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 very positive results from regional exploration of its
extensive portfolio in the eastern Deseado Massif, Santa Cruz
(Figure 1).
Overview
-- Multiple zones of gold and silver mineralisation discovered at surface
in an extensive 7 x 4.5km rhyolite domefield at Los Cisnes (100% owned)
-- Total of six target areas identified within the Los Cisnes domefield,
with initial exploration focused on the El Solar and El Brio targets
-- The 2 x 2.5km El Solar target area includes a 300 x 600m altered
brecciated rhyolite dome with 45 float grab samples with anomalous gold
and silver (10 assays ranging from 0.5 to 3.4 g/t Au)
-- Nearby vein-breccias at El Brio trend ENE-WSW for over 700m with rock
chip samples returning up to 0.8m @ 3.0 g/t Au 3,849 g/t Ag
Commenting today, Chairman John Horsburgh said, "These initial
results are impressive and further reflect the greenfields
prospectivity of Mariana's eastern Deseado portfolio. The discovery
of exciting new gold and silver targets over a large area at the
100% owned Cisnes Project in the eastern portfolio has come from
some excellent project generation and perceptive follow-up work by
Mariana's Santa Cruz exploration team during the winter months.
They have successfully applied geological models derived from
in-house knowledge gained through the Las Calandrias
discovery."
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 and ASTER image
processing. Areas were investigated using a combination of
reconnaissance mapping and geochemical prospecting, focusing on
zones of alteration and structures in prospective volcanic
settings, particularly rhyolite domefields. Sulphidic vein-breccias
and altered brecciated rhyolites were prospected in some
detail.
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.
Los Cisnes Project (100% Mariana)
At Los Cisnes, a large 4.5 x 7 km rhyolite domefield has been
discovered (twice the size of the Las Calandrias domefield), with
no signs of previous exploration.
Post-mineralisation cover is widespread (approx. 50%) but
prospective mineralised dome breccias and related high grade
vein-breccias have been identified in float and limited outcrop.
Mineralisation styles, host rocks and possible structural controls
all indicate a classic rhyolite domefield epithermal setting, thus
offering both bulk tonnage and high grade vein-breccia potential.
Six key zones of mineralisation have already been outlined and so
far at El Solar, El Brio, Destello, El Valle, Presagio and Muro
(Figure 2 & 3).
Los Cisnes covers 9,000 Ha and is located about 75km SW of
Yamana's Cerro Moro and 120km SSE of Mariana's Las Calandrias
projects. Of the 200 samples collected, 71 were strongly anomalous
in gold with 27 samples returning assays over 0.5 g/t Au (maximum
11.0 g/t Au). High silver values were also detected at the El Brio
target area with 8 samples ranging from 31 g/t Ag to 716 g/t Ag,
and one sample assaying 0.8m @ 3,849 g/t Ag.
El Solar - large brecciated rhyolite dome system
El Solar consists of a 2 x 2.5km target area with
Calandrias-style sulphidic hydrothermal breccia and vein-breccias,
hosted by a strongly altered 600 x 300m rhyolite dome with
superimposed intersecting NNW-SSE and E-W structures. Wide-spaced
rock chip float sampling returned 45 anomalous gold and silver
values, 10 of which ranged from 0.5 to 3.4 g/t Au. Significantly,
mineralisation may well extend under adjacent cover.
El Brio & Destello - vein-breccias
El Brio is located on the eastern border of the property, 1km SE
of El Solar, and comprises multiple sulphidic quartz-chalcedony
vein-breccias (up to 3m wide) along a 700m ENE-WSW trend, hosted by
ignimbrites. High grade rock chips were returned along a 250m
strike with best assays of 3.0 g/t Au & 3,849 g/t Ag, 11 g/t Au
& 716 g/t Ag, 0.5 g/t Au & 666 g/t Ag and 3.2 g/t Au &
398 g/t Ag. The target area may extend under cover along
strike.
The Destello target is a large covered area (1.25 x 0.5km) with
scattered outcrop and float of strongly oxidized breccia zones
hosted by ignimbrites. The main zone is traced over 500m, is up to
2.5 to 4m wide and is developed along a NW-SE structural trend. A
total of 13 samples returned strongly anomalous gold and silver,
with a best assay of 1.5 g/t Au.
Work Planned
This field season, target definition has commenced and will
include detailed mapping, channel rock chip sampling, LAG
geochemical sampling, ground magnetics and pole-dipole IP.
Follow-up trenching and drilling will be subject to the necessary
permitting and access agreements and are in process. Los Cisnes now
ranks as a high priority prospect for Mariana and vindicates the
Company's focus in the eastern Deseado Massif.
Links: Figure 1 & 2:
http://www.marianaresources.com/pdf/release/Mariana_121121.pdf
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 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.
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
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TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE
Contacts: In Australia: Mariana Resources Ltd. John Horsburgh
Chairman +61 2 94374588 Mariana Resources Ltd. Glen Parsons CFO +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 www.marianaresources.com