Mariana Resources extends Calandria Sur gold mineralisation

Wednesday, Jun 02 2010 by
Mariana Resources extends Calandria Sur gold mineralisation

Mariana Resources (LON:MARL), the AIM quoted mining exploration group active in Argentina and Chile, has reported further wide gold intersections from the latest 19 drill holes at the Calandria Sur prospect on its Las Calandrias gold project in southern Argentina. Mariana is currently focused on expanding the Las Calandrias project, which has been enhanced by the Calandria Sur bulk tonnage potential, recent bonanza gold intersections at Calandria Norte and additional targets at El Nido. Shares in the company rose 2.3% to 32.7p on the news, representing a 12 month high from the 5p the company was trading at last June.

Mariana’s managing director John Sutcliffe said: “These impressive results from Calandria Sur, in conjunction with the recently announced Calandria Norte bonanza gold intercepts, continue to highlight Las Calandrias’ exciting upside as it becomes clear that it contains multiple mineralised zones with both bonanza and bulk tonnage potential. At Calandria Sur, gold and silver mineralisation continues to the northwest of the previously released drill holes and now extends for approximately 400m, over a width of 150-200m and to depths exceeding 100m. Looking ahead, additional drilling in the western sector and other targeted areas at Calandria Sur will form the basis of an initial resource study, which will further define the economic potential of the project.”

According to Mariana’s broker, FinnCap, the latest results confirm the potential for a low grade bulk mineable open pit gold deposit. In light of the results so far, it thinks that Calandria Sur could contain up to 15 tonnes of gold at mineable cut-off grades. It also pointed out that the bonanza gold and silver grades at Calandria Norte, combined with the blue sky potential at El Nido, means that there could be more potential upside to come. FinnCap analyst, Joe Lunn, wrote: “The final set of drill results containing the remaining two holes at Nido Norte are what we believe the market is waiting for and these should be released next week. As we consider assays from these holes as potentially material to Mariana Resources’ share price, we are keeping our valuation under review until these results are known.”


Filed Under: Gold,
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Mariana Resources Limited is engaged in the exploration for minerals, mainly gold, silver and copper 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 Argentina projects include Sierra Blanca Gold-Silver Project, Canadon Largo, Las Calandrias, Los Amigos and Condor de Oro. The Company has a letter of intent with Condor Resources Inc. to earn a 51% interest and operate the Pucayacu Gold-Copper Property. more »

Share Price (AIM)
1.98p
Change
0.1  6.4%
P/E (fwd)
n/a
Yield (fwd)
n/a
Mkt Cap (£m)
8.3



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