Mariana Resources

Projects

Buenaventura

Location

Buenaventura is located 50 km NNE of Copiapó, between Freeport's Candelaria and Anglo American's Manto Verde copper mines.

Ownership

In April 2008, Mariana and Minotaur Exploration Ltd (Minotaur) announced a joint venture with Sociedad Minera Contractual Buenaventura (Buenaventura CSM) whereby they could jointly earn 51% by spending US$3M over 3 years and 80% by completing a bankable feasibility study with additional rights to bring in a funding partner and first refusal over the remaining 20%. In February 2009, Minotaur had to withdraw because of company-wide exploration cutbacks. Mariana remained in the joint venture with Buenaventura CSM.

Geological Setting

The 44km² project is situated along the Atacama Fault Complex, which hosts all major Chilean iron oxide-copper-gold (IOCG) deposits. Favourable host rocks of the Punta del Cobre Formation are present, together with four centres of IOCG type copper mineralization (intense hydrothermal alteration, brecciation and both hematite - copper and magnetite - copper association).

Previous Exploration

Previous drilling (2005/2006) completed by Buenaventura CSM focused in and around these outcrop areas. IOCG type copper mineralization as oxide (upper levels) and sulphide (deeper levels) was encountered in a number of holes, from near surface to depths of up to 400m, with intervals ranging from 10 to 90m and grades generally in the range 0.2 to 0.5% copper with gold up to 0.13 g/t.

Exploration by Mariana

In 2008, Mariana and Minotaur expanded and infilled a 2004 gravity survey to locate dense bodies of iron oxides. Four residual gravity anomalies were highlighted. An anomaly stood out in the NE coinciding with the Cerro Brecha Copper-Gold Prospect, a 2km² area of hydrothermal breccias, extensive hematite, copper oxides and strong faulting, all IOCG characteristics. Past drilling intersected up to 28m @ 0.43% Cu, 0.13 g/t Au. 3D inversion modeling of the Cerro Brecha gravity anomaly by Minotaur indicated a significant dense mass at depth, below previous drilling, possibly an iron oxide body. A deep hole was planned for Q1 2009 but was not drilled after Minotaur’s withdrawal. Mariana subsequently reviewed the 3D modeling, which confirmed the major drill target at Cerro Brecha. Other targets were identified at Cerro Berta based on geology, geochemistry and magnetics.

Drilling

Mariana is testing this priority target with a 600-700m pre-collared diamond drill hole located 250m SW of previous drill holes B7 and SB3, both of which intersected encouraging copper mineralization and alteration. In Hole B7, drilled to 400m, IOCG type alteration in andesites, was intensifying with depth with abundant stockworks, hydrothermal breccias and ten intersections ranging from 2 to 10m @ 0.1 to 0.4% Cu. In SB 3, two 28m intersections @ 0.43% Cu were made from 8m and 173m, associated with hematite alteration.

Other IOCG targets at Cerro Berta Norte and Cerro Berta Sur will be tested. The 4km² Cerro Berta area is the largest of the mineralized centres at Buenaventura and comprises altered intrusives and volcanics, which may represent upper levels of an IOCG system. Two RC percussion holes at Berta Norte will test coincident magnetics, alteration, brecciation, hematite, strong fracturing and anomalous Cu, Au and Co in soils over a 1.5 x 1km area. One hole at Berta Sur will test intense alteration and hydrothermal breccias.