Mariana Resources start Condor de Oro drilling

PUBLISHED: Oct 31 2013 @ 05:01 | Comments (0) |

Mariana Resources (LSE:MARL), the AIM quoted exploration and development company focused in Peru and southern Argentina, have released details about an initial drilling programme at its Condor de Oro Gold-Copper-Silver Project, located along the prolific gold-copper Cordillera del Condor belt in Northern Peru.

Overview:

· Initial 5 hole/1,500m diamond drill programme to test the Pucayacu porphyry target area (Area 1)( Fig 2) underway

· The 1st drill hole (CDOYE-001) was drilled to a down hole depth of 282m and targeted anomalous surface gold geochemistry and a magnetic high on the SE margin of the large target area (Fig 2 and 3)

· The drill hole intersected dominantly quartz-feldspar porphyry with minor quartz-pyrite veinlets and 1-2% disseminated sulfides (mostly pyrite) before entering into fine grained sedimentary rocks around 220m with intense quartz-pyrite veining (core logging and sampling in progress)

· Drilling of the 2nd hole (CDOYE 002) has just commenced. It is located approximately 400m NW of CDOYE-001 and will test a coincident magnetic low and anomalous gold, copper and molybdenum geochemistry, closer to the interpreted Pucayacu intrusive centre

· Assay results will be released in batches, with first results expected in approximately 3-4 weeks time

· The initial 1500m drilling programme at Pucayacu is being undertaken by Exploraciones Aguila Dorado S.A.C. (‘EAD’) and managed by Mariana.

· Approval for a total of 20 drill holes has been obtained for the Pucayacu target area.

Chief Executive Officer, Glen Parsons commented, “I have just returned from Condor De Oro site witnessing the first hole being drilled of the 5 hole initial programme. These drill holes are truly ground breaking as they are the first ever to be drilled in this potentially large mineralised system. The results will allow us to better understand the mineralisation and geological model of this possible company maker system in order for us to proceed with exercising our option. The progress to date given the timeframe and nature of the project is a testament to the commitment of the EAD and Mariana team, which includes a large contingent of the local community. I look forward to the upcoming and progressive assay results over the next two months and the potential game changer that can ensue.”

The 1st drill hole (CDOYE 001) was drilled to 282m on the SE margin of the large target area (Fig 2) to test NW-SE trending sulphidic breccias with associated anomalous gold, silver, basemetal geochemistry. It intersected altered quartz-feldspar porphyry with abundant pyritic sheeted veining (no visible copper mineralisation) related to a contact with country rock sediments at 200m (core logging and sampling in progress). The 2nd hole (CDOYE 002) has just commenced 400m NW of CDOYE 001, testing a coincident magnetic low and anomalous gold, silver, copper and molybdenum geochemistry, closer to the interpreted intrusive centre of the Pucayacu target area.

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