- Mariana Resources announces that it expects to start reverse circulation (RC) drilling at its Dona Ines gold/silver property and the adjacent Exploradora East copper projects in northern Chile during mid-April.
- The drilling is being funded by Asset Chile Exploracion Minera Fondo de Inversion Privado (Asset) as part of its obligation to invest US$1.65m to earn a 50% interest in the project.
- The Asset investment is part of the US$150m Fenix programme sponsored by the Chilean Government to “provide risk capital financing for exploration projects located within Chile”.
- The drilling programme is following up geological mapping and geochemical and geophysical surveys which have identified the initial targets from what are reported to be areas with no historical drilling.
SP Angel Conclusion: Mariana Resources has had significant success with the exploration of the Hot Maden project in Turkey where its local partner has now earned a 70% interest. The commencement of initial drilling of promising targets in Chile under a programme supported by the Government adds diversity to the company’s activities at little direct cost to Mariana Resources.
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