7th Sep 2015 07:10
LONDON (Alliance News) - Mariana Resources Ltd on Monday said it has notified Condor Resources Inc that it has terminated its earn-in option agreement for the Soledad copper-gold-silver project in Peru.
Mariana said the near-surface drilling results from the site indicated high grade copper-gold mineralisation in tourmaline breccia pipes. But these are of limited tonnage potential and therefore subsequent exploration activities for the site would need to focus on a deep porphyry source.
The company said the need to focus on deep drilling increases the risk and cost it faces on the project and it has therefore decided to withdraw.
Shares in Mariana were down 6.4% to 2.2 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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