Mariana Resources (AIM:MARL) Drilling Report

Wednesday, Jan 27 2010 by

Mariana Resources announced today that Hochschild Mining Holdings has carried out preliminary drilling at the Los Amigos Joint Venture site in Santa Cruz, Argentina. Mariana.jpg

Mariana Resources Ltd is an AIM-quoted exploration and project development company with a portfolio of projects considered highly prospective for epithermal gold-silver and IOCG (iron oxide copper–gold) deposits, with a focus in Argentina and Chile.

Hochschild Mining Holdings, the operator of the Los Amigos Joint Venture, informed Mariana Resources that three Reverse Circulation holes have been drilled for a total of 900 metres at the project site. The holes were drilled to investigate various vein targets for epithermal gold-silver mineralisation. 

Mariana Resources has two projects in the area, Mariana Amigos I and Amigos II, and Hochschild San Augustin tenements are located 110km south of Hochschild's gold-silver San Jose Mine.

The dimensions of the holes were between 1 and 10 m wide with quartz veinlets. Each hole intersected wider alteration zones. Results of the investigation are expected by the end of February 2010. 

The project is reported to cost US$2 million, over a period of 3 years. Mariana Resources have agreed to pay 40% of the cost, and the remaining 60% will be covered by Hochschild to reflect the participating interests of 49% and 51% respectively. A budget of US$500,000 is to be committed in the first year.

Hochschild’s interest could potentially increase to a total of 70% if they agree to fund 60% of the next $US3 million in the following two years, and a further 10% by completing a Feasibility Study or by providing project financing. 

Prior to the joint venture with Mariana, Hochschild previously held the San Augustin property with IAMGOLD Corporation. IAMGOLD retain 1.5% of net returns royalty on any future production from the Hochschild-Mariana partnership. 

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Mariana Resources Limited is a Guernsey-based company engaged in in mineral exploration in Argentina, Chile and Peru. The Company operates in four segments: Argentina, which includes exploration activities in Argentina; Chile, which include exploration activities in Chile; Peru, which is involved in exploration activities in Peru, and Head Office Operations, which include support function provided to the Company from Guernsey and Australia, Canada, including early stage exploration opportunities. The Company’s projects include Condor de Oro Project in Northern Peru and Soledad Project in Central Peru. Its subsidiaries include Mariana International Limited, Mariana Exploration Pty Limited, Minera Mariana Argentina S.A., Sierra Blanca S.A., Compania Minera Mariana de Chile Ltda and Altavista Gold Inc. more »

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