Marengo commences 2007 drilling program
Marengo Mining has commenced the 2007 season of diamond drilling at its Yandera Project, following on from its successful 2006 program, which saw 7000m drilled on the Gremi, Omora and Imbruminda zones.
Marengo anticipates that a similar meterage will be completed during the 2007 field season and will initially concentrate on the Omora Zone, where drilling in late 2006 intersected a broad zone of previously unidentified gold-molybdenum mineralisation in close proximity to existing copper-molybdenum mineralisation. Drilling will also target further extensions to zones of copper- molybdenum mineralisation located within the boundaries of a conceptual open- pit, which forms part of a pre-feasibility study commenced in the fourth quarter of 2006. In October 2006 Marengo announced an initial Inferred Resource of 371 million tonnes @ 0.49 copper equivalent (Cu+Mo), at a 0.3% copper equivalent cut-off. All data from the company’s 2006 program has now been added to the extensive Yandera drill database (over 40,000m) and it is anticipated that a revised resource estimate will be released shortly after the end of the current quarter. Drilling at Yandera during 2006 provided many significant mineralised intercepts, including: 237m @ 1.36% Cu Eq, 204m @ 0.84% Cu Eq, and 240m @ 0.89% Cu Eq. Marengo currently has cash reserves totalling $10m, following a very successful capital raising during the latter part of 2006, which saw the company’s international institutional shareholder base increase to approximately 40 percent.