30th Jul 2014 11:26
LONDON (Alliance News) - Mariana Resources Ltd Wednesday said it has outlined a number of drill targets prospective for bulk-tonnage gold and high-grade gold and silver ore, partly based on new trenching results at its Los Cisnes project in Argentina.
The AIM-quoted exploration and development company, which is focused on Peru and southern Argentina, said the new drill targets were identified using strong exploration findings and positive trenching results at the site.
The company said rock chip sampling of the site shows widespread gold and silver anomalies, with 71 out of 200 samples strongly anomalous for gold, including 27 samples above 0.5 grams per tonne of gold.
Mariana previously reported that channel sampling at its El Brio target at the site showed high grade silver potential with 8 samples ranging from 31 grams per tonne of silver to 716 grams per tonne of silver.
The company added that trenching, carried out over 39 areas to compliment rock-chip sampling, found 12 exposed bedrock regions with strongly anomalous gold, silver and arsenic. Results included a 1 metre space at 217 grams per tonne of gold and a 3 metre space at 0.6 grams per tonne of gold.
Mariana said that mapping of the Los Cisnes site has now identified multiple phyolite domes with two sectors of dome-hosted mineralised breccias and disseminated sulphides.
Ground magnetics tests have shown a much larger dome complex than the company initially mapped with major extensions. The company said it expects the resource system to be twice as large as its Las Calandrias resource of 519,000 ounces of gold equivalent, also in Argentina.
The company said the exploration programme has shown a northeast trending large dome corridor at its El Solar and Solar East targets, which are now ranked as high-priority targets for its upcoming scout drilling programme planned for the 2014 and 2015 seasons.
Mariana said the El Brio high-grade vein breccia trend is also a priority drilling target.
The news comes after Mariana optioned new strategic tenements linked to its Los Cisnes project in May, entering a binding letter of intent to acquire a 60% interest in Tierra Exploration SA's three properties, which cover an area of 14,900 hectares.
The deal will be done by way of an earn-in option based on the company paying direct exploration costs of USD1 million over four years and making USD2 million worth of share payments to Tierra.
The company said at the time that it made the decision to acquire nearby licences after test results and mapping from its gold and silver exploration at the Los Cisnes site showed that strong mineralised trends appear to extend beyond the boundaries of the site.
Mariana Resources shares were up 1.0% to 3.02 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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