Mariana Resources Ltd - Mariana Resources discovers new gold, silver zones at Sierra Blanca
hemscott.com
AIM and PLUS code: MARL 17 September
2007
Mariana Resources discovers new gold, silver zones at Sierra Blanca,
Santa Cruz, Argentina.
Mariana Resources Ltd (Mariana) is pleased to announce the discovery
of sulphide-rich vein zones more than 3 kilometres in length on its
Sierra Blanca gold/silver JV project in Santa Cruz Province, southern
Argentina. The recently identified sulfide veining areas have been
sampled and initial results are reported here. The current work
program includes detailed geological mapping, rock-chip sampling and
surface magnetic and Induced Polarization (IP) geophysical surveying.
New Veins Discovery
Two separated areas of sulfide-rich (up to 40% in volume) quartz
veins have been identified in the Sierra Blanca project.
In the southernmost part, referred to as 'Vetarron', crustiform and
brecciated sulfide bearing quartz veins have been discovered in a
N10ºE trending belt 2 km long and 200m wide. Sulphide mineralization
is mainly pyrite, with marcasite, sphalerite, galena and minor
argentite (a silver bearing mineral).
In the northern area veins crop out irregularly in a NE-trending belt
1 km long and 400m wide.
To date, geological mapping has outlined a total of approximately 30
kilometers of epithermal veins on the property. A plan showing the
new vein arrays and assay results will be available on Mariana's
website - www.marianaresources.com
Assay Results
A total of 45 rock-chip samples were collected during the initial
reconnaissance of the area in the western part of Sierra Blanca.
Assays have returned up to 1.61 g/t (grams/tonne) gold & 91 g/t
silver over 1.4m width and 1.15 g/t gold & 136 g/t silver over 1.2m
width.
Significant anomalies of epithermal pathfinder elements included
elevated values of lead (up to 1.37%), zinc (0.12%), mercury (5.2
ppm), arsenic (2,140 ppm) and antimony (3,110 ppm).
Results from assays of the remaining seven samples are expected
shortly and a detailed assessment of all new assay results will be
undertaken.
Analyses for the samples were performed by ALS Chemex Laboratory, an
internationally recognized assay service provider, in Santiago de
Chile.
Geophysical Survey
The geophysical survey, which is currently being conducted by Quantec
Geoscience Argentina S.A., will include two areas of ground magnetics
surveying covering 296 line kilometres and four blocks totaling 55
line kilometres of IP surveying.
When the geophysical survey data has been processed and all assay
data has been received, Mariana will plan further drilling on the
property to be undertaken in 2008.
Sierra Blanca and Cañadon Largo are held in joint venture with
IAMGOLD whereby Mariana can earn a 70% interest in the two properties
by expenditure of US$2M by October 2009.
On the Sierra Blanca property an initial 2,524 metres of
reconnaissance diamond drilling was carried out in January 2007 (see
AIM Release dated 2 March 2007). No economic grades were intersected
in this preliminary program but drilling confirmed the epithermal
nature of the vein target, warranting further work as outlined above.
Commenting today, Mariana's Managing Director John Sutcliffe said:
'Sierra Blanca is a very large target with at least 30 kilometres of
intermediate sulphidation epithermal veins in an area where recent
volcanic cover has hindered initial reconnaissance exploration. The
new vein discovery is most exciting and we look forward to the next
round of drilling once all the data has been studied and targets
identified'.
ON BEHALF OF THE BOARD
John Sutcliffe
Managing Director
For more information:
Mariana Resources Limited
John Horsburgh (Chairman) +61 2 9437 4588
John Sutcliffe (MD) +5932 298 6464
RFC Corporate Finance Limited
(Nomad) Rob Adamson
+61 2 9250 0041
Will Souter
+61 2 9250 0050
Conduit PR Limited
(Public Relations)
Laurence Read +44 20 7429 6605; +44 797 9955 923
Ed Portman
+44 20 7429 6667; +44 773 3363 501
Haywood Securities (UK) Limited
(Broker) Daniel Brooks
+4420 7031 8000
Or visit website at www.marianaresources.com
ADDITIONAL INFORMATION
The exploration programme is being supervised by the Argentina
Exploration Manager, Dr Gustavo A. Rodriguez and Managing Director Mr
John Sutcliffe. Samples were prepared by ALS Chemex in Mendoza,
Argentina, using standard industry practice. Exploration information
in this announcement has been compiled by John Sutcliffe who is a
Fellow of the Geological Society of London, a Chartered Engineer and
a Member of the Institute of Mining and Metallurgy. Mr Sutcliffe has
sufficient experience relevant to the style of mineralisation and
types of gold deposit under consideration and to the activity that he
is undertaking to qualify as a Competent Person as defined in the
JORC Code. |
