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Market:	MARL
Sector:	Gold Mining
EPIC:	MARL

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Mariana Resources Full Mariana Resources profile here

Mariana Resources Ltd is a Guernsey incorporated investment holding company established to acquire potentially large or high value gold and copper-gold prospects in Ecuador, Chile, Argentina and other selected parts of South America.

The Group's strategy is to seek underexplored areas with potential for high grade polymetallic-gold epithermal/skarn mineralisation. Mariana brings to bear considerable field experience in this regard and early recognition of critical geological features is an important aspect.The Mariana Team brings together over 150 years of combined industry experience, with a specific South American focus

Mariana Resources says drill results from Las Calandrias indicate expansion potential - UPDATE

Saturday, January 14, 2012 by Sergei Balashov

- adds broker comments

Mariana Resources (LON:MARL, TSE:MRY) said today the results of the Phase IV drilling programme at the Las Calandrias project in Argentina indicated potential for resource expansion and new targets.

Today’s report, which included the results from 21 of the final 28 holes drilled as part of the Phase IV programme at Las Calandrias, follows a set of drilling results in November, which showed potential for mineralisation outside the Calandria Sur deposit.

These results reported today were mostly from the El Clavo, Nido Este, Nido Norte and La Morena targets.

El Clavo was confirmed as a prime target for bulk-tonnage and deeper high grade mineralisation, returning intersections of anomalous low grade gold including grades of up to 0.4 grammes per tonne (g/t) gold across 20 metres.

At the La Morena target, Mariana intersected a high grade interval of 0.5 metres at 9 g/t gold and 55 g/t silver, while two scout holes at Nido Este holes intersected anomalous gold including 0.2 g/t gold across 12 metres, opening up a new target zone.

A previous induced polarisation (IP) survey indicated a large sulphide system at Nido Este, which was tested by only two scout holes in 2010.

Investors cheered the report, sending shares in Mariana up by 7 percent to trade at 11.5 pence in early deals, valuing the company at £26.3 million.

In addition to the drilling results, Mariana also released a report prepared by independent consultant Jeffrey Hedenquist, who pointed out that the depth of drilling has not fully tested potential in several areas.

He recommended targeting both disseminated and deeper feeder structures with possible high grade at Calandria Sur and El Clavo.

“This potentially favourable host for epithermal gold, together with scope to expand the Calandria Sur mineralised systeminto surrounding volcaniclastics, plus new targets opening up elsewhere in and around the dome field, augur well for an exciting Q1/Q2 exploration programme,” said chairman of Mariana Resources John Horsburgh.

Mariana plans to continue analyzing all results it has received to date during the current quarter to define drill targets for the Phase V drilling programme.

Mapping and sampling to better define new targets that have already been identified is currently in progress.

Six holes remain to be assayed including four holes from La Picasa/Lomo Verde and one each from El Clavo and Vieja Herradura. However, Mariana said these holes did not appear to host major mineralisation.

Broker Fox-Davies said that the results for the El Clavo target, although displaying anomalous grades which indicate the top of a deeper seated epithermal system, look unlikely to be good enough for the target to form a deposit in its own right at open pittable depths.

“The good news is that Mariana still have a handful of quality targets to follow up including the lateral extension to Calandria Sur and La Picassa which has previously showed very good results (40 m at 1.0 g/t Au and 15 m at 0.9 g/t Au) and is open along strike,” it added.

Oriel Securities added that including El Clavo, the Calandria Sur mineralised 'footprint' now extends over around 850m by 350m-500m with intersections located up to 300m to the east and 120m to the north of the initial resource area at Calandria Sur.

Mariana seems to be being overlooked as an exploration company and with AngloGold as a 19.9% shareholder it is one to watch says the broker.

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