Hot Features
Premium
Level up your trading with our powerful tools and real-time insights all in one place.
Condor de Oro Copper-Gold-Molybdenum Drilling Update Peru – Further Positive Indications Hole 6
Mariana Resources Ltd, the AIM listed exploration and development company with projects in Peru, Argentina and Chile, announces further positive results from its scout drilling programme at the 102 sq km Condor de Oro copper-gold-molybdenum project.
Overview
– Positive indications in all wide spaced scout holes to date – scope for an economic discovery within this large multiphase copper-gold-molybdenum intrusive complex
– Hole 6 was drilled to 300m within the intrusive complex core with potassic altered dacitic quartz-feldspar porphyries throughout and 116m of intense potassic altered phreatomagmatic breccias from 184m to end of hole
– The higher grade intersections (7.5 m @ 0.17 g/t Au, 51 ppm Mo, 0.24 % Cu from 166.5m) were associated with phreatomagmatic breccias developed within classical quartz-feldspar porphyries
– Whilst no economic ore grade intersections were encountered, the strong potassic alteration, late stage intrusives and phreatomagmatic mineralised breccias are all positive indications for a deeper mineralised intrusive core
– Further drill results expected in the coming weeks – drill core for hole 7 has been submitted to the laboratory for analysis and results are expected within 2-3 weeks and sample preparation is underway on CDOYE-008 with results expected in a further 2-3 weeks
Chief Executive Officer, Glen Parsons today commented “Condor de Oro continues to deliver positive results with anomalous gold, copper and molybdenum being intersected over this entire 300m 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. 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.”
“Mariana’s exploration plan going forward will be finalised as we update our geological model once all results are delivered from this initial drilling programme. In the interim we remain committed to maintaining and advancing our social programme with the local Los Naranjos community and look forward to updating on the developments from this potential company maker project in due course.”
Condor de Oro is a district with several large-scale porphyry driven mineralised complexes. The scout drilling has focused on the southern most of the porphyry targets where alteration mapping and geochemistry define a 2km diameter porphyry Cu-Mo-Au centre with a structurally controlled epithermal overprint. The objective of this diamond drilling programme, initiated in 2013, has been to scout test the target area, understand the mineralisation controls and grade distribution and refine the geological model for further drilling whilst focusing on intersecting greater mineralised zones.
