Argentina
Background
Mariana is exploring for low sulphidation epithermal gold–silver deposits in the Deseado Massif, Santa Cruz Province in Patagonia in both its own right and in separate joint ventures with IAMGOLD and Hochschild Mining. The Deseado Massif is a world class gold-silver mining province and Mariana has rapidly become a serious player both in terms of advanced projects and its extensive land package.
The Company discovered very promising disseminated style gold-silver mineralisation around the eastern brecciated margin of the Calandria Sur rhyolite dome at its 100% owned Las Calandrias Project (formerly Dos Calandrias/Tongoril) in Q4 2009. Intersections included 91.5m @ 1.6g/t Au (CSD 15) and 102m @ 1.2 g/t Au (CSD 13). Subsequent mapping and an IP survey have expanded the scope of the project significantly. A 3,000m minimum drill programme is underway.
The Santa Cruz Joint Venture with IAMGOLD covers the Sierra Blanca and Cañadon Largo concessions which were located by IAMGOLD using ASTER satellite imagery. Mariana has earned 70% in the JV by spending US$2M in four years and has an option to acquire the remaining 30%. Mariana commenced drilling, mainly at the Chala and Lucila prospects, at Sierra Blanca in Q3 2008. Encouraging epithermal style gold-silver mineralization was discovered at Veta Chala with a best intersection of 11.0m @ 3.4 g/t Au and 386 g/t Ag from 46m in hole SBD51.
Elsewhere in Santa Cruz Province, Mariana has more than 160,000 Ha covering eight groups of concessions under application which are considered prospective for epithermal gold-silver mineralization. Reconnaissance exploration has located a number of epithermal gold-silver prospects. So far, the Las Calandrias Project and the Los Amigos JV with Hochschild Mining have emerged from this active project pipeline.
At La Borita, Mariana has on option to acquire 100% of a concealed porphyry copper target beneath extensive copper-bearing travertine within a magnetic low on the Alumbrera Trend in Catamarca province, north west Argentina. An IP survey indicates porphyry copper scale sulphides at depth.
