MARIANA RESOURCES LIMITED
AIM & PLUS: MARL
October 7th 2009.
Mariana commences drilling IOCG targets, Northern Chile
Highlights
* 3,300m 9-hole drill programme has started at Buenaventura and
Perro Chico.
* Eight IOCG targets defined by gravity surveying, geological
mapping and geochemistry.
* Primary target: A large residual gravity anomaly beneath known
IOCG copper mineralization at Cerro Brecha (Buenaventura).
* Projects all located in Chile's world class IOCG belt.
Mariana has commenced a drilling programme to test IOCG targets at
Buenaventure and Perro Chico projects in Northern Chile. There are
three targets to be drilled at Buenaventura and five at Perro Chico.
Buenaventura
Buenaventura is located at a maximum altitude of 1200m ASL, 50 km NNE
of Copiap�, between Freeport's Candelaria and Anglo American's Manto
Verde copper mines in Northern Chile. The 44km2 project area is
situated along the Atacama Fault Complex, which hosts all major
Chilean iron oxide-copper-gold (IOCG) deposits. Previous drilling
(2002, 2005) intersected several zones of IOCG mineralisation,
including six holes ranging from 22m to 90m @ 0.40% to 0.49 % Cu
(copper) with up to 0.13 g/t Au (gold).
In April 2008, Mariana and Minotaur Exploration Ltd (Minotaur)
announced a joint venture with Sociedad Minera Contractual
Buenaventura whereby they could jointly earn 51% by spending US$3M
over three years and 80% by completing a bankable feasibility study
with additional rights to bring in a funding partner and first
refusal over the remaining 20%.
In 2008, Mariana and Minotaur expanded and infilled a 2004 gravity
survey to locate dense bodies of iron oxides. Data sets were merged
and reprocessed with four main residual gravity anomalies
highlighted. An anomaly stood out in the NE corner of the survey
coinciding with the Cerro Brecha Copper-Gold Prospect, a 2km2 area of
hydrothermal breccias, extensive hematite (specularite), copper
oxides and strong faulting, all key IOCG characteristics. Moreover,
past drilling intersected up to 28m @ 0.43% Cu, 0.13 g/t Au. Three
dimensional inversion modeling of the Cerro Brecha gravity anomaly by
Minotaur indicated a significant dense mass at depth, below previous
drilling, indicating a possible iron oxide body. A deep drill hole
was planned for the first quarter of 2009 but was not drilled after
Minotaur withdrew from the joint venture owing to its reduced
exploration budget. Mariana subsequently reviewed the 3D modeling,
which confirmed the major drill target at Cerro Brecha.
Mariana will test this priority target with a 600-700m pre-collared
diamond drill hole located 250m SW of two previous drill holes, both
of which intersected encouraging copper mineralisation and
alteration. In Hole B7, drilled to 400m, IOCG type alteration in
andesites, was intensifying with depth with abundant stockworks,
hydrothermal breccias and ten intersections ranging from 2m to 10m @
0.1% to 0.4% Cu. In SB 3, two 28m intersections @ 0.43% Cu were made
from 8m and 173m, associated with hematite alteration.
Other IOCG targets at Cerro Berta Norte and Cerro Berta Sur will be
drill tested in the current programme. The combined 4km2 Cerro Berta
area is the largest of the mineralized centres at Buenaventura and
comprises altered intrusives and volcanics, which may represent upper
levels of an IOCG system. Two RC percussion holes at Cerro Berta
Norte will test coincident magnetic highs, extensive alteration,
brecciation, hematite, strong fracturing and anomalous Cu, Au and Co
in soils over a 1.5 x 1km area. One hole at Cerro Berta Sur will
test intense alteration and hydrothermal breccias.
Perro Chico
Perro Chico is located at a maximum altitude of 1000m ASL, about 67
km SSW of Copiap�. Copper and gold iron oxides have been mined by
artisans in the area for many years but there has been no previous
systematic exploration or drilling on the property. Several styles of
IOCG type mineralization are recognized in the form of mantos, veins,
stockworks and breccia zones.
Mariana can acquire a 100% interest in the 549 Ha Perro Chico
property by making progress option payments totaling US$205,000, with
a final buyout of US$600,000 at the end of a 39 months option period.
Mariana has a surrounding 6,600 Ha area under application.
Mariana completed geological mapping and a gravity survey on a 500m x
500m grid over 7km x 10km, followed by an infill gravity of five
anomalies on a 200m x 200m grid. This confirmed and enhanced the
residual gravity anomalies. Three dimensional inversion modeling
was recently carried out and indicated dense bodies at drillable
depths at Anomalies A, B and C, which may represent iron oxide zones
under gravel cover. These will be tested by four RC and/or diamond
drill holes. Two RC holes will test the Belleza copper-gold bearing
manto.
IOCG Background
IOCG's are economically important complex copper deposits hosted
within hydrothermal systems with associated iron oxides and can be
enriched in gold, silver, uranium and rare earths. They display
strong hydrothermal alteration, brecciation, important regional and
local structures and geophysical expressions in the form of prominent
magnetic or gravity anomalies. The major IOCG mines are located in
South Australia, Queensland, NE Brazil and N Chile. The Atacama Fault
Complex of Northern Chile is considered one of the world's most
prominent IOCG belts, hosting Freeport's world class Candelaria
copper deposit.
Commenting today, Managing Director, John Sutcliffe said "We now have
an exciting drill programme commencing which will test two
multi-target projects located in the heart of this pre-eminent IOCG
belt. Minotaur's early withdrawal from Buenaventura was
understandable but their input to the Buenaventura project, as
discoverers of the new Prominent Hill copper-gold mine in South
Australia using gravity surveying, was significant."
For diagrams of the projects and drilling targets go to the website
www.marianaresources.com
ON BEHALF OF THE BOARD
John Sutcliffe
Managing Director
For more information:
RFC Corporate Finance
Mariana Resources Limited Limited (Nomad)
+61 2 9437 +61 2
John Horsburgh (Chairman) 4588 Rob Adamson 9250 0041
+59 3 +61 2
John Sutcliffe (MD) 99808080 Will Souter 9250 0050
FinnCap (Broker)
Joe Lunn (Analyst) +44 20 7600
1658
Matthew Robinson +44 20 7600
1658
Or visit website at www.marianaresources.com
ADDITIONAL INFORMATION
The exploration programme is being directed by the Chile Exploration
Manager, Mr Walter Espinosa under supervision of Managing Director Mr
John Sutcliffe. 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 mineralization 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.
Quality Assurance/Quality Control
All technical information for the Company's Chile projects is
obtained and reported under a quality assurance and quality control
(QA/QC) program. All samples are collected under the supervision of
the Company geologists and dispatched via commercial transport to ALS
Chemex laboratories in Santiago de Chile. ALS Chemex's quality system
complies with the requirements for the International Standards ISO
9001:2000 and ISO 17025: 1999. Samples returning greater than 10 g/t
gold and/or greater than 100 g/t silver are assayed using gravimetric
analyses.
Systematic assaying of sample duplicates and commercially prepared
standards and blanks is performed for analytical reliability.
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