Mariana Resources said the results of the Phase IV drilling program at the Las Calandrias project in Argentina indicated potential for resource expansion and new targets. Today’s report, which included the results from 21 of the final 28 holes drilled as part of the Phase IV programat Las Calandrias, follows a set of drilling results released by the company in November, which showed potential for mineralization outside the Calandria Sur deposit.
These results reported today were mostly from the El Clavo, Nido Este, Nido Norte and La Morena targets.
El Clavo was confirmed as a prime target for bulk-tonnage and deeper high grade mineralization, returning intersections of anomalous low grade gold including grades of up to 0.4 grammes per tonne (g/t) gold across 20 metres.
At the La Morena target, Mariana intersected a high grade interval of 0.5 metres at 9 g/t gold and 55 g/t silver, while two scout holes at Nido Este holes intersected anomalous gold including 0.2 g/t gold across 12 metres, opening up a new target zone.
A previous induced polarisation survey indicated large sulphide system at Nido Este, which was tested by only two scout holes in 2010.
In addition to the drilling results, Mariana also released a report prepared by independent consultant Jeffrey Hedenquist, who pointed out that the depth of drilling has not fully tested potential in several areas.
He recommended targeting both disseminated and deeper feeder structures with possible high grade at Calandria Sur and El Clavo.
Mr John Horsburgh chairman of Mariana Resources said that “This potentially favourable host for epithermal gold, together with scope to expand the Calandria Sur mineralized system into surrounding volcaniclastics, plus new targets opening up elsewhere in and around the dome field, augur well for an exciting Q1/Q2 exploration programme.”
Mariana plans to continue analyzing all results it has received to date during the current quarter to define drill targets for the Phase V drilling programme with an aim to expand the resource. Mapping and sampling to better define new targets that have already been identified is currently in progress.
