31st Oct 2013 11:09
LONDON (Alliance News) - Mariana Resources Ltd Thursday said it has started an initial drilling programme at its Condor de Oro Gold-Copper-Silver Project in Peru.
The AIM-quoted exploration and development company focused in Peru and southern Argentina, said the initial five hole drilling programme will test its porphyry target area and the first drill hole has intersected a porphyry zone with minor quartz-pyrite veinlets and 1-2% disseminated sulfides before entering an intense quartz pyrite space.
Quartz pyrite is a iron sulphide often found near to gold deposits, known famously as fools gold.
The company said that drilling of its second hole has just began, which will test a space expected to hold low and anomalous gold, copper and molybdenum.
Mariana said 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 24.2% to 3.73 pence, making it the second top AIM mover Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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