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Mariana Options Strategic RurimaracGold Property
Mariana Resources Ltd, an AIM quoted exploration and development company focused in Peru, southern Argentina and Chile, announces it has entered into an option to earn up to 70% of two potentially strategic gold tenements, located in the prospective Cordillera Negra metallogenic province in Peru.
The Rurimarac Properties are located 4km to the west of Mariana’s recently drilled and strongly mineralised copper-gold Soledad project, and some 34 km south of the Pierina gold-silver mine that was operated by Barrick Gold Corporation.
The option agreement has been entered into with Tinka Resources Limited (TSXV:TK), which currently owns 100% of the Rurimarac Properties through its Peruvian subsidiary Darwin Peru S.A.C, and is in line with Mariana’s strategy to increase its footprint in Peru with early stage copper-gold properties where the Company can deliver value through exploration and discovery.
Overview:
The Rurimarac Properties are located within the Aija mining district, which hosts several polymetallic mines. The main rock types within these projects are diorites that have intruded siltstones and porphyritic andesite
– The 2,000ha Rurimarac Properties host high grade gold mineralisation which is interpreted by Tinka as being hosted within a hydrothermal breccia emplaced along a low-angle fault zone and with the potential for a significant oxide gold deposit (Fig 3)
– The mineralised low-angle fault zone has a 30-40 degree dip with true thickness of 6m to +30m, and a strike length of at least 1km
– Initial sampling by Tinka by way of surface pits and trenches (65 samples) have yielded on average 5.1g/t Au (max. 52g/t Au) within a geochemical anomaly of 1,400m x 300m (Fig 4)
– One of Tinka’s drill holes only partially tested the breccia zone. LDD5 (2006) intersected 6m @ 3g/t Au from 60m in oxidised rock.
Key Option Terms for Mariana:
– No option payments, only work commitment earn in
– Within six months lodge the renewed drill permit
– Obtain the approval to drill and then drill 1,500m within 12 months of approval to attain a 51% interest
– Mariana can earn a further 19% by lodging the next stage of drill permit and drilling a further 3,000m within two years of attaining a 51% interest
Mariana’s CEO Glen Parsons said, “This acquisition is in line with Mariana’s strategy to opportunistically bolster the Company’s portfolio where promising standalone project mineralisation exists. The Rurimarac Properties offer Mariana additional high grade gold potential and increased scale around our highly prospective Soledad copper-gold property as we look to ramp up our exploration activities in this proven district following the successful initial drill campaign at Soledad.
“Historic sampling and drilling results from the Rurimarac Properties are very encouraging. With this in mind, we are currently working through our results from the recent drilling campaign at Soledad to advance to the next exciting phase of deeper drilling. Drilling permission for the Rurimarac Properties will be submitted as soon as possible and we are hoping the approval will coincide with our Soledad exploration efforts to offer an even greater scope and economies of scale.”
