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 mineral exploration with a geographically diversified portfolio of gold, copper and silver assets in Turkey, Argentina, Peru, Suriname and Chile. The Company’s head office operations, which include support function, are located in Guernsey, Australia and Canada. The Company’s projects include advancing high grade Au-Cu Hot Maden project in north eastern Turkey, the Soledad Project in Central Peru, Las Calandrias and Los Cisnes project in Southern Argentina, the Nassau Gold project in Suriname and Dona Ines in Chile. 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, Aegean Metals Group Inc. and Altavista Gold Inc. more »

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