10 May 2007 07:54
AIM and PLUS code: MARL 10 May 2007 DRILLING COMMENCES AT EXPLORADORA AND CHARANGO PROJECTS, CHILE * 2,500m reverse circulation percussion drill programme targeting porphyry copper-gold and gold-silver epithermal veins. * Located in one of the world's most prolific porphyry copper belts - El Salvador Region of Northern Chile, approximately 50km northeast of Codelco's El Salvador porphyry copper mine * Results expected June 2007
Mariana Resources Ltd (Mariana) has commenced a 2,500m reverse circulation percussion drill programme at the Exploradora and Charango properties targeting both porphyry copper-gold mineralisation and gold-silver epithermal veins. The properties are located in the El Salvador Region of Northern Chile, approximately 50km northeast of Codelco's El Salvador porphyry copper mine. Results are expected June 2007.
Mariana's Exploradora Project is immediately south of the Exploradora porphyry copper-gold deposit owned by Codelco for which a geological resource of approximately 100Mt @ 0.3% Cu and 0.2g/t Au has been published in the Society of Economic Geologist, Special Publication 11 (2004, pp 97-111). At Exploradora, up to 2,000m of drilling is planned to test potential extensions of the porphyry system east of an area drilled previously by Anglo which intersected zones of secondary copper enrichment (best results of 4m @ 0.8% Cu, 34m @ 0.3% Cu and 20m @ 0.7% Cu). A number of gold-silver polymetallic epithermal veins will also be tested on the property.
At Charango, 20km west of Exploradora, three holes are planned to test two epithermal veins below the level of oxidation which are extensions of the historic Juncal silver mining district, located on the western boundary of the concession.
Exploradora and Charango are held in joint venture with Anglo American Chile Ltda where Mariana can earn a 70% interest by spending US$3M over 3 years, subject to back-in rights.
Commenting today, John Sutcliffe, Managing Director of Mariana said "Exploradora is a large copper-gold porphyry system which is open at depth and laterally to the east. Mariana is testing targets that are located in one of the world's most prolific porphyry copper belts."
For more information:
Mariana Resources Limited RFC Corporate Finance Limited (Nomad)
John Horsburgh +61 2 9437 4588 Rob Adamson +61 2 9250 0041 (Chairman)
John Sutcliffe (MD) +593 2 298 6464 Glen Parsons +61 2 9250 0036 Conduit PR Limited (Public Relations) Haywood Securities (UK) Limited (Broker)
Laurence Read +44 20 7429 6605 Daniel Brooks +4420 7031 8000 +44 797 9955 923 Ed Portman +44 20 7429 6667 +44 773 3363 501
Or visit website at www.marianaresources.com
ADDITIONAL INFORMATION
The drill programme will be supervised by the Company's Exploration Manager, Mr Miroslav Kalinaj and Managing Director Mr John Sutcliffe. Samples will be prepared by ALS Chemex in Quito, Ecuador, using standard industry practice. Analytical work will be carried out at the ALS Chemex laboratory in Vancouver, Canada, using conventional fire assay technique for gold and silver. 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.
MARIANA RESOURCES LTD