-- ADDS BROKER COMMENT --
Mariana Resources (LON:MARL) is ramping up exploration at two of its projects in Chile following a partnership with a Chilean asset management fund.
The projects, Doña Ines and Exploradora East, could receive as much as US$1.65mln from Asset Chile Exploración, which has the opportunity to earn 50% in the properties in two phases.
Glen Parsons, chief executive, said: “The financing from Asset Chile, a fund operating under the Fenix program of the Chilean Corfo, allows Mariana to advance the exciting Doña Ines Project, located within an underexplored epithermal gold- silver belt.
“Exploradora East is a porphyry copper target that lies within one of Chile's most productive porphyry copper belts."
The news comes after Glen Parsons said he was delighted with the latest round of drill results from the company's flagship Hot Maden copper project in Turkey.
RFC Ambrian said: "We consider this to be a positive move by Mariana, accelerating potential value from the properties and alleviating funding commitments.
The broker said there was an added bonus that Mariana would keep control of the projects while not having to give a corporate stake.
Shares rose almost 3% to 2.1p on the today's news.
SP Angel noted: "This is the second transaction involving Asset Chile investing in Chilean exploration to be announced in the last few days, following the announcement by Orosur on Monday on a similar deal for the Anillo prospect."
Orosur Mining (LON:ORM) signed off the farm-out of up to 60% stake of its stake in the Anillo project in Northern Chile to Asset Chile on Monday.