Mariana Resources teams up with Hochschild to explore Argentina licences
12 November 2009
AIM quoted exploration group Mariana Resources has signed a joint venture agreement with its largest shareholder, the mid-tier miner Hochschild Mining, to explore and develop three adjoining gold-silver tenements in Argentina.
The tenements cover 13,455 hectares in the western sector of the Deseado Massif in Santa Cruz province and include Mariana’s Amigos I and Amigos II licence areas and Hochschild’s San Augustin property. All are located around 110km south of Hochschild’s producing gold-silver San Jose mine.
The deal will see the two sides spend US$2 million over the next three years on a 40/60 basis exploring licences which are believed to be under-explored but boast a large intact high-level epithermal vein system, prospective for gold and silver.
Hochschild, which owns a 10.53% stake in Mariana, will initially hold a 51% stake in the JV. However, it has the option to increase its holding to 70% by committing 60% of US$3 million during the following two years and taking the project to the prefeasibility stage.
Exploration drilling on the licence areas is set to begin in the second quarter of 2010.
Earlier this week Mariana launched a 13p per placing to raise £2.6 million in order to fund work on its Dos Calandrias gold-silver project, which is also in the Deseado Massif region.
Mariana’s managing director, John Sutcliffe, said: “Following our success at the Dos Calandrias project, having recently made a significant gold-silver discovery, we believe this deal further underpins our position as a significant explorer in the emerging Santa Cruz gold district and our ability to generate projects with high potential.”
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