7th Apr 2014 11:08
LONDON (Alliance News) - Mariana Resources Ltd Monday said it has signed an agreement with Condor Resources Inc and will earn a significant interest in the Soledad gold, silver and copper prospect in Peru for doing exploration work at the site.
The AIM-listed exploration and development company said that it can earn a 70% interest in Soledad by completing USD4 million in exploration work and by making cash payments of USD1.1 million up until the end of October 2017.
The company said the agreement includes a mandatory drill programme of 2,000 metres to be completed before the end of October 2014. The programme is set to start in April, with planning and logistics currently in progress.
Mariana Resources said the drilling will test selected targets within five main areas of interest at the site, including the northern high sulphidation epithermal/breccia system.
Mariana and Condor have already been working together at the Soledad project. Mariana has previously announced positive gold and silver assays from five of the breccia pipe zones channel sampled at Soledad, which included a 7.8 metre space at 8.6 grams per tonne of gold and 19 grams per tonne of silver.
"Logistics are currently coming together in preparation of mobilising for the commencement of drilling in April. The programme will continue for approximately a month and a half and we can look forward to steady news flow over this period," Chief Executive Glen parsons said in a statement.
Mariana Resources shares were up 7.0% to 3.37 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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