15th Oct 2014 08:07
LONDON (Alliance News) - Mariana Resources Ltd Wednesday confirmed that it has found high-grade gold and silver mineralisation from its rock chip sampling at the Rurimarac tenements in Peru.
Mariana shares were up 15% to 2.05 pence per share Wednesday morning.
The company conducted surface sampling and rock chip sampling at the Rurimarac properties. From the 79 samples, 5 of them returned assays of 2 grammes of gold per tonne. Another 19 samples showed results of 5 grammes of gold per tonne, and 5 samples showed 31 grammes of gold per tonne. Silver was identified in 16 samples, returning grades of up to 20 grammes of gold per tonne, with 6 samples showing grades greater than 1 ounce of gold per tonne.
Mariana said it now plans to engage with the local community and complete a social scoping study by the end of October, and it plans to drill another eight holes at the site, which will begin with the next drilling campaign at its Soledad project.
"These high-grade bonanza results from our initial sampling on the Rurimarac properties are extremely encouraging," said Chief Executive Glen Parsons. "The main zone has not been drill tested and remains open. We have already identified new mineralized target areas in this under-explored property, and intend to commence drilling on at least eight core holes in tandem with our next Soledad drill programme."
Mariana are subject to an earn-in option agreement for the Rurimarac properties with Tinka Resources Ltd, announced on September 8. Tinka currently owns 100% of the Rurimarac properties through its Peruvian subsidiary Darwin Peru SAC, and Mariana can earn 70% interest in the property under the agreement.
"Our earn in option on the Rurimarac properties has certainly bolstered our presence in central Peru around Aija with its excellent exploration potential. This is in line with our strategy to upgrade our portfolio, gear up our exploration activities in this proven district and deliver on exploration milestones in the coming months," said Parsons.
By Joshua Warner; [email protected]; @JoshAlliance
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