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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 Ag (13.3 g/t AuEq(i))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: CLF)(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
(i) 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.
