Mariana Resources updates on South American operations

published 24 October 2012

Mariana Resources, the miner listed both in Toronto and London, has given a drilling update for its Argentina and Chile operations.

Mariana is participating in iron oxide copper gold exploration in Chile through its 20.6% interest in SCM Tierra Noble. Cliffs Natural Resources a US based international natural resources company, holds 79.4% and is the operator.

Last quarter, a transient electromagnetic (TEM) survey was conducted by Aeroquest at the Buenaventura (51% Tierra Noble) and Rodados Negros projects (100% Tierra Noble). TEM and magnetic data processing is being finalised. A 4,000m RC drill programme is planned for Buenaventura next month, based on the preliminary results of the geophysical survey and compilation of all results to date. Project generation activities continue along the IOCG Belt with several areas of interest under investigation.

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Mariana has withdrawn from an option to acquire the Jiguata property in northern Chile. Preliminary work last field season by Mariana indicated potential for high sulphidation gold mineralisation at depth. However, it was decided, after a recent strategic review, to relinquish its rights under the option agreement and return the property to Catalina Resources.

In Argentina, a first pass exploration of Mariana's eastern Deseado Massif portfolio is nearing completion, with an update to follow in the next few weeks. Review of post-resource drill results at Las Calandrias is continuing.