Mariana Resources Ltd : Mariana Resources Ltd : Exploration Update

      Mariana Resources Ltd : Mariana Resources Ltd : Exploration Update

 
 

        Incorporated in Guernsey registered number 44276.       

AIM: MARL                          Head Office:
TSX: MRY            Level 5, 22 Atchison Street
31 January 2013         St. Leonards, NSW, 2065
                                      Australia
                              Canadian Address:
                                   PO Box 11584
                 1410 - 650 West Georgia Street
                          Vancouver, BC V6B 4N8

Mariana Exploration Update

Mariana Resources Ltd  ('Mariana' or 'the  Company'), the AIM  and TSX  quoted 
exploration and development company focused in Peru and southern Argentina  is 
pleased to announce an update of exploration activities.

Overview

  * Mariana's earn-in to 51% in Condor Resources Inc. (TSX-V: CN) Condor de
    Oro porphyry gold-silver-copper project, N Peru is proceeding according to
    plan with Community support being re-confirmed at meetings last Quarter 

  * Condor has granted Mariana a 90-day extension to assess the Yuracyacu
    area, adjacent to the Pucayacu option area, the two options covering the
    Condor de Oro project 

  * At the Los Cisnes Project, Santa Cruz, Argentina, channel sampling at the
    El Brio prospect has returned high grade silver assays from six channels
    across vein-breccias 

  * A strategic review of advanced Santa Cruz projects in progress with
    outcomes likely to include joint ventures and/or asset sales.  Major
    shareholder Anglo Gold Ashanti has a First Right of Refusal 

  * In Chile, late December 2012 Cliffs bought out Mariana's residual 20.6%
    interest in SCM Tierra Noble for US$250,000 cash following disappointing
    drill results at Buenaventura 

Commentating today, Chairman John Horsburgh said, "The year has started with
further progress in implementing the Company's diversification of exploration
efforts into Peru, specifically the Condor de Oro gold-copper porphyry target.
 Rationalisation of non-core projects elsewhere, paves the way for sharper
focus at the new Los Cisnes Project with on-going target definition, in
Argentina. "

Condor de Oro Project (option to earn 51% Area 1)

As part of its strategy to diversify its exploration effort in South America,
Mariana previously elected to proceed with an option granted by Condor
Resources over Area 1 of the Condor de Oro Project (Figures 1 and 2, see link
below), comprising the 4km2 Pucayacu target. Mariana can earn a 51% interest
in Area 1 with cash and work commitments of US$15 million over 4 years.
 Subject to final approvals, drilling is anticipated during the first half
2013.

Meetings were held last Quarter with Community leaders to introduce the
Company as the new Project operator. Full support for the project was
re-confirmed under an original 5-year access agreement. This agreement is
mid-term and enables Mariana to conduct initial exploration, including
drilling, with maximum environmental responsibility, social inclusion and
participation at all times.

Mariana also had an exclusive right to option Area 2 (Yuracyacu) under the
same terms. It is a precious and base metals target in the northeast of the
Project. Approximately 230 rock and soil samples plus 4 stream sediment
samples were collected as part of the minimum commitment.  High grade results
include 3.8% Cu, 9.4% Pb and 14.3% Zn, from generally narrow breccia-hosted
vein related structures.  The best stream sediment gold anomaly came from a
catchment area in the NW sector not sampled previously.  In order to follow-up
on this target and more fully assess the results, Condor Resources has granted
Mariana a 90-day extension to the exclusivity period for Yuracyacu which will
now expire March 31, 2013.

Argentina - Los Cisnes Project (100%)

At Los Cisnes, located 75km SW of Yamana's Cerro Moro and 120km SSE of Las
Calandrias (see Figures 3 and 4), prospective mineralised dome breccias and
related high grade vein-breccias have been discovered in a classic rhyolite
domefield epithermal setting.  Target definition work involving
prospecting/mapping, channel sampling and LAG sampling is in progress, with
seven prospects identified to date.

At the El Brio prospect, mapping extended the vein trend to 1km.  High-grade
silver assays were returned from channel sampling over a strike length of
about 100m.  Of the 9 diamond saw cut channels, 5 returned high grade to
anomalous silver.

Highlights

TLCs5   4.4m @ 0.6 g/t Au   535 g/t A   (13.3 g/t AuEq*)
Incl.   1.8m @ 0.8 g/t Au 1117 g/t Ag (19.4 g/t AuEq)
TLCs6   0.5m @ 4.0 g/t Au 1255 g/t Ag (24.9 g/t AuEq)
TLCs7   2.6m @ 0.7 g/t Au   400 g/t Ag (  7.4 g/t AuEq)
Incl     0.9m @ 2.0 g/t Au 1104 g/t Ag (20.4 g/t AuEq)
TLCs8   1.9m @ 0.3 g/t Au   198 g/t Ag (  3.6 g/t AuEq)
TLCs9   0.9m @ 0.8 g/t Au   994 g/t Ag (17.4 g/t AuEq)

Target definition will be completed this field season leading to follow-up
trenching and IP to generate possible targets for scout drilling (subject to
the permitting and access agreements) next field season (Q4 2013/Q1 2014).

Following a review of results to date at the El Aguila project (option to
acquire 100%), the potential for bulk tonnage rhyolite-hosted mineralisation
was down-graded.  It was decided to withdraw from the option with Winki SA to
enable a more focused effort at 100% owned Los Cisnes.

Chile - SCM Tierra Noble (20.6%)

Last month, SCM Tierra Noble completed a 4,000m RC drilling programmme at  the 
 Buenaventura Project.  The holes tested various  targets NE of Loma Negra,  W 
and NW of Cerro Brecha, W of Cerro Amada and SW of Bertha Mine. No significant
mineralisation was  encountered  in this  drilling.   In late  December  2012, 
agreement was  reached  between  Cliffs Natural  Resources  Exploration  Chile 
Limitada, an affiliate of Cliffs Natural  Resources Inc. (NYSE & Paris:  CLF), 
and Mariana, whereby Cliffs has  bought out Mariana's residual 20.6%  interest 
in SCM  Tierra Noble  for  US$250,000 cash.   Mariana  has been  diluting  its 
shareholding in Tierra Noble since Q3 2011, and pursued this course of  action 
in view of results received in last drill programme.

Link to figures: http://marianaresources.com/pdf/release/Mariana_130131.pdf

Exploration Information

* Gold equivalent (AuEq) grade has  been calculated by dividing silver  assays 
by 60 and adding to the gold value and this assumes 100% recovery.

Exploration information  in  this  announcement  has  been  compiled  by  John 
Horsburgh who  is  a  Fellow  of the  Australasian  Institute  of  Mining  and 
Metallurgy.  Mr Horsburgh has sufficient  experience relevant to the style  of 
mineralisation and types of gold  and base metal deposits under  consideration 
and to the activity that he is undertaking to qualify as a Competent Person as
defined in  the JORC  Code. Mr  Horsburgh  is a  qualified person  within  the 
meaning of National Instrument 43-101, Canada.

 

Quality Assurance/Quality Control
All technical  information for  the Company's  Peru projects  is obtained  and 
reported under a quality  assurance and quality  control (QA/QC) program.  All 
samples are  collected under  the supervision  of the  Company geologists  and 
dispatched via commercial transport to  ALS Chemex Laboratories in Lima,  Peru 
for sample preparation  and analytical  procedures. Samples  are fire  assayed 
with AAS finish on a 50 g assay charge. Additionally, all samples are analyzed
by a 35 element aqua regia ICP-AES method plus trace mercury detection by cold
vapour-AAS  methods.  ALS  Chemex's  quality  control  system  complies   with 
International Standards ISO 9001:2008 and  ISO 17025. Analytical accuracy  and 
precision are monitored by the analysis of reagent blanks, reference  material 
and replicate  samples.  As part  of  Mariana's Quality  Control  and  Quality 
Assurance program, certified reference  materials, field duplicates and  blank 
samples are inserted continuously into the sample stream

 

All technical information for the Company's Argentina projects is obtained and
reported under a quality  assurance and quality  control (QA/QC) program.  All 
samples are  collected under  the supervision  of the  Company geologists  and 
dispatched via commercial  transport to  ALS Chemex  laboratories in  Mendoza, 
Argentina, and  assayed in  Santiago  de Chile.  ALS Chemex's  quality  system 
complies with the requirements for  the International Standards ISO  9001:2000 
and ISO 17025: 1999. Samples returning greater than 10 g/t gold and/or greater
than 100  g/t  silver  are assayed  using  gravimetric  analyses.   Systematic 
assaying of sample duplicates and  commercially prepared standards and  blanks 
is performed for analytical reliability.

 

 

                                   **ENDS**
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED
 IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY
                       OR ACCURACY OF THIS NEWS RELEASE

For further information  please visit website  at www.marianaresources.com  or 
contact the following.

In Australia:
John Horsburgh (Chairman) Mariana Resources Ltd               +61 2 94374588
Glen Parsons (CFO)        Mariana Resources Ltd               +612 94374588
Rob Adamson               RFC Ambrian Limited (Nomad)         +61 2 9250 0041
Will Souter               RFC Ambrian Limited (Nomad)         +61 2 9250 0050
In U.K.
Felicity Edwards          St Brides  Media  and  Finance  Ltd +44 20 7236 1177
                          (PR)
Klara Kaczmarek           RFC Ambrian Limited ( Co UK Broker) +44 20 7634 4725
Jonathan Evans            Fox Davies Capital ( Co UK Broker)  +44 20 3463 5000
In Canada:
Kathryn Witter            Mariana  Resources  Ltd  (Vancouver +1 604 669 9336
                          Office)

About Mariana Resources
Mariana Resources Ltd  is an AIM  and TSX quoted  exploration and  development 
company with an  extensive portfolio of  gold, silver and  copper projects  in 
South America.  In  Peru, Mariana  has an  option to  earn a  51% interest  in 
highly prospective  copper-gold  and  copper-silver porphyry  targets  in  the 
Cordillera del Condor of northern Peru.

In southern  Argentina,  the  Company's  core  gold-silver  projects  are  Las 
Calandrias (100%), Sierra  Blanca (100%),  Los Amigos JV  (30%) and  -Picadero 
(100%).  These projects are part of a 200,000+ Ha land package in the  Deseado 
Massif epithermal gold-silver district in mining-friendly Santa Cruz Province.
 On 19  December  2011,  Mariana  announced that  AngloGold  had  completed  a 
strategic placement whereby AngloGold was issued 45,000,000 shares in  Mariana 
at a price  of 12 pence  per share. AngloGold  has the right  to maintain  its 
equity of 19.9% in Mariana in further issues by Mariana.

Safe Harbour
This press release contains "forward-looking information" within the meaning
of Canadian securities legislation ("forward-looking statements").  These
forward-looking statements are made as at the date of this press release and
include, without limitation, statements regarding discussions of future plans,
the realization, cost, timing and extent of mineral resource estimates,
estimated future exploration expenditures, costs and timing of the development
of new deposits, success of exploration activities, permitting time lines, and
requirements for additional capital.  The words "plans", "expects", "budget",
"scheduled", "estimate", "forecasts", "intend", "anticipate", "believe",
"may", "will", or similar expressions or variations of such words are intended
to identify forward-looking statements.  Forward-looking statements are
subject to known and unknown risks, uncertainties, assumptions and other
factors that may cause actual results to vary materially from those expressed
or implied by such forward-looking statements, including, but not limited to:
the effects of general economic conditions; the price of gold and silver;
misjudgments in the course of preparing forward-looking statements; risks
associated with international operations; the need for additional financing;
risks inherent in exploration results; conclusions of economic evaluations;
changes in project parameters; currency and commodity price fluctuations;
title matters; environmental liability claims; unanticipated operational
risks; accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or in the completion of development
or construction activities; political risk; and other risks and uncertainties
described in the Company's annual information form and MD&A for the most
recently completed financial year available on SEDAR.  Although we believe
that the expectations reflected in such forward-looking statements are based
upon reasonable assumptions and have attempted to identify important factors
that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended.  There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such forward-looking
statements.  Accordingly, readers are cautioned not to place undue reliance on
forward-looking statements.  We do not undertake to update any forward-looking
statements, except in accordance with applicable securities laws.

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Source: Mariana Resources Ltd via Thomson Reuters ONE
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