25 May 2012

Drilling cheer for Mariana

05/01/2011 Robert Tyerman

Gold and silver play Mariana Resources says its latest drilling indicates a 'robust bulk tonnage' deposit at Calandria Sur in southern Argentina. The AIM-quoted company reports results from the last 28 holes in a 55-hole drill progamme include intersections of 104 metres with 1.3 grammes of gold and 19 grammes of silver per tonne of ore, 102.5m with gold at one gramme and silver at 18 grammes a tonne and 19m with gold at 2.3 grammes a tonne and 19m with gold at 2.3 grammes and silver at 48 grammes a tonne.

These are low grades but could support a bulk tonnage operation with the right extraction costs. Chairman John Horsburgh says New South Wales-based Mariana intends to produce a preliminary resource estimate for Calandria Sur in the first or second quarter of this year.

Calandria Sur is part of the company's wholly-owned Las Calandrias gold and silver deposit. Another target area there is Calandria Norte, which Horsburgh says should yield drill results 'shortly' from 'bonanza-grade targets'. Mariana also has a joint iron oxide, gold and silver venture in north-central Chile and says it is evaluating other opportunities there.

Highlighted by Growth Company Investor in 2008 at 4.75p and again last November, this time with a partial profit-taking suggestion at 39.75p, Mariana shares now change hands at 53.5p, up 2.5p today and valuing the company at £96 million. Hold on for now.                

Tags: AIM market, Emerging markets, Gold explorer

Sector: Mining

Companies: Mariana Resources

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