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. 


As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested.

Do you like this Post?
0 thumbs up
0 thumbs down
Share this post with friends

Mariana Resources Limited is a holding company. The Company is engaged in the mineral exploration in Argentina, Chile, Suriname, Turkey and Peru. The Company's segments include Argentina, Chile, Peru, Suriname, Turkey and Head Office operations. The Company's Head Office operations segment is the support function provided to the Company from Guernsey and Australia, including early stage exploration opportunities. The Company's projects include Soledad Copper-Gold-Silver project, Nassau Gold Project, Las Calandrias Project, Ergama Copper-Gold Project, Hot Maden Project, Rurimarac project, Dona Ines Gold-Silver (Au-Ag) and Exploradora East Copper-Molybdenum-Gold (Cu-Mo-Au) project. The Company's subsidiaries include Mariana Exploration Pty Ltd, Mariana Turkey Limited, Minera Mariana Argentina S.A., Minera Mariana Sierra Blanca SA, Mariana International Limited, Minera AMG Chile Limitada and Minera Mariana Peru SAC. more »

LSE Price
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

  Is Mariana Resources fundamentally strong or weak? Find out More »

What's your view on this news? Log In to Comment Now

You can track all @StockoChat comments via Twitter

About Stockopedia News

Stockopedia News

Stockopedia News Bulletins aim to report on stories and companies that are relevant to and popular with online investors.  It's a free service provided to registered users of Stockopedia. 

Stock Picking Tutorial Centre

Let’s get you setup so you get the most out of our service
Done, Let's add some stocks
Brilliant - You've created a folio! Now let's add some stocks to it.

  • Apple (AAPL)

  • Shell (RDSA)

  • Twitter (TWTR)

  • Volkswagon AG (VOK)

  • McDonalds (MCD)

  • Vodafone (VOD)

  • Barratt Homes (BDEV)

  • Microsoft (MSFT)

  • Tesco (TSCO)
Save and show me my analysis