Proactive Investors reported that Mariana Resources Limited has begun drilling iron oxide copper gold targets at the Buenaventure and Perro Chico projects in Northern Chile. There are 3 targets to be drilled at Buenaventura and 5 at Perro Chico and the program will include 9 holes for a total of 3,300 meters drilled.
Buenaventura is located 50 kilometers north northeast of Copiap between Freeport's Candelaria and Anglo American's Manto Verde copper mines in Northern Chile. The 44 square kilometer project area is situated along the Atacama Fault Complex which hosts all major Chilean IOCG deposits. Previous drilling in 2002 and 2005 intersected several zones of IOCG mineralization including 6 holes ranging from 22 meters to 90 meters at 0.40% to 0.49% copper with up to 0.13 grams per tonne of gold.
In April 2008, Mariana and Minotaur Exploration Limited announced a JV with Sociedad Minera Contractual Buenaventura whereby they could jointly earn 51% by spending USD 3 million over 3 years and 80% by completing a bankable feasibility study with additional rights to bring in a funding partner and first refusal over the remaining 20%. Earlier this year, Minotaur withdrew from the JV owing to its reduced exploration budget.
The primary target in the current program at Buenaventura will be a large residual gravity anomaly beneath known IOCG copper mineralization at Cerro Brecha. Data indicates a significant dense mass at depth below previous drilling indicating a possible iron oxide body. Drilling will also test other IOCG targets at Cerro Berta Norte and Cerro Berta Sur. The combined 4 square kilometers Cerro Berta area is the largest of the mineralized centers at Buenaventura.
Perro Chico lies about 67 kilometers south southwest of Copiap. Copper and gold iron oxides have been mined by artisans in the area for many years but there has been no previous systematic exploration or drilling on the property.
Mariana can acquire a 100% interest in the 549 hectares Perro Chico property by making progress option payments totaling USD 205,000 with a final buyout of USD 600,000 at the end of a 39 months option period. Mariana has a surrounding 6,600 ha area under application.
Mr John Sutcliffe MD of Mariana said that "We now have an exciting drill program commencing which will test 2 multi target projects located in the heart of this pre-eminent IOCG belt. Minotaur's early withdrawal from Buenaventura was understandable but their input to the Buenaventura project, as discoverers of the new Prominent Hill copper gold mine in South Australia using gravity surveying was significant."
Mariana is expecting the first batch of assay results for its Argentine Dos Calandrias prospect this month. The property is the first prospect of the company’s wholly owned land package in Santa Cruz that has advanced to the drilling stage.
The Sierra Blanca Silver Gold project is being undertaken as a JV with major US gold producer IAM Gold. Mariana hold a 70% interest in the project. With the 2009 to 2010 field season underway discussions are in progress with partner IAMGOLD regarding the best way to advance Sierra Blanca.
Broker FinnCap included Mariana in a market note this morning saying the eagerly awaited drill program in an area between 2 of the world’s largest copper mines in Chile has now started. FinnCap said that "For sure, an investment in such high risk exploration is not for the faint hearted but if the drilling at Buenaventura returns IOCG mineralization at high enough grades and sufficiently large widths we think this project has the potential to be a company maker for Mariana."
(Sourced from Proactive Investors)
