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Mariana receives US$600,000 funding for Argentinean gold and silver exploration
Mariana Resources Ltd, the AIM quoted exploration and development company focused in Peru and southern Argentina, announces that it has received Arg$4,745,826, Argentinean Pesos (circa US$600,000) funding by way of VAT refund from the Argentinean Tax Authorities.
Monies received are in respect of VAT levied on exploration expenditure at the Las Calandrias gold-silver project (carried on the Company’s balance sheet as a long term debtor). The funds will be utilised by Mariana during 2014 to advance its gold and silver exploration properties in the highly prospective Santa Cruz province, southern Argentina.
Mariana’s main focus in 2014 will be to complete drill target definition at the 100% owned 9,000 ha Los Cisnes silver-gold project where initial exploration has already been conducted. Results to date are highly encouraging and indicate a classic rhyolite domefield epithermal setting, thus offering both bulk tonnage (altered dome breccias) and high-grade (vein-breccias) potential. Interestingly as previously reported on 21 November 2012 – 200 samples collected, 71 were strongly anomalous in gold with 27 samples returning assays over 0.5 g/t Au (maximum 11.0 g/t Au). High silver values were also detected at the El Brio target area with 8 samples ranging from 31 g/t Ag to 716 g/t Ag, and one sample assaying 0.8m @ 3,849 g/t Ag.
The 2013/2014 field season at Los Cisnes included geological mapping, LAG sampling, channel sampling and, more recently, ground geophysics leading to current trenching for April and May (54 trenches for a total of 1,970 metres) over a number of target areas. A more detailed news release will follow, summarising exploration results to date, once trench channel sampling assays are received and compiled. It is anticipated that several drill targets will potentially be generated from this programme.
As Mariana has stated in previous corporate updates, it continues to look at possible joint venture opportunities, consolidations and possible asset sales to enhance and develop its Argentinean portfolio.
Chief Executive Officer, Glen Parsons commented, “This is excellent news for Mariana as these funds received will underwrite, with no dilution to shareholders, what will be an exciting exploration phase in Argentina for 2014 .”
“Mariana has assembled an impressive portfolio of gold and silver projects in the Santa Cruz epithermal district and has maintained a large land package. We have proven our ability to define significant resources at our Las Calandrias discovery with a previously reported initial resource of 519,000 ozs AuEq. Whilst Argentina currently forms a longer term-delivery strategy for the Company due to the current political and country investor climate, I remain positive for the future. This is based on some very positive news emerging from Santa Cruz province, such as Yamana going ahead with a $450M development of the Cerro Moro gold-silver project, Mariana’s major shareholders AngloGold Ashanti achieving “highest annual production in a decade” at Cerro Vanguardia mine, Goldcorp advancing the Cerro Negro project to production and McEwenMining/Hochschild reporting expansion of reserves and production at the San Jose silver-gold mine.
“On the exploration front, McEwen/Hochschild are embarking on a major effort around their San Jose silver-gold mine and at least one Canadian junior is about to commence drilling after the downturn. With this in mind, we believe the VAT refund is timely and allows us to invigorate exploration at the Los Cisnes project and also the Bozal/Las Calandrias district.”
“Meanwhile, focus continues in Peru, as drilling unfolds over two core copper-gold projects, Soledad and Condor de Oro. I look forward to reporting on these and our Argentinean exploration results in what is shaping up to be a highly active 2014 for Mariana.”
