Drilling Report
(Thomson Reuters ONE) - MARIANA RESOURCES LIMITEDRegistered in Guernsey No. 44276AIM & PLUS: MARL27 January 2009PRELIMINARY DRILLING AT LOS AMIGOS JOINT VENTURE, SANTA CRUZ, ARGENTINA.Preliminary DrillingHochschild Mining Holdings ('Hochschild'), operator of the Los Amigos JointVenture has advised Mariana Resources Ltd (Mariana) that three ReverseCirculation holes have been drilled for a total of 900 metres at the projectlocated in the western sector of the Deseado Massif in the Santa Cruz Provinceof southern Argentina. (News Release 17/11/2009)Hochschild has informed Mariana that as a drilling rig was available in thearea, they took the opportunity to do the preliminary drilling, of which Marianahas now been notified.The holes were drilled to test various vein targets for epithermal gold-silvermineralisation. For a map showing holes locations go to Mariana'swebsitewww.marianaresources.com Hole detailsare as follows:Hole ID EastingNorthingAzimuthInclination DepthLFRC009-009 2403095 4716004 065deg 50deg 300mLFRC009-010 2403255 4716072 065deg 50deg 300mLFRC009-011 2403412 4716151 065deg 50deg 300mAll three holes intersected wide alteration zones and contain intervals between1 and 10 m wide with quartz veinlets.Assay results are expected towards the end of February 2010.Los Amigos Joint VentureThe project comprises Mariana's Amigos I and Amigos II and Hochschild's SanAugustin tenements located 110km south of Hochschild's gold-silver San JoseMine.The partners have agreed to spend US$2 million on exploration within a threeyear period, to be paid 40% by Mariana and 60% by Hochschild, to confirmparticipating interests of 49% and 51% respectively. A budget of US$500,000 iscommitted in the first year.Hochschild can earn a further 9% by funding 60% of the next US$3 million in thefollowing two years and a further 10% by either completing a Feasibility Studyor, if requested by Mariana, providing project financing, repaid out of 80% ofMariana's share of cash flow. This could see Hochschild's interest increase to atotal 70%.Hochschild previously held the San Augustin property in a joint venture withIAMGOLD Corporation ('IAMGOLD'). Under the terms of the Hochschild-Mariana jointventure agreement, IAMGOLD will retain a 1.5% of net smelter returns royalty onany future production from the joint venture area.Exploration HistoryPrevious exploration is limited. Five holes were drilled in the area in 2005 byMinera Andes Inc. for a total of 1,440m which followed surface sampling andInduced Polarisation geophysics. The drilling did not intersect economicgold-silver mineralisation, but abundant hydrothermal breccias with a bandedchalcedonic quartz-pyrite matrix were reported.Exploration PotentialThe area contains well developed NW and NNW structures hosting vein breccias.Rock chip samples taken by Mariana returned anomalous precious metal values.Silicified lacustrine sediments indicate a palaeo-surface and an intactepithermal system. Exploration potential therefore exists for precious metalmineralisation of low sulphidation epithermal type at depth.<>Contacts:Mariana Resources LimitedJohn Horsburgh (Chairman)+61 2 9437 4588John Sutcliffe (MD)+59 399 808080FinnCap (Broker)Matthew Robinson+44 20 7600 1658Joe Lunn (Analyst)+44 20 7600 1658RFC Corporate Finance Limited (Nomad)Rob Adamson+61 2 9250 0041Will Souter+61 2 9250 0050St Brides Media and Finance LtdFelicity Edwards+44 20 7236 1177Hugo De Salis+44 20 7236 1177Exploration information in this announcement has been compiled by John Sutcliffewho is a Fellow of the Geological Society of London, a Chartered Engineer and aMember of the Institute of Mining and Metallurgy. Mr Sutcliffe has sufficientexperience relevant to the style of mineralisation and types of gold depositunder consideration and to the activity that he is undertaking to qualify as aCompetent Person as defined in the JORC Code.[HUG#1377488]
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Datum: 27.01.2010 - 02:27 Uhr
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