Hot Features
Premium
Level up your trading with our powerful tools and real-time insights all in one place.
Mariana Resources, an AIM quoted exploration and development company focused in Peru and southern Argentina, have issued positive results from its scout drilling programme at its 102 sq km Condor de Oro copper-gold-molybdenum project, located along the prolific Cordillera del Condor gold-copper belt in Northern Peru.
The latest drill hole CDOYE-5 has yielded the strongest porphyry-style copper-molybdenum mineralisation to date.
Highlights:
· The results of CDOYE 5 and the other four Initial scout holes (totalling 1,641m) confirm the size and intensity of the multi-phase mineralised system at Pucayacu
· Based on the drill results and scale of mineralisation identified Mariana has elected to continue with the Condor de Oro option into the second anniversary period
· Copper and molybdenum in CDOYE 5 are the strongest of the five scout holes drilled to date (Fig 2), and consist of wall rock style porphyry copper mineralisation hosted by intense potassic-altered andesite volcanics
o Best copper intervals are 22.4m @ 0.17% Cu from 63.2m and 102.8m @ 0.19% Cu from 277.9m (including 19.2m @ 0.26% Cu from 347.8m)
o Molybdenum mineralisation is widespread with 192.5m @ 132ppm Mo from 277.9m (including 30.5m @ 167ppm from 352.7m and 15.1m @ 175ppm from 419.8m)
· Evaluation of the drilling results to date, together with both new and previous geochemistry and mapping has assisted in further vectoring towards the potential mineralised core of the system, as a prime target.
· The 800m diameter Core Zone, as defined by an inner circle of anomalous multi-element rock geochemistry, is centred approximately 500m N of CDOYE 5
· Other highly prospective target areas include the Northern and South Western Zones
· Scout drilling is to be extended to test these priority target areas next month
Mariana Resources Chief Executive Officer Glen Parsons said, “The extent of mineralisation over all our scout drill holes and the increasing intensity of alteration specifically in Hole 5, further confirms Pucayacu as a large copper-gold-molybdenum system with considerable exploration upside potential as we vector towards the “core zone”. The positive aspect for Mariana, following the systematic field work from our team, as well as the development of the geological model, is the identification of a highly prospective central “core zone” as well as areas to the north and south west, which compel us to test these new targets. This is in addition to the high-grade gold mineralization identified in CDOYE-04 (2m @ 61.5 g/t Au from 118.5m) which remains open in all directions. Therefore our decision to continue earning into our option is taken with enthusiasm for 2014.
Furthermore, our advancing of the exciting Soledad gold-silver-copper project in Central Peru, is allowing us to define drill targets for the impending drill campaign which we envisage will commence in Q2 2014. Importantly, we are fully funded for these next two phases and we look forward to busy months ahead in Peru, hopefully concomitant rewards as well as continual assessment of new opportunities which fit our investment strategy.”
Summary CDOYE 5 Drilling Results:
Drill hole CDOYE 5 (596.3m) intersected a thick package of intensely veined and potassic altered andesite volcanics hosting “wall rock style” porphyry copper/molybdenum mineralisation (quartz/magnetite/molybdenum/copper sulphide veins). The andesites are cut by diorite, dacitic porphyry dykes, phreatic breccia dykes and later molybdenum sulphide quartz veins. Copper and molybdenum mineralisation is the strongest of the four targets drilled to date but is not regarded by the Mariana team to represent the core zone of the system. Highest copper values (>0.4% Cu) were actually in diorite at approximately 485m in the form of disseminated chalcopyrite and quartz sulphide/sulphide veins. Anomalous gold is present with 20.0m @ 0.31 g/t Au from 190.2m. A summary of intersections is shown in Table 1 below with assay histograms are in Fig 3. The comparison with Holes 1 to 4 in Figs 4a and 4b shows just how significant CDOYE 5 is in terms of contained metal, albeit on the flank of the Core Zone.
Exploration Model:
Wide spaced drilling confirms that mineralisation at the Pucayacu Intrusive Complex at the Condor del Oro project relates to a large porphyry system with multiple diorite and more central dacite porphyry intrusives emplaced into andesite volcanic wall rocks with evidence of better grading copper mineralisation associated with phreatic breccias in hole 5. Drilling data together with mapping and geochemical sampling provide the basis for a working geological model.
An updated geological map (Fig 5a) shows the perimeter of the intrusive complex with surrounding andesite volcanics wall rocks, the extent of diorite, later dacite porphyry intrusives and major faults.
A conceptual cross section through the complex (Fig 5b) models the culmination of a deep phase of low-grade wall rock porphyry copper mineralisation hosted in volcanics (Hole 5), followed by diorite and then dacite dome intrusions (potassic alteration, silicification, quartz/molybdenum/chalcopyrite veins) in an intermediate porphyry/epithermal setting. Development of phreatic breccias, epithermal quartz and quartz/molybdenum veins characterize the later stages. The inferred position of the Core Zone is shown on the model.
In summary, copper mineralisation encountered to date is outside the core zone and is hosted by wall rock andesites (ranging from 0.1 to 0.5% Cu), early diorite intrusives (up to 0.45% Cu in CDOYE 5) and later dacite porphyries (background ~ 0.1% Cu, CDOYE 2-4)). Strongest molybdenum is found in quartz veins associated with structures cutting dacites but also extending into the volcanic wall rocks. Highest gold grades are found in late structures with associated phyllic alteration and strong chalcopyrite (CDOYE 4). A schematic SW-NE section through drill holes 1 -5 showing selected intersections is shown in Fig 6.
Target Areas:
The scout drilling has so far tested a more accessible NE-SW trending corridor on the SE flank of the Core Zone target, but not the Core Zone. The current focus is on testing the copper prospective diorite phases and the phreatic breccias within the Core Zone. So far, only the dacite porphyry (CDOYE 1-5) and the wall rock volcanic porphyry (Holes 1/4/5) targets have been tested in the scout drilling.
The new target areas (Fig 7) and rock chip anomaly patterns for Cu-Mo-Au-Ag-Pb-Zn (Fig 8) are summarised below.
Core Zone – The 800m diameter Core Zone is defined by an inner circle of anomalous Mo-(Cu-Ba-Sb)-Al-K-Na, centred approximately 500m N of CDOYE 5. Recognition of the core of the complex is an important breakthrough as is a prime target with greatest grade/tonnage potential, particularly for diorite-hosted copper mineralisation concealed beneath the flanks of dacite domes. The Core Zone is open to the north.
Northern Zone – The Northern Zone is a high elevation target area immediately north of the Core Zone and has potential for diorite (Cu) and phreatic breccias (Cu-Au). It includes a prominent ridge trending west from Holes 2/3 with strong Cu + or – Pb/Zn in soils.
Western Zone – This area has potential for copper mineralised diorite concealed under the dacite porphyry dome margins. It includes the South Western Zone with a magnetic feature on the margin of dacite porphyry where mapping has identified the most intense alteration and sampling the strongest Cu-Mo grades.
Contouring of rock chip multi-element data highlights the prospective core zone of the system and shows a concentric pattern around a Mo-(Cu-Ba-Sb)-Al-K-Na core, an inner ring of elevated Au-Ag-Cu-Mo-Fe-Ca and an outer ring of higher Pb-Zn and Al-K-Na-Ti .
Ongoing Programme:
Geological mapping and geochemical sampling are continuing in the target areas to assist in prioritising additional scout drilling targets. It is expected that drilling will resume during the month of February.
Condor Option – 2nd Anniversary:
Follow Mariana’s election to continue on at CDO the option anniversary, US$200,000 will be paid to Condor with an expenditure commitment of US$1.5 million. A large portion of this expenditure commitment has already been spent to date.
Exploraciones Aguila Dorada S.A.C. (‘EAD’):
Drilling was undertaken by Exploraciones Aguila Dorada S.A.C. (‘EAD’) and the exploration programme has been under the management of Mariana with currently 5 holes for 1,641m completed. (Mariana was required to complete a minimum 1,500m of drilling before 31 January 2014). Drill contractor Energold is utilising a portable diamond drill rig.
