21st Jul 2014 11:05
LONDON (Alliance News) - Mariana Resources Ltd Monday said it has found further deep mineralisation at the Breccia 5 region of its Soledad copper-gold-silver prospect in Peru.
The AIM-quoted exploration and development company, which is focused on Peru and southern Argentina, said further results from its recently completed 2,084 metre drill campaign at Soledad include a 139 metre region at 0.44% copper, 1.4 grams per tonne of gold, and 15 grams per tonne of silver from 87 metres depth at the SDH-012 hole.
The company said that from deeper levels at the SDH-012 hole, it found high levels of molybdenum, including a 23 metre space at 27 parts per million molybdenum and 0.4 grams per tonne of gold from 228 metres in depth.
As such, three of the five mineralised zones tested in the completed programme are well mineralised.
The company said strong copper/gold/silver mineralisation from in the fifth Breccia which was found in the SDH-012 hole extends for 225 metres from the surface and adds to the possibility of sub-centres of mineralisation at depth within its one-kilometre area of interest.
Mariana Resources said analysis of all exploration and drilling results is in progress in order to generate targets for its Stage 2 drill programme.
"We will now compile all results to date, update the geological model and generate further drill targets within the one-kilometre diameter target area to test these centres. With this understanding we will be able to decide on the exciting next steps and update the market accordingly."
Mariana Resources shares were down 9.3% to 3.31 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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