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Options three new tenements surrounding the Los Cisnes Gold-Silver Project, Santa Cruz Province, Argentina
Mariana Resources Ltd, the AIM quoted exploration and development company focused in Peru and southern Argentina, announces that it has optioned three new strategic tenements abutting and adjoining its 100% owned Los Cisnes Project in the eastern Deseado Massif, a prolific Gold-Silver district in Santa Cruz province, southern Argentina.
The Company has entered into a binding Letter of Intent with privately owned Tierra Exploration SA to acquire a 60% interest in Tierra’s 100% owned properties adjacent to Los Cisnes by way of an earn-in option.
Mariana’s Argentinean team has been focussing exploration efforts on Los Cisnes where outcropping bonanza silver mineralisation and a large brecciated rhyolite dome with anomalous gold have been discovered. Mineralised trends appear to extend beyond the boundaries of the Los Cisnes tenement leading to Mariana’s strategic decision to acquire the neighbouring properties prior to the next phase of advanced exploration at Los Cisnes.
Overview
– Mariana can earn a 60% interest in these Tierra Properties by way of a 4 year option
– The three properties are relatively unexplored and cover an area of 14,900 hectares
– Multiple zones of outcropping gold and silver mineralisation have been discovered at Los Cisnes within an extensive 7 x 4.5km rhyolite domefield
– At Los Cisnes currently six target areas have been identified and include El Solar (300 x 600m altered brecciated rhyolite dome with 45 float samples of anomalous gold and silver) and El Brio with bonanza silver grades (1100m vein-breccia trend with rock chips up to 0.8m @ 3.0 g/t Au and 3,849 g/t Ag)
– Mapping and ground magnetics at Los Cisnes indicate known mineralised trends extend into the adjacent Tierra properties where the prospective Chon Aike formation is likely to be present under shallow cover
– Prospecting by Mariana within the Tierra Properties immediately east of Los Cisnes has identified mineralised structures with rock chip assays up to 3.8 g/t Au and 24 g/t Ag within the limited exposures of Chon Aike formation
– In addition, 7km east of Los Cisnes, on the Tierra properties reconnaissance of Chon Aike formation volcanics returned several anomalous rock chips values in the 0.1 to 0.3 g/t Au range
– Broad areas of interest within the Tierra ground package are shown in Fig2.
– Trenching is currently underway at Los Cisnes with results expected soon
Chief Executive Officer, Glen Parsons commented, “Mariana’s Los Cisnes discovery of both high grade gold-silver mineralisation with recognition of bulk tonnage potential has encouraged us to gain strategic access to the largely covered surrounding areas within the Tierra Properties.”
“This is an exciting consolidation move for Mariana especially as our efforts on our properties in Santa Cruz are steadily increasing. We remain optimistic about Argentina in the long term, especially with our recent Vat refund of around $600,000 which is earmarked to further advance our Argentinean exploration portfolio of gold and silver projects. Our focus for the coming months will be to develop drill targets on our 3 main projects areas in the eastern Deseado which includes Los Cisnes, Bozal and our Las Calandrias project where we have defined a 519,000 Au Eq resource, and hopefully moving to scout drilling at the end of the year. We look forward to updating the market as we advance our portfolio in Argentina”
