Mariana Resources Ltd.

Mariana Resources Ltd.

November 28, 2012 08:00 ET

Mariana Resources Ltd.: New Gold-Silver Targets at Bozal II and III, NW of Las Calandrias Project, Santa Cruz, Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2012) - Mariana Resources Ltd ('Mariana' or 'the Company') (TSX:MRY)(AIM:MARL), the AIM and TSX quoted exploration and development company focused in southern Argentina, Chile and now Peru (see News Releases 4/10/12 & 19/10/12), is pleased to announce additional positive results from regional exploration of its extensive portfolio in the eastern Deseado Massif, Santa Cruz (Figure 1).


  • A large NW-SE trending zone (1.7 x 0.5-km) of quartz-sulphide veins/stockworks and breccias hosted by porphyritic andesites has been discovered at Bozal III, 35km NW of Las Calandrias Gold-Silver Project

  • Sulphidic breccia grab rock chips at Bozal III assay up to 6.2 g/t Au and related NW-SE vein-breccias assay up to 6.0 g/t Au

  • Nearby Bozal II is an early stage prospect, also with grab rock chips of sulphidic vein-breccias assaying up to 16.5 g/t Au and 302 g/t Ag

  • These new target areas are just east of the El Monte rhyolite dome greenfields discovery by Agnico and Renaissance Gold Inc ("RenGold") where dome margin breccias assay up to 12 g/t Au and 622 g/t Ag.

Commenting today, Chairman John Horsburgh said, "These additional results from Mariana's eastern Deseado portfolio at Bozal II and III highlight a prospective new area in proximity to the Las Calandrias resource, just NW of Las Calandrias. The Mariana team has successfully applied its knowledge of the Las Calandrias discovery to generate new priority target areas, as they have done at Los Cisnes to the south."

Santa Cruz Regional Exploration

A campaign of first and second pass exploration was carried out over Mariana's extensive properties in the Eastern Deseado Massif, ranging from Bozalito in the north to Los Cisnes in the south (Figure 1). Approximately 30 target areas were generated by Mariana's Santa Cruz team based on Landsat image processing. Areas were investigated using a combination of reconnaissance mapping and geochemical prospecting.

Over 400 rock chip grab samples of float and outcrop were collected in this phase at Bozalito, Tongoril II, Bozal I-IV, Leona Dormida, Tres Leones, Aguila/Magnolia, Canadon Pofiado I and Los Cisnes (Figure 1). These grab samples are selective by nature and are unlikely to represent average grades of the deposits.

Bolzal Project - (100% Mariana)

Promising target areas have been outlined at Bozal II and Bozal III (concessions totaling 14,900 Ha), located 30-35km NW of Las Calandrias (Figure 2). These target areas are located just east of rhyolite dome-related mineralisation discovered by Agnico and Renaissance Gold Inc ("RenGold") at El Monte where dome margin breccias assay up to 12 g/t Au and 622 g/t Ag (RenGold website).

Bozal III

At Bozal III, a large zone (1.7 x 0.5km) of veins and breccias system trending NW-SE with sulphidic breccias assaying up to 6.2 g/t Au and at least two related NW-SE sulphide-rich vein-breccias up to 6.0 g/t Au has been discovered. A total of 36 rock chip grab samples have been collected with results shown in Figure 3. The mineralised system has bulk tonnage potential and is partly covered by basalt and gravels. This new target area is 5 km SW of the Bozal II target.

Bozal II

Bozal II is in a window of prospective Chon Aike volcanics in a possible caldera setting with resurgent dome features (Figure 4). Sulphidic quartz veinlets (some with visible gold) and breccias are hosted by rhyolite dykes and porphyritc andesites. This mineralisation is related to a 1.5km long NW-SE trending structure. A total of 8 rock chips ranged from 0.7 to 16.5 g/t Au and 13 to 302 g/t Ag. Previous Mariana sampling had returned up to 1.9 g/t Au and 302 g/t Ag. A total of 110 rock chip grab samples were collected.

Work Planned

Potential for both bulk tonnage and high grade vein-breccias is indicated in the Bozal areas and follow-up will include mapping, rock chip sampling, lag sampling and ground magnetics to outline drill targets.

Links to Figure 1-4:

Exploration Information

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 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. Mr Horsburgh is a qualified person within the meaning of National Instrument 43-101, Canada.

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 Alex Stewart laboratories in Mendoza, Argentina, and assayed in Chile. Alex Stewart'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 200 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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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 South America. In southern Argentina, the Company's core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Amigos JV (30%) and Aguila-Picadero (100%). These projects are part of a 200,000+ Ha land package in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz Province. 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 in a 92,000 km² area in north-central Chile along the highly prospective Atacama Fault Zone. In Peru, Mariana has an option to earn a 51% interest in highly prospective copper-gold and copper-silver porphyry targets in the Cordillera del Condor of northern Peru.

On 19 December 2011, Mariana announced that AngloGold had completed a strategic placement whereby AngloGold was issued 45,000,000 shares in Mariana at a price of 12 pence per share. AngloGold has the right to maintain its equity of 19.9% in Mariana in further issues by Mariana.

Safe Harbour

This press release contains "forward-looking information" within the meaning of Canadian securities legislation ("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 and silver; misjudgments 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 information form and MD&A for the most recently completed financial year available on SEDAR. 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.

Incorporated in Guernsey registered number 44276


Contact Information

  • In Australia:
    Mariana Resources Ltd
    John Horsburgh
    +61 2 94374588

    Mariana Resources Ltd
    Glen Parsons
    +61 2 94374588

    RFC Ambrian Limited (Nomad)
    Rob Adamson
    +61 2 9250 0041

    RFC Ambrian Limited (Nomad)
    Will Souter
    +61 2 9250 0050

    In U.K.:
    St Brides Media and Finance Ltd (PR)
    Felicity Edwards
    +44 20 7236 1177

    RFC Ambrian Limited (Co UK Broker)
    Klara Kaczmarek
    +44 20 7634 4725

    Fox Davies Capital (Co UK Broker)
    Jonathan Evans
    +44 20 3463 5000

    In Canada:
    Mariana Resources Ltd (Vancouver Office)
    Kathryn Witter
    +1 604 669 9336