Mariana Commences Drilling at Sierra Blanca Gold-Silver Project, Santa Cruz Province, Argentina
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/13/11 -- Mariana Resources Ltd. ('Mariana' or 'the Company') (TSX: MRY)(AIM: MARL), the AIM and TSX quoted exploration and development company focused in Argentina and Chile, is pleased to announce the commencement of its fourth drilling programme at the 70% owned Sierra Blanca Gold-Silver Project ('Sierra Blanca'), in southern Argentina (Figure 1). Sierra Blanca is located in the centre of the Deseado Massif gold-silver province. The programme comprises a minimum of 5,000 metres of diamond drilling aimed at targets derived from earlier drilling at Veta Chala and recently completed Induced Polarisation (IP) geophysics. Initial targets are veins and vein-breccias at Chala, Lucila and Vetarron further to the south-west. The Trafwe target is the gravel covered area between Chala and Lucila.
The drilling at Veta Chala will follow up previous promising intersections at Achen, Chala Central and Chala Splay such as 20.3m @ 1.5 g/t gold ('Au') and 34 g/t silver ('Ag') from 121.7m including 2.65m @ 6.8 g/t Au and 23 g/t Ag from 135.6m in Hole CHD71; and in CHD61, 28.7m @ 1.4 g/t Au, 11.5 g/t Ag from 85.0m, including 3.0m @ 9.5 g/t Au, 28 g/t Ag from 87.0m, both from Achen.
At Lucila, shallow drilling in 2008 intersected a five metre thick quartz vein with anomalous gold and silver values. Recent IP surveying located a chargeability target at depth which could indicate sulphide mineralisation.
The Trafwe target, located on the two kilometres strike length between Chala and Lucila is outlined by a well defined linear magnetic low. This gravel covered area was also covered by the recent IP survey.
Drilling at Vetarron is planned to test coincident vein breccia zones and chargeability anomalies located in the northern part of the prospect.
Following the drilling campaign at Sierra Blanca the rig will return to the Company's flagship Las Calandrias Project in the eastern Deseado Massif.
Chairman John Horsburgh said today;
'This drilling campaign will test an impressive array of vein and vein-breccia targets, building on numerous robust looking intersections from drilling to date as well as some untested areas including the Trafwe target. Sierra Blanca clearly has excellent potential for vein-style epithermal gold-silver mineralisation.'
John Horsburgh, Chairman.
To access the Figure 1 referred to in the above announcement go to http://www.marianaresources.com/pdf/2011/111013_Mariana_news_map.pdf.
(The drilling programme is being undertaken by ECOMINERA. The drill programme is directed by the Argentina Exploration Manager, Dr Gustavo Rodriguez (MAIG) under supervision of Executive Chairman Mr John Horsburgh. Exploration information in this announcement has been compiled by John Horsburgh who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Horsburgh 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. Mr Horsburgh is a qualified person within the meaning of National Instrument 43-101.)
Quality Assurance/Quality Control
All technical information for the Company's Argentina 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 Mendoza, Argentina, and assayed in 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.
For further information please visit website at www.marianaresources.com.
About Mariana Resources
Mariana Resources Ltd. is an AIM and TSX quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in Argentina and Chile. In southern Argentina, in addition to the Las Calandrias gold-silver discovery, the Company has the Sierra Blanca silver-gold prospect (70%); the Los Amigos joint venture (49%) with Hochschild Mining and a 160,000 Ha land package (100%) in the country. All of these projects are located in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz province of southern Argentina, which hosts four mines and several advanced projects. In Chile, Mariana has a joint venture with US based international mining and natural resources company Cliffs Natural Resources Inc., to explore for iron oxide-copper-gold deposits ('IOCG') in a 92,000 km2 area ('SCM Mariana Area') in north-central Chile along the highly prospective Atacama Fault Zone. The SCM Mariana Area includes the 44km2 Buenaventura and 46km2 Perro Chico IOCG projects. Mariana is also evaluating a number of gold-silver and copper-gold opportunities away from the Cliffs JV area, as part of a new initiative.
Safe Harbour
This press release presents 'forward-looking statements' within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral resources, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mariana to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management of Mariana believes 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 statements. Accordingly, readers should not place undue reliance on forward-looking statements. Mariana Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Incorporated in Guernsey registered number 44276.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Mariana Resources Ltd. - In Australia
John Horsburgh
Chairman
61 2 94374588
Mariana Resources Ltd. - In Australia
Glen Parsons
CFO
61 2 94374588
RFC Corporate Finance Limited (Nomad) - In Australia
Rob Adamson
61 2 9250 0041
RFC Corporate Finance Limited (Nomad) - In Australia
Will Souter
61 2 9250 0050
FinnCap (Broker) - In U.K.
Matthew Robinson
44 20 7600 1658
Fox Davies Capital - In U.K.
Jonathan Evans
44 20 3463 5000
St Brides Media and Finance Ltd (PR) - In U.K.
Felicity Edwards
44 20 7236 1177
St Brides Media and Finance Ltd (PR) - In U.K.
Hugo de Salis
44 20 7236 1177
Mariana Resources Ltd. (Vancouver Office) - In Canada
Kathryn Witter
1 604 669 9336
www.marianaresources.com
Renmark Financial Communications (PR) - In Canada
Arash Shahi
1 514 939 3989
Renmark Financial Communications (PR) - In Canada
Philip Robin
1 416 644 2020