Mariana Resources Ltd Mariana Resources Ltd : Renewed Argentinean Focus
August 24 2016 - 1:01AM
UK Regulatory
TIDMMARL
AIM: MARL Suite 102, 3 Eden Street
TSXV: MRA North Sydney, NSW 2060
24 August 2016 Australia
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Renewed Argentinean Focus and Chile Update
Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM and TSXV
listed exploration and development company with projects in Turkey and
South America, is pleased to provide the following update on the
Company's projects and strategy in Argentina and Chile.
In Argentina, despite the downturn over the recent years, Mariana has
continued its exploration efforts albeit on a reduced cost basis. The
focus of these exploration activities has been on the advancement of
high grade gold-silver vein/breccia targets on the Company's extensive
tenement holdings in the highly prospective Santa Cruz Province (Figure
1). Key works performed include:
1. Eastern Deseado - Las Calandrias District:
1. At the Las Calandrias Project, field evaluation of 4 high grade
gold-silver vein/breccia systems (La Morena, El Nido Norte, Las
Calandrias Feeders, and Refugio; Figures 2 & 3), all adjacent to
the La Calandria Norte vein (Indicated Mineral Resource of
162,000T @ 9.35/t Au at a 3 g/t Au cut-off), has commenced. One
scout drill hole (CND 250) from 2011 (drilled prior to the
downturn in Argentina) in the La Morena vein returned 0.6m @ 68.1
g/t Au + 107 g/t Ag, making it an immediate priority for follow-up
exploration activities.
2. At Bozal, which is located 30 km NW of Calandria Norte, field
activities have focused on the evaluation of the Lucia
vein/breccia system and the Joaquin vein. Samples from trenches on
the Lucia vein have returned assays up to 1.3 m @ 18 g/t Au + 55
g/t Ag. The veins at Bozal are NW-SE trending and are only exposed
over a total distance of around 800m before disappearing under
post mineralisation basalt flows. Five short (473m in total) scout
holes were drilled at Bozal in 2015, and these have provided
additional vectors to possible high grade shoots on the property.
2. Los Cisnes Project (Figures 4 - 6)
At Los Cisnes, which is located approximately 75km SW of Yamana's Cerro
Moro project and due E of Anglogold Ashanti's Cerro Vanguardia mine,
field work has focused on both the high silver grade El Brio
vein/breccia target and the bulk tonnage El Solar gold-silver
dome-hosted mineralization. A scout drill program in 2015 returned high
grade silver values from the Brio vein (up to 2.9m 755 g/t Ag in LCsD09)
and bulk tonnage style gold mineralization in the El Solar target.
1. Western Deseado - Sierra Blanca District (Figures 7-8):
Mariana's focus at the Sierra Blanca Project, which is located adjacent
to Austral Gold's recently acquired Pinguino project and 44km from the
Cerro Vanguardia Mine, continues to be the evaluation of 22km strike
extent of poorly explored, high grade intermediate sulfidation
epithermal veins. The oxidized central portion of the central Chala vein
has returned exceptional gold and silver grades from channel sampling
(up to 25.7 g/t Au and 7,600 g/t Ag), and represents a near term
opportunity for the delineation of a near surface high grade silver-gold
resource.
Significant improvements have occurred in the political and investment
climate in Argentina since December 2015, and with this increased
investor sentiment Mariana is well positioned to achieve a re-rating on
its Santa Cruz portfolio.
In Chile, scout drilling at the Doña Ines gold prospect yielded no
significant results and, following discussions with our funding partner
Asset Chile, it was agreed to adopt a disciplined approach and suspend
further operations at the Doña Ines and Exploradora projects. The
Company has significant in-house experience in both Chile and Argentina,
and will leverage this experience in the evaluation of new
opportunities.
Chief Executive Officer Glen Parsons today commented:
"Mariana is currently valued nearly solely on the significant high grade
gold and copper Hot Maden project in Turkey; however, it is worth
recalling that up until 2012 Mariana was solely rated on its existing
Argentinean portfolio before the political downturn. Despite this
Mariana has remained committed and active to its strong portfolio in the
Deseado Massif.
"New exploration work to date in Argentina, as highlighted, has
identified potential new target areas for follow up exploration and
drilling with a particular emphasis on high grade gold and silver.
"Mariana's continued lower cost exploration approach in Argentina over
the last three years has positioned its Santa Cruz portfolio favourably,
especially with the renewed interest in the gold sector and, more
importantly, the improved investor climate in Argentina. The positive
steps made by the new government regarding direct foreign investment and
business promotion has brought renewed interest into the country where
we can hopefully see valuations increasing and re-ratings closer to
levels previously achieved.
"Recent drilling results in Chile from the Dona Ines project were
disappointing, however Mariana's strategy is to continue leveraging its
experience to acquire and explore new opportunities in prospective
regions like Chile."
Link to Figures:
http://marianaresources.com/site/media/August_23_Maps.pdf
Highlights for Argentina - Paving the way for future exploration with 3
main focus areas
Las Calandrias District
The 100%-owned Las Calandrias Project is currently the Company's most
advanced exploration asset in Argentina. In 2011, Mariana reported the
following maiden global Mineral Resource Estimate for the Las Calandrias
Project:
Indicated Category: 11.8Mt @ 1.29 g/t Au + 17.4 g/t Ag for 381,000 Oz Au
+ 6.6Moz Ag
Inferred Category: 0.87Mt @ 0.93 g/t Au + 5.2 g/t Ag for 25,900 Oz Au +
144,000 Oz Ag
This maiden resource consisted of contributions from both the bulk
tonnage / disseminated Calandria Sur deposit and the high grade
Calandria Norte vein/breccia system (162,000t @ 9.35 g/t Au). The
current focus of field activities at Las Calandrias is on the field
evaluation of 4 high grade gold-silver vein/breccia systems (La Morena,
El Nido Norte, Las Calandrias Feeders, and Refugio) located in the
vicinity of the La Calandria Norte vein. One scout drill hole (CND 250)
from 2011 in the La Morena vein returned 0.6m @ 68.1 g/t Au + 107 g/t
Ag. The remaining three targets are represented on surface by veins with
strong geochemical signatures - El Nido (surface sampling up to 8.2 g/t
Au + 2,940 g/t Ag), Refugio (up to 900ppm Mo, anomalous Hg and As -
similar to Yamana's Cerro Moro gold-silver discovery), and the Las
Calandrias Feeders.
At Bozal, which is located 30 km NW of Calandria Norte, field activities
have focused on the evaluation of the Lucia and Joaquin vein systems.
Samples from trenches on the Lucia vein have returned assays up to 1.3 m
@ 18 g/t Au + 55 g/t Ag. The veins at Bozal are NW-SE trending and are
only exposed over a short distance (total 800m), with possible
extensions being covered by post mineralization basalt flows. Five short
(473m in total) scout holes were drilled at Bozal in 2015, and these
have provided vectors to possible high grade shoots on the property.
Los Cisnes Project The key Cañadon Porifado concession at Los
Cisnes covers an area of approximately 3,800 Ha (38 square kilometres)
and is located approximately 75km SW of Yamana's Cerro Moro Au-Ag
Project and 120km SSE of Mariana's Las Calandrias projects. To date, a
total of 200 surface and channel samples have been collected, with 71
returning anomalous gold assays (27 of which returned between 0.5 g/t Au
and 11.0 g/t Au). High grade silver assays were also returned from the
El Brio target area, with 8 samples returning values between 31 g/t Ag
and 716 g/t Ag, and one sample assaying 0.8m @ 3,849 g/t Ag. A short
follow up scout drill program was performed in 2015 with extremely
positive results including discovery hole LCsD-09. Key results returned
included:
-- LCsD-09 EL BRIO: Intersected vein/breccia hosted sulphide mineralization
(quartz + pyrite + acanthite), and returned 2.9 m @ 755 g/t Ag (including
0.9m @ 1400 g/t Ag) from 32.1m downhole.
-- LCsD-01 EL BRIO: Intersected vein/breccia hosted sulphide mineralization
(quartz + pyrite + Fe-Ox + acanthite) and returned 1.65 m @ 380 g/t of Ag
(including 0.85m @ 585 g/t Ag) from 28.5m downhole.
-- LCsD-12 EL SOLAR: Rhyolite dome-hosted system with bulk tonnage
potential. Intersected stockwork hosted sulphide mineralization with 25 m
@ 0.5 g/t Au from 13m downhole.
Follow-up work scheduled for the southern summer field season at Los
Cisnes includes further detailed mapping, channel and rock chip sampling,
LAG geochemical sampling, and ground geophysics (magnetics and
pole-dipole IP). On the basis of results obtained to date, Los Cisnes
now ranks as a high priority prospect for Mariana.
Sierra Blanca Project
Mariana's Sierra Blanca Project is located in the western portion of the
Deseado Massif. The Company's focus at Sierra Blanca has been on the
identification and delineation of high grade gold-silver shoots within
the 22 km strike extent of poorly explored, intermediate sulfidation
epithermal vein system. Exploration to date has identified bonanza grade
silver (-gold) in the oxidized / supergene enriched central portion of
the Chala vein, with assays from channel sampling attaining up to 25.7
g/t Au and 7,600 g/t Ag. Further exploration will focus on further
evaluation of this zone of interpreted secondary enrichment.
**ENDS**
Qualified Person
The technical and scientific information contained in this news release
has been reviewed and approved for release by Eric Roth, the Company's
qualified person as defined by National Instrument 43-101. Mr. Roth is
the Company's Chief Operating Officer and Executive Director and holds a
Ph.D. in Economic Geology from the University of Western Australia, is a
Fellow of the Australian Institute of Mining and Metallurgy (AusIMM),
and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth
has 25 years of experience in international minerals exploration and
mining project evaluation.
For further information please visit website at www.marianaresources.com
or contact the following.
In Australia:
Glen Parsons (CEO) Mariana Resources Ltd +61 2 9437 4588
Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243
Rob Adamson RFC Ambrian Limited (Nomad) +61 2 9250 0041
Will Souter RFC Ambrian Limited (Nomad) +61 2 9250 0050
In U.K.
Oliver Stansfield Brandon Hill Capital (UK Broker) +44 20 3463 5061
Jonathan Evans Brandon Hill Capital (UK Broker) +44 20 3463 5016
Camilla Horsfall Blytheweigh (Financial PR) +44 20 7138 3224
Megan Ray Blytheweigh (Financial PR) +44 20 7138 3203
About Mariana Resources
Mariana Resources Ltd is an AIM (MARL) and TSXV (MRA) quoted exploration
and development company with an extensive portfolio of gold, silver and
copper projects in South America and Turkey.
Mariana's most advanced asset is the Hot Maden gold-copper project in
north east Turkey, which is a joint venture with its Turkish JV partner
Lidya (30% Mariana and 70% Lidya) and rapidly advancing to development.
An updated mineral resource estimate of 3.43 Moz gold Equivalent
(Indicated Category) and 0.09 Moz gold Equivalent (Inferred Category)
(100% basis) in the main resource zone as well as a maiden 351,000 Moz
gold Equivalent (Inferred Category) (100% basis) in the new southern
discovery zone was reported for Hot Maden on July 25, 2015. Elsewhere in
Turkey, Mariana holds a 100% interest in the Ergama gold-copper project.
In southern Argentina, the Company's core gold-silver projects are Las
Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal
(100%). These projects are part of a 160,000+ Ha land package in the
Deseado Massif epithermal gold-silver district in mining-friendly Santa
Cruz Province.
In Suriname, Mariana has a direct holding of 10.2% of the Nassau Gold
project. The Nassau Gold Project is a 28,000 Ha exploration concession
located approximately 125 km south east of the capital Paramaribo and
immediately adjacent to Newmont Mining's 4.2Moz gold Merian project.
In Peru and Chile, Mariana is focusing on acquiring new opportunities
which complement its current portfolio.
Safe Harbour
This press release contains certain statements which may be deemed to be
forward-looking statements. These forward-looking statements are made
as at the date of this press release and include, without limitation,
statements regarding discussions of future plans, the realization, cost,
timing and extent of mineral resource estimates, estimated future
exploration expenditures, costs and timing of the development of new
deposits, success of exploration activities, permitting time lines, and
requirements for additional capital. The words "plans", "expects",
"budget", "scheduled", "estimate", "forecasts", "intend", "anticipate",
"believe", "may", "will", or similar expressions or variations of such
words are intended to identify forward-looking statements.
Forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions and other factors that may cause actual
results to vary materially from those expressed or implied by such
forward-looking statements, including, but not limited to: the effects
of general economic conditions; the price of gold, silver and copper;
misjudgements in the course of preparing forward-looking statements;
risks associated with international operations; the need for additional
financing; risks inherent in exploration results; conclusions of
economic evaluations; changes in project parameters; currency and
commodity price fluctuations; title matters; environmental liability
claims; unanticipated operational risks; accidents, labour disputes and
other risks of the mining industry; delays in obtaining governmental
approvals or in the completion of development or construction
activities; political risk; and other risks and uncertainties described
in the Company's annual financial statements for the most recently
completed financial year which is available on the Company's website at
www.marianaresources.com . Although we believe that the expectations
reflected in such forward-looking statements are based upon reasonable
assumptions and have attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such forward-looking statements. Accordingly, readers are cautioned
not to place undue reliance on forward-looking statements. We do not
undertake to update any forward-looking statements, except in accordance
with applicable securities laws.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Mariana Resources Ltd via Globenewswire
HUG#2036884
http://www.marianaresources.com/index.php
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