17th Feb 2014 08:55
LONDON (Alliance News) - Mariana Resources PLC saw its shares rise in early trading after the firm said Monday it has seen positive results from channel sampling and mapping at the gold-silver-copper Soledad prospect in Peru.
The AIM-listed exploration and development company focused in Peru and southern Argentina said
mapping and outcrop channel sampling completed in January 2014 has identified bulk tonnage potential at the northern high sulphidation epithermal/breccia system, a possible concealed central mineralised intrusive, and a surrounding ring of mineralised breccia pipes.
Soledad is located in the prospective Cordillera Negra metallogenic province approximately 34 kilometres to the south of the Pierina gold-silver mine operated by Barrick Gold Corporation. Mariana has an option to earn a 70% interest in Soledad - which is fully drill permitted - through its agreement with Condor Resources, which wholly owns the Project.
The firm said channel sampling has returned positive high-grade gold and silver assay from five of the breccia pipe zones sampled. At Brecci 1, for example, channel sampling returned 7.8m @ 8.6 g/t Au, 19 g/t Ag and 3.4m at 7.6 g/t Au, 112 g/t Ag at surface above unconfirmed historic drill
intersections.
Following the positive results, the firm said that an initial 2,000 metre drilling programme is planned for the second quarter of 2014 to test targets in five main target areas.
Chief Executive Officer, Glen Parsons said, ?These positive sampling results corroborate historic results of strong mineralisation whilst importantly highlighting new target areas with
multiple facets over a large area. In light of these results, 2014 has started with momentum as we
gear up for a busy season ahead."
In a separate announcement, Mariana Monday confirmed the safety of one of its field contractors after he was abducted last week from the Los Naranjos area.
Mariana said that the situation is being handled by the authorities, with details to be released "when appropriate." The firm said it will assist Exploraciones Aguila Dorada S.A.C. and Condor Resources Inc. where it can so as to ensure the ongoing safety of the team.
Mariana said, "Work will continue at the Condor de Oro Project once confirmed safe to do so. We would like to thank the authorities and all those involved for their prompt action and support in this matter."
Shares in Mariana Resources were trading up 2.34% at 3.505 pence per share Monday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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