4th Nov 2013 11:29
LONDON (Alliance News) - Mariana Resources Limited Monday said that following successful due diligence, it is proceeding with the option to earn a 70% interest in the Condor Resources Inc. gold-silver-copper Soledad prospect in Peru.
The AIM-quoted exploration and development company focused in Peru and southern Argentina, said that under the terms of the letter of intent, it has the right to acquire a 70% interest in the property within four years by incurring direct exploration costs of USD4.0 million and making cash or share-equivalent payments to Vancouver, Canada-based Condor for a cumulative sum of USD1.1 million.
Mariana said the site is approved for drilling and historic drilling has found significant grades, including 61.5 metres at 1.9 grams per tonne of gold, 146 grams per tonne of silver and 1.8% copper.
The company said its intention is to perform a systematic soil and rock sampling programme and further tests to define drill targets with the view of commencing drilling in the first half 2014.
Mariana announced on Friday that it has started an initial drilling programme at its Condor de Oro gold-copper-silver project in Peru and that assay results from the sites will be released in batches, with the first results expected in approximately three to four weeks time.
Mariana Resources shares were up 20% to 4.25 pence, putting it among the top AIM movers Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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