Exploration and development firm Mariana Resources has agreed to acquire a majority stake in the Soledad copper-gold-silver project in Central Peru.

Canada-based Condor Resources currently owns the rights to the project, which is situated in the Cordillera Negra metallogenic province.

Condor has granted Mariana an option to earn a 70% interest for $4m of exploration work and cash payments of $1.1m, both to be completed by October 2017.

"The drilling programme will test multiple areas to prove the project’s grade and bulk tonnage of gold, silver and copper prospectivity."

The deal also requires Mariana to complete a 2,000m drill programme by the end of October this year.

The drilling will test selected targets in five main areas of interest that were identified during previous exploration work, as well as Mariana mapping and outcrop channel sampling completed to date.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Mining Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Mariana Resources chief executive officer Glen Parsons said the drilling programme will test multiple areas to prove the project’s grade and bulk tonnage of gold, silver and copper prospectivity.

"Logistics are currently coming together in preparation of mobilising for the commencement of drilling in April. The programme will continue for approximately a month and a half, and we can look forward to steady news flow over this period," Parsons said.

Parsons noted that a minimum of three scout holes will be drilled to confirm the potential of a higher mineralised core zone at the prospective Pucayacu target.

"The wide-spaced drilling completed to date indicates that several phases of mineralisation have occurred and relate to a large porphyry complex with multiple diorite and dacite porphyry intrusive events emplaced into volcanic wall rocks, and has enhanced the overall prospectivity of this large system."