Mariana Resources' Condor de Oro drill rig mobilised

PUBLISHED: 16 Oct 2013 @ 08:19 | Comments (0) |

Mariana Resources (LSE:MARL), an AIM quoted exploration and development company focused in Peru and southern Argentina, has announced the initial drilling program at Condor de Oro gold/copper project in Northern Peru is set to commence following successful mobilisation of the drill rig.

Exploraciones Aguila Dorada S.A.C. (EAD) in September 2013 received ministerial approval for initiation of exploration activities, including up to 20 drill holes, on three of EAD’s twelve concessions at the Condor de Oro project. Condor Resources Inc. (“Condor”) has an option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor’s interest, being an overall 51% interest. The three concessions for which EAD has been granted a drill permit pertain to the Area 1 option between Condor and Mariana.

Mariana is assisting EAD in the drill program under the terms of the option agreement with Condor.

Objectives of this campaign:

· To provide an initial test of mineralisation within the Pucayacu target

· Complete the committed 1,500 metre drill program under the option agreement

The 2 x 2km Pucayacu target area is potentially a large gold-copper system hosted by quartz-feldspar porphyry. Previous geological mapping, geochemistry and airborne magnetics resulted in strong gold and multi-element anomalies in rocks, soils and stream sediments coinciding with intense hydrothermal alteration and prominent magnetic lows. Outcropping mineralisation consists of limonite, pyrite and copper sulphides as disseminations, stockworks and veinlets.

Chief Executive Officer, Glen Parsons commented, “We are extremely pleased to be able to finally drill test this large altered intrusive related system which displays strong anomalous surface mineralisation with coincident magnetic lows. Results over the next few months will be telling for Mariana as we explore this potential company changer.”

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