VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/13 -- Mariana Resources Ltd. (TSX: MRY)(AIM: MARL) ('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.
-- Mariana's earn-in to 51% in Condor Resources Inc. (TSX VENTURE: 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.