Mariana-Minotaur JV at Buenaventura IOCG Project, Chile
MARIANA RESOURCES LTD
AIM and PLUS code:
MARL
16 April 2008
Mariana and Minotaur to jointly explore Iron Oxide-Copper-Gold (IOCG)
Project, Northern Chile
Highlights -
§ Mariana Resources Ltd and Minotaur Exploration Ltd (ASX:
MEP) to explore the Buenaventura IOCG Project, Northern Chile
§ Buenaventura is located in the highly prospective IOCG Belt
between Freeport's Candelaria and Anglo American's Manto Verde copper
mines
§ Mariana and Minotaur can earn 51% by spending US$3 million
over 3 years and 80% with a bankable feasibility study
§ Drilling of prioritized targets scheduled Q3/Q4 2008
Mariana Resources Ltd ("Mariana") today announces that it and
Minotaur Exploration Ltd ("Minotaur") are to explore the Buenaventura
IOCG Project in Northern Chile through a joint venture with the title
holders Sociedad Minera Contractual Buenaventura ("Buenaventura
CSM").
Mariana/Minotaur Agreement
Under the terms of the agreement, Mariana/Minotaur may equally vest a
collective 51% participating interest in the project through staged
expenditure to a total of US$3 million over 3 years. Mariana's
commitment in the first year is US$100,000 of the proposed US$400,000
budget, after which either or both parties may elect to withdraw.
Once Mariana/Minotaur have earned 51%, they may elect to earn an
additional 29% (for a total of 80%) by completing a bankable
feasibility study within a further 3 years. Mariana/Minotaur have
the right to introduce a funding partner and maintain first right to
refusal to purchase the remaining 20% of project equity.
The Buenaventura Copper Project, Northern Chile
The Buevaventura Project comprises 44 square kilometres of
exploration concessions (Figure 1) within the world-class Chilean
IOCG Belt, mid-way between the Candelaria deposit (operated by
Freeport-McMoRan Copper & Gold Inc.) and the Manto Verde deposit
(controlled by Anglo American), both significant copper producers.
Infrastructure and access are excellent, located just 50 kilometres
north of the regional service centre of Copiapó.
The property is positioned along the Atacama Fault Complex (which
hosts all the major Chilean IOCG deposits) with favourable host rocks
of the Punta del Cobre Formation. Copper mineralisation is found in
outcrop and at depth at four locations that display intense
hydrothermal alteration, brecciation and both haematite - copper and
magnetite - copper association, features commonly associated with
IOCG deposits. Previous drilling completed by Buenaventura CSM
focused in and around these outcrop areas. Copper mineralisation as
both oxide (upper levels) and sulphide (deeper levels) was
encountered in a number of holes, from near surface to depths of up
to 400metres, with intervals ranging from 10 to 90metres and grades
generally in the range 0.2 to 0.5% copper. Some of the more
significant drilling results are shown in Table 1 below.
Table 1. Significant results from RC Drilling on the Buenaventura
Property (2002-2003)
Table 1
Copper and gold intercepts in RC drill holes at Cerro Brecha (2003)
and Cerro Amada (2002)
+-------------------------------------------------------------------+
| Prospect | Drill | From - To | Interval | Cu | Au (grams per |
| Name | hole | (metres) | (metres) | (%) | tonne) |
| | No. | | | | |
|----------+--------+------------+----------+------+----------------|
| Cerro | | | | | |
| Brecha | SB-2 | 31 - 46 | 16 | 0.49 | 0.05 |
|----------+--------+------------+----------+------+----------------|
| | SB-3 | 25 - 52 | 28 | 0.43 | |
|----------+--------+------------+----------+------+----------------|
| | | 173 - | | | |
| | | 200 | 28 | 0.43 | 0.13 |
|----------+--------+------------+----------+------+----------------|
| | | 113 - | | | |
| | SB-5 | 118 | 6 | 0.39 | 0.2 |
|----------+--------+------------+----------+------+----------------|
| | | 135 - | | | |
| | | 148 | 14 | 0.41 | 0.15 |
|----------+--------+------------+----------+------+----------------|
| | SB-6 | 79 - 88 | 10 | 0.88 | 0.1 |
|----------+--------+------------+----------+------+----------------|
| | | 103 - 106 | 4 | 1.06 | 0.1 |
|----------+--------+------------+----------+------+----------------|
| | | | | | |
|----------+--------+------------+----------+------+----------------|
| Cerro | | | | | |
| Amada | SA-1 | 15 - 104 | 90 | 0.40 | |
|----------+--------+------------+----------+------+----------------|
| | SA-2 | 5 - 62 | 58 | 0.40 | |
|----------+--------+------------+----------+------+----------------|
| | | 57 - 62 | 6 | 0.89 | |
|----------+--------+------------+----------+------+----------------|
| | SA - 3 | 33 - 54 | 22 | 0.41 | |
|----------+--------+------------+----------+------+----------------|
| | SA - 4 | 57 - 80 | 24 | 0.48 | |
|----------+--------+------------+----------+------+----------------|
| | | 71 - 78 | 8 | 0.65 | |
+-------------------------------------------------------------------+
Mariana/Minotaur work Programme
As previously stated, much of the prior exploration focused on the
four main outcropping areas. With 75% of the project area covered by
outwash gravels and soils, exploration by Mariana/Minotaur will focus
on testing geophysical targets under shallow cover. Three untested
targets are evident in existing magnetic and gravity data collected
to date, and geophysical surveying will be extended over the
remaining areas of cover. Drill testing of prioritized targets will
occur during the initial evaluation stage, towards the end of 2008.
About Minotaur
Minotaur Exploration Ltd (ASX:MEP) is a successful Australian mineral
explorer with recognized expertise developed in the field of IOCG
exploration. Senior management in the company were directly
responsible for the discovery of the South Australian Prominent Hill
IOCG deposit (153 Mt @ 1.2% copper, 0.5 g/t gold) currently being
brought into production by Oxiana Ltd. The exploration
programme leading to this discovery was largely guided by geophysical
surveying methods to pin-point blind targets concealed below 100m of
cover rock. Minotaur's sister company, Minotaur Atlantic Exploration
Ltd., was recently established to explore for IOCG deposits in Nova
Scotia through a joint venture with TSX-listed Dundee Precious Metals
Inc.
Commenting today, Managing Director John Sutcliffe said "Buenaventura
is the second project to be acquired by Mariana as a result of
regional studies conducted in the Candelaria-Manto Verde Belt, the
world's most prolific IOCG belt. Buenaventura is an attractive IOCG
project with several centres of copper mineralization within a 44
km2 area which is largely underexplored and covered by outwash
gravels. Minotaur will bring specialist expertise in IOCG exploration
techniques, in particular the application of geophysical methods in
covered terrain. We look forward to working with the project owners
Buenaventura CSM and Minotaur in this most interesting joint venture
project. Further opportunities in the IOCG belt are under evaluation
and consideration."
ON BEHALF OF THE BOARD
John Sutcliffe
Managing Director
For more information:
+-------------------------------------------------------------------+
| Mariana Resources Limited | RFC Corporate Finance |
| | Limited (Nomad) |
|------------------------------------+------------------------------|
| John Horsburgh | +61 2 9437 | Rob Adamson | +61 2 9250 |
| (Chairman) | 4588 | Will Souter | 0041 |
| | | | +61 2 9250 |
| | | | 0050 |
|----------------------+-------------+---------------+--------------|
| John Sutcliffe (MD) | +5932 298 | | |
| | 6464 | | |
|-------------------------------------------------------------------|
| |
|-------------------------------------------------------------------|
| Conduit PR Limited | Haywood Securities (UK) |
| (Public Relations) | Limited |
| | (Broker) |
| | |
|------------------------------------+------------------------------|
| Ed Portman | +44 20 7429 6667 | Daniel Brooks | +4420 7031 |
| | +44 773 3363 501 | | 8000 |
+-------------------------------------------------------------------+
Or visit website at www.marianaresources.com
ADDITIONAL INFORMATION
The exploration programme will be conducted by Mr. Walter Espinosa,
under supervision of Managing Director Mr John Sutcliffe. Exploration
information in this announcement has been compiled by John Sutcliffe
who is a Fellow of the Geological Society of London, a Chartered
Engineer and a Member of the Institute of Mining and Metallurgy. Mr
Sutcliffe has sufficient experience relevant to the style of
mineralization and types of gold deposit under consideration and to
the activity that he is undertaking to qualify as a Competent Person
as defined in the JORC Code.
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