3rd Jul 2014 08:49
LONDON (Alliance News) - Mariana Resources Ltd Thursday said it has achieved further positive results from the first half of a drilling programme at its copper-gold-silver Soledad prospect in Peru, finding a large mineralised space at the project.
The AIM-quoted exploration and development company, which is focused on Peru and southern Argentina, said that of particular note were results from its deep hole SDH-09, which was drilled in a high level porphyry breccia pipe.
The SDH-09 hole intersected a 174 metre space at 1.2% copper, 0.7 grams per tonne of gold and 114 grams per tonne of silver from 92 metres in depth.
The company said the SDH-09 find included three zones of strong mineralisation, including a 29 metre space at 2.1% copper, 1.9 grams per tonne of gold and 301 grams per tonne of silver from 236 metres in depth.
Mariana said that the hole shows that mineralisation in the breccia pipe goes to a depth of at least 250 metres, which is 50 metres further than historic drill tests found at the site.
The company said that its SDH-12 hole, which has results pending, has also intersected good mineralisation as expected and results will be reported shortly.
"As we assess incoming assay results, we are continually updating and enhancing our geological model which provides a greater understanding of the potential of this exciting system. A more complete geological model will evolve following Hole 12 results," Chief Executive Glen Parsons said in a statement.
Mariana has an option to earn a 70% interest in Soledad, which is fully drill permitted, through its agreement with tenement owners Condor Resources Inc.
Mariana Resources shares were up 4.2% to 3.44 pence, putting it amongst the top AIM All-Share risers during early trading on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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