14th Aug 2014 07:25
LONDON (Alliance News) - Mariana Resources Ltd saw its shares slide early Thursday after it said it had failed so far to find any economically viable mineralisation at its copper, gold and molybendum exploration project in Peru, although it said it remains confident that there is still scope for an economic discovery in the large complex.
The company has finished drilling a sixth hole at the Condor De Oro site, drilling down 300 metres, and again intersected low-grade copper-gold-molybendum mineralisation.
"Condor de Oro continues to deliver positive results with anomalous gold, copper and molybdenum being intersected over this entire 300 metre deep hole and despite no ore grade intersections thus far, we believe there is ample scope for an economic discovery within this large multiphase intrusive complex," Mariana Chief Executive Glen Parsons said in a statement.
"Each of the widely spaced scout holes to date show mineralisation and alteration in every rock type intersected, confirming the scale and prospectivity of the system. Hole 6 in the Core Zone is no exception with strong potassic alteration and phreatomagmatic mineralised breccias intersected," he added.
The company said it will finalise its exploration plan once it gets all the results from the initial drilling programme and can update the geological model.
The stock was down 15% at 2.21 pence early Thursday, the second-biggest decline on the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Mariana Resources