Mariana Resources agrees deal over Sierra Blanca project in Argentina
30 November 2009
Mariana Resources, the mineral exploration group working in Argentina and Chile, has agreed a two-year option to buy out the remaining 30% interest in the Santa Cruz joint venture from its partner, Iamgold Corp.
The deal gives Mariana 100% control of Santa Cruz, which comprises the Sierra Blanca and Canadon Largo silver-gold projects in the emerging Deseado Massif gold-silver district in Southern Argentina.
Iamgold is thought to be selling its stake because so far it seems that the project has more potential as a silver discovery. Mariana will take on the stake in return for US$1 million in cash and shares and a 1.5% royalty on net smelter returns from any production from the two projects.
Mariana now wants to focus on the Sierra Blanca silver-gold project, which has a multiple epithermal vein system with high grade silver drill intercepts. It is planning a 3,000m drill programme for the second quarter of 2010 which will test for concealed silver-gold targets along the 4 km long Veta Chala - Lucila trend.
In October, Mariana reported a significant new discovery at the Dos Calandrias gold-silver project, which also lies in the Deseado Massif region of Argentina.
It raised approximately £2.6 million in a 13p per share placing the following month to fund follow up exploration work across its portfolio.
Elsewhere today, another AIM listed miner, Patagonia Gold, reported that that the Argentine authorities had passed new legislation in the Province of Santa Cruz, providing for the creation of an "Area of Special Interest for Mining". Mariana’s broker FinnCap, confirmed in its note to investors that the company’s mineral projects also fell within the new area.
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