announced very encouraging results obtained at Fierro Urcu, with quartz veins in the W part of the concession assaying up to 34.5 g/t gold with 230 g/t silver over a vein width of 1.5 m.
- Loma de la Virgen, is a 100% owned epithermal silver-gold vein target with surface assays of up to 5.7 g/t gold and 800 g/t silver. Mariana was seeking a joint venture partner for La Virgen.
- Macara is a 50/50 JV with Dynasty Metals and Mining with skarn-type mineralisation is related to a porphyry system. A 1,113 m drill program was completed in January 2008 returning significant gold intercepts in 3 of 8 scout holes with best intercepts of 33.2 g/t gold over 1.7 m (MD 5) and 25.7 g/t gold over 1.13 m (MD 1). The La Victoria skarn project and the Norcay JV (with IAMGOLD) have been dropped following lack of encouraging results as previously reported.
ARGENTINA
Mariana is exploring for low sulphidation epithermal gold–silver deposits in the Deseado Massif, Santa Cruz Province in Patagonia by way of a joint venture with IAMGOLD Argentina and more recently, in its own right. The Deseado Massif is a world class gold-silver mining province. The joint venture covers the Sierra Blanca and Cañadon Largo concessions which were located by IAMGOLD using ASTER satellite imagery.
Mariana can earn 70% in the properties by spending US$2M in four years. Mariana commenced a program of RC and diamond core drilling, mainly of the Chala and Lucila prospects, within the Sierra Blanca concession in September 2008 to test at depth, surface channel samples of up to 9.4m @ 2,362 g/t Ag (76 oz/t) and 1.3 g/t Au.
Elsewhere in Santa Cruz Province, Mariana has applied for more than 160,000ha of concessions considered prospective for epithermal gold-silver mineralization. Reconnaissance exploration has located encouraging surface mineralized outcops with rock chip samples of 0.7 metres (m) @ 21.7 grams per tonne (g/t) Au, 62 g/t Ag in brecciated rocks at Pampa del Tongoril II, 1 m @ 1.85 g/t Au, 302 g/t Ag in sulphide-rich stockwork areas at El Bozal II and 0.7 m @ 0.1 g/t Au, 240 g/t Ag in high-level vein breccias and sinters deposits at Amigo.
La Borita option to acquire 100% in a concealed porphyry copper target beneath extensive copper-bearing travertine within a magnetic low on Alumbrera Trend in Catamarca province, north west Argentina. IP surveying has been completed and the geophysical contractor, Quantec Geoscience reported “….The IP survey appears to have produced reliable data that suggest significant sulphides occur on a porphyry-like scale, at depth. The observed chargeabilities at La Borita are within the range of expectation for mineralized porphyry deposits….”
CHILE
Chile forms an important part of Mariana's strategic plan. The country is the World’s largest copper producer. It has a number of giant porphyry coppers and significant iron oxide copper gold (IOCG) deposits. It consistently ranks as a top global exploration/mining destination.
Mariana has been exploring the Exploradora Porphyry Copper Prospect under a joint venture with Empresa Minera de Mantos Blancos ("EMMB"), part of the Anglo American group of companies. Anglo is a major player in Chile with major copper mines at Collahuasi, Disputada, El Soldado, Los Bronces, Mantos Blancos and Mantoverde.
In 2007, Mariana drilling at Exploradora intersected substantial intervals between 168 and 188m averaging 0.2% Cu. Supergene enriched copper mineralization was not present.
Mariana has acquired interests in two new projects along the 1400km Coastal Cordillera (IOCG Belt) of Northern Chile. The Belt hosts the Mantos Blancos, Mantos Verdes and El Solado IOCG mines.The Buenaventura and Perro Chico projects are located along this belt and both have significant IOCG potential.
Geographical Spread
Board of Directors and Key Management
| EXECUTIVE DIRECTORS | |
| John Horsburgh | Chairman |
| John Sutcliffe | Managing Director |
| NON EXECUTIVE DIRECTORS | |
| Raymond Angus | Non Executive Director |
Company AddressGranite House
|
Additional Address/Key ContactQuito Office |
CapitalIssued capital; 67,806,868
|
Year End30 June |
Nominated BrokersFinnCap | Nominated AdvisorsRFC Corporate Finance Ltd |
Major Shareholders
| Hochschild Mining Holdings Limited | 11,002,948 | 16.23 |
| Credit Suisse Client Nominees (UK) Limited | 7,825,000 | 11.54 |
| Securities Services Nominees Limited | 5,968,352 | 8.80 |
| Chase Nominees Limited | 4,650,000 | 6.86 |
| Roy Nominees Limited | 3,862,000 | 5.70 |
| Goldman Sachs Securities (Nominees) Limited | 3,550,000 | 5.24 |
| R J Angus | 3,354,300 | 4.95 |
| Apex Silver Mines Limited | 3,117,500 | 4.60 |
| John Horsburgh | 2,520,002 | 3.72 |
| John Sutcliffe | 1,675,000 | 2.47 |
| Total | 47,525,101 | 70.09 |
Related News
29/10/09 - Shares In Mariana Resources Jump As Drilling On The Dos Calandrias Gold Property In Argentina Comes Up Trumps08/09/09 - As The South American Drill Season Gets Underway, Mariana Resources Targets A Large Epithermal Gold System In Argentina
10/12/08 - Mariana Resources Convinces One Of South America’s Preeminent Silver Companies To Pay Its Bills For A While
13/08/08 - Mariana Resources Comes Round For A Second Pass On The Sierra Blanca Property In Argentina
14/04/08 - Mariana Resources Has A Full Measure Of Enthusiasm And A Sizeable Project At Sierra Blanca
Most Recent Statement
04/03/10 - Doc re. Exploration update22/02/10 - Drilling Report
27/01/10 - PRELIMINARY DRILLING AT LOS AMIGOS JOINT VENTURE, SANTA CRUZ, ARGENTINA
23/12/09 - Inaugural Drilling at Buenaventura and Perro Chico, Northern Chile, Indicates Potential for Iron Oxide Copper Gold Mineralisation
30/11/09 - Mariana Resources' right to acquire 100% of the Sierra Blanca Project
16/11/09 - Mariana raises £2.95 Million in placement.