Chile
Chile forms an important part of Mariana's strategic plan. The country is the World’s largest copper producer from a number of giant porphyry coppers such as Escondida and two world class iron oxide copper gold (IOCG) deposits. It consistently ranks as a top global exploration/mining destination.
In 2007/2008, Mariana’s subsidiary Sociedad Contractual Minera Mariana (’SCM Mariana’), acquired interests in two IOCG projects along the easily accessed low altitude 1400km Coastal Cordillera (IOCG Belt) of Northern Chile. The Belt hosts Freeport-McMoran’s Candelaria mine (470Mt @ 0.95% Cu, 0.22g/t Au) and Anglo American’s Manto Verde mine (350Mt @ 0.75% Cu) and others. Mariana’s Buenaventura and Perro Chico projects are located along this belt and both have significant IOCG potential.
Cliffs Natural Resources (‘Cliffs’), a U.S. based international natural resources company has earned a 70% interest in SCM Mariana, which is the joint venture vehicle between Mariana (30%) and Cliffs and is exploring for IOCG deposits along the Belt, having spent US$3 million on exploration to date.
IOCGs are economically important complex copper deposits hosted within hydrothermal systems with associated iron oxides and can be enriched in gold, silver, uranium and rare earths. They display strong hydrothermal alteration, brecciation, important regional and local structures and geophysical expressions in the form of prominent magnetic or gravity anomalies. The major IOCG mines are located in South Australia, Queensland, NE Brazil and N Chile. The Northern Chile IOCG Belt is considered one of the world’s most prominent IOCG belts.
Mariana is seeking new copper-gold projects in its own right through Chilean subsidiary, Compania Minera Mariana Chile Ltda (‘MMC’). MMC has entered into a three year option to acquire the 1,700 hectare Tolita gold prospect located in the 200 km long Maricunga Gold Belt, 30 km SW of the Kinross Cerro Casales mine in northern Chile.
This world class belt contains several epithermal high sulphidation gold and associated porphyry gold-copper deposits. The most notable deposits include Marte-Lobo (Kinross, 6Moz Au), Refugio (2.2M oz Au,) Cerro Casale (Barrick, 31Moz Au, 14B lbs Cu), and Caspitche (Exeter, 26Moz Au) and Volcan (Andina, 10Moz Au).
