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UPDATE - Mariana Resources identifies potentially huge new gold formation at Los Cisnes

Published: 00:35 31 Jul 2014 AEST

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-- adds broker comment, share price--

Mariana Resources (LON:MARL) has identified a sizeable bulk tonnage gold and high-grade gold-silver formation at Los Cisnes in Santa Cruz, Argentina.

Groundwork and magnetics highlighted a new, large intact brecciated rhyolite dome system twice as large as its existing Las Calandrias discovery that has a  resource of 519,000 ounces gold equivalent.

Scout drilling is planned at El Solar, Solar East and El Brio at Los Cisnes, all of which are regarded as high priority targets after new trenching results resulted in several strongly anomalous grades for gold and silver.

The exploration also discovered a NE trending 3,000m x 500 - 1,000m dome corridor at El Solar and Solar East.

Glen Parsons, Mariana’s chief executive, said Los Cisnes had company  maker potential with a domefield setting twice the size of our Las Calandrias project located 100km to the north.

He said the company used induced polarisation techniques honed at Las Calandrias, but this time the signatures were a lot stronger and bigger.

The grades were also far greater, he added, especially for silver, with samples up 700g/t and with bulk tonnage potential.

House broker RFC Ambrian added this latest prospect adds to the two other active portfolio projects concurrently being explored.

Mariana recently received a US$600,000 VAT refund from the Argentine Government allowing it to continue exploration in the country without diluting funds that could be used in Peru.

The company also hopes that, by putting the funds back to work in-country, it will help in recovering the remaining US$1m due to it. 

Shares rose 3% to 3.15p.

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