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Mariana Resources confirms commitment to Soledad

Last updated: 20:47 03 Nov 2014 AEDT, First published: 21:47 03 Nov 2014 AEDT

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Mariana Resources (LON:MARL) has paid a further US$75,000 and committed to US$650,000 of exploration work at the Soledad prospect in Peru after encouragement from this year’s drilling.

Mariana has an option to take a 70% interest at the copper, gold and silver deposit and these latest payments are the consideration required to take this into a second year.

The first year’s commitment included a mandatory 2,000m drill programme. A review of the drill intersections from the programme had indicated two major target zones.

Deep sensing IP/resistivity is about to commence to probe the system up to 600m below surface to enhance the current drill targets, Mariana added.

Another round of drilling, in conjunction with the adjacent Rurimarac gold and silver project, is planned for the first quarter of next year.

Glen Parsons, Mariana’s chief executive, said: "Following our successful drilling of the strongly mineralised quartz tourmaline breccia pipes at Soledad, we have confirmed to Condor that we will be entering into the second option period.

“The aim of exploration efforts during this period will be to test for continuation of mineralisation in the root zones of these Breccias, as well as the potential for a mineralised concealed porphyry target. 

"The results from the deeper sensing geophysics which we are about to mobilise will assist in the deeper drill targeting and allow for further updating of our geological model."

Gold property Rurimarac is just 4km from Soledad and has already produced high grade and bonanza sampling results.

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