20th May 2014 15:07
LONDON (Alliance News) - Mariana Resources Ltd Tuesday said it has seen positive results from its first drill hole of a 2,000 metre diamond drill programme, confirming mineralisation at the copper-gold-silver Soledad prospect in Peru.
The AIM-quoted exploration and development company focused in Peru and southern Argentina, said the first hole SDH-001 was drilled in order to confirm the breccia pipe-style mineralisation at Soledad.
"The high grade copper and gold results for the twin hole at Breccia pipe 1 are extremely encouraging in terms of the system's potential, and our confidence has certainly increased as we move forward. What is particularly encouraging is the development of the exploration model based on a large mineralised porphyry system at depth," said Chief Executive Glen Parsons in a statement.
Mariana said it is now targeting untested areas away from Breccia 1.
The group said the mobilisation has been held back by severe unseasonal weather conditions, although it said it now anticipates drilling to re-commence soon.
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.
Shares in Mariana Resources were down 5.7% at 3.42 pence Tuesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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