Mariana release initial Peru exploration results

PUBLISHED: 20 Nov 2013 @ 22:49 | Comments (0) |

Mariana Resources (LSE:MARL), an AIM quoted exploration and development company focused in Peru and southern Argentina, have released positive initial results from scout drilling at Pucayacu target of the Condor de Oro copper-gold project, located along the prolific gold-copper Cordillera del Condor belt in Northern Peru.

Highlights:

– First two holes indicate multiple mineralisation events, including porphyry-related copper-molybdenum and epithermal gold. Mineralisation style ranges from disseminations, pyrite dominated sulphide veins, quartz-pyrite veins to quartz veins
– Hole CDOYE-001 (282.3m) was strongly anomalous in gold with 62m @ 0.41 g/t Au from 0m (including 12m @ 0.85 g/t Au from 0m and 4m @ 0.97 g/t Au & 0.26% Cu from 47m), 5m @ 0.52 g/t Au from 201m and 8m @ 0.79 g/t Au & 0.10% Cu from 240m
– Hole CDOYE-002 (152.8m) intersected significant molybdenum in quartz veins hosted by altered quartz felspar porphyry (QFP) from 81m to end of hole, with best intersections of 26.8m @ 110 ppm Mo, including 6.8m @ 170 ppm Mo from 126m
– Scout drilling of large intrusive copper-gold system continues with three holes completed for 689m, assays received for two and the 4th hole underway (Fig 2, 3)
– Objective of drilling is to discover (or provide vectors towards) late well-mineralised porphyries and/or breccias within this extensive 4km2 target area
– The drilling programme is being undertaken by Exploraciones Aguila Dorada S.A.C. (‘EAD’) and managed by Mariana

Chief Executive Officer, Glen Parsons commented, “These first two results are very positive indicating multiple phases of mineralisation in this large intrusive, and are assisting us in understanding the geology of this exciting porphyry-related gold-copper-molybdenum system. CDOYE-001 is strongly anomalous in gold and the CDOYE-002 is showing molybdenum and also copper steadily increasing downhole, as the histograms highlight . Whilst the second hole had to be stopped short of the target with drill rods stuck because of a fault zone, results indicate that it may have been closing in on a more intensely mineralised zone. Drilling of the third hole from the same platform is now complete with core being logged before sampling, in preparation for assay. The rig has now moved to test the southern border and I look forward to reporting on further assay results as we develop our model and seek to vector into prospective zones at Condor de Oro.”

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