Mariana Resources promises exciting 2010 after H1 gold-silver exploration boosts portfolio value

Mariana Resources (LON:MARL) promised more "exciting" news in the months ahead after its exploration efforts undertaken in the first half significantly increased the value of its property portfolio.
The bulk of the exploration success was delivered by the company’s Las Calandrias property in the Deseado Massif in Southern Argentina. The project has rapidly moved from being a grassroots project to follow-up drilling over two bonanza-grade gold and silver intersections at the Calandria Norte deposit.
This will be followed by resource drilling at Calandria Sur, which contains a significant disseminated gold deposit.

Preliminary metallurgical testing has already commenced with results due later this year.

The expenses will be covered with the £6.75 million raised in June. The funds have paved the way for the current 10,000 metre drill programme, the prime target  of which is extension to the vein-breccia  bonanza gold-silver  intersections at Calandria Norte.
In parallel with the follow-up drilling, intensive exploration of the entire 11 sq km (square kilometre) rhyolite dome field is underway.
A key objective of the current drilling is to achieve a maiden resource in Q1 2011.
Apart from Las Calandrias, Mariana is also advancing other projects in Argentina, including the Sierra Blanca joint venture with drilling of silver-gold targets planned for Q1 2011 and Los Amigos, where drill target definition work is progressing.
At La Borita, where Mariana has an option to acquire 100%, scout drilling of a concealed porphyry copper target is planned for Q4 2010.
In Chile, drilling at the Buenaventura IOCG project and evaluation of new properties by the Mariana-Cliffs Natural Resources is in progress.
The company acknowledged the “continuing support” of its shareholders and promised that the second half of the year will be just as interesting.
“This has been another outstanding six months for the company, and the Mariana team is to be congratulated on an excellent performance.
“The next six months promises to be equally exciting and regular updates will be provided to shareholders as results come to hand,” said chairman J.R. Horsburgh.
Broker finnCap issued a note on Mariana last week, praising the expansion potential of Las Calandrias.
The broker expects the initial batch of assays that will be released in October to be similar to those already reported.
Previous intersections at Calandria Sur have included 68 metres grading 2.4 g/t (grammes per tonne) gold and 24 g/t silver from 74 metres and 106 metres grading 1.6 g/t gold and 27 g/t silver from 3 metres.
FinnCap noted that following a “strong drilling run” started earlier this month the stock met its valuation of 41 pence, which it said was due to the market anticipating exploration success at the project.
As a result, finnCap placed the valuation of the company under review.