The survey results from Mariana Resources’ (LON:MARL) Las Calandrias project offer tantalising information on the value that drilling could potentially deliver over the next three months, according to finnCap analyst Joe Lunn.
Earlier this morning, the company announced very encouraging geophysical exploration results that identified high priority drill targets in the untested rhyolite domes on the Las Calandrias gold project in southern Argentina.
After assessing the data from 2D and 3D induced polarisation (IP), ground magnetic and other studies, the explorer has decided to expand its drill programme to 15,000 metres from 10,000 metres.
The analyst said that the 50 percent increase to the drilling campaign is positive for Mariana, and the exceptional potential in the untested area is providing the underlying reason for the expansion.
“The results show multiple areas of potential mineralisation,” Lunn said.
“While bonanza gold drill results from high grade shoots and veins often capture the headlines, we think that the low grade bulk tonnage style of mineralisation present at Calandria Sur can be just as rewarding from an economic perspective.”
“Mariana has established very early in the exploration strategy for Las Calandrias the importance of geophysical information to optimise drill targets.”
“We think that the prospectivity of the untested goldfields at Las Calandrias has been significantly enhanced this morning.”
Lunn values Mariana at 48 pence per share.