‘Extreme Weather Conditions’ Hamper Mariana Resources’ Drilling Programme

PUBLISHED: 14 Jun 2012 @ 11:05 | Comments (0) | More info about Kenneth G. Mondero

Precious metals explorer Mariana Resources Limited (LSE:MARL) has concluded the diamond drilling programme for its Las Calandrias Project, in the southern province of Santa Cruz, Argentina is falling short in the total target length due to “extreme weather conditions”.

Updating the public today, the South American-focussed exploration and development company said they were only able to drill 21 holes for 2,164 metres, missing more than 500 metres of the planned 2,705-metre drilling programme.

The drilling programme commenced in May 2012, originally set at 3,500 metres, “to test new targets that were identified adjacent to and outside the current Calandria Sur resource limits and also to validate revised geological models following compilation of detailed mapping, trench/outcrop channel sampling, re-sampling of previous drill core and detailed ground magnetics”.

Mariana Resources holds 100% interest in the Las Calandrias Project, which has an initial resource estimate of 519,000 ounces of gold equivalent (“AuEq”), 491,000 oz. of which is indicated and 28,000 oz. is inferred.

Access Problems

Access to the drilling targets also hampered the operations, specifically in the Pinochet target, where the two planned holes were undrilled. The Pinochet target is located 2,500 metres north west of Calandria Sur.

Drilling at Mariana Resources’ other exploration project named Aguila was also “not possible because of the severe weather conditions”and Mariana Resources decided to postpone the operations until spring this year “when conditions improve sufficiently to allow access”.

The Aguila Project is located 60 kilometres south of the Las Calandrias.

“Results of this drilling plus the re-sampling programme of selected previous holes are expected to be released over the coming weeks,” Mariana Resources stated.

Company Spotlight

Mariana Resources holds a portfolio of gold, silver, and copper projects, primarily in the Santa Cruz province of Argentina and in Chile.

Shares of the company are listed on three exchanges, PLUS, Toronto Stock Exchange, and the Alternative Investment Market.

The latest development on the Las Calandrias Project did not sit well with the shareholders today, and Mariana Resources shares dropped nearly 10% to 4.625 pence at 11:00 GMT.

References
↑ Mariana Resources Drilling Update on Las Calandrias Project
↑ Las Calandrias Project Overview
↑ Mariana Resources Overview
↑ Mariana Resources Investor Relations

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