Mariana enters second year option for Condor de Oro project in Peru

28 January 2014 (Last Updated January 28th, 2014 18:30)

Mariana Resources has entered in to second year of option at Condor de Oro copper‐gold‐molybdenum project in Peru.

The 102km² project is situated located along the prolific Cordillera del Condor gold-copper belt in Northern Peru.

The company, which has revealed additional positive results from its scout drilling programme at the project, said the latest drill hole, CDOYE-5, has yielded the strongest porphyry-style copper-molybdenum mineralisation to date.

Mariana said 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.

The 596.3m CDOYE-5 drill hole intersected a thick package of intensely veined and potassic altered andesite volcanics hosting wallrock porphyry-style copper-molybdenum mineralisation.

"The positive aspect for Mariana...is the identification of a highly prospective central 'core zone', as well as areas to the north and south-west."

The company said other highly prospective target areas include the northern and south-western zones and that scout drilling will be extended to test the priority target areas in February.

Mariana Resources chief executive officer Glen Parsons said the extent of mineralisation over all scout drill holes and the increasing intensity of alteration specifically in hole five further confirms Pucayacu as a large copper-gold-molybdenum system with considerable exploration upside potential, as the company 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," Parsons said.

"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."

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