Mariana Resources strikes gold in Peru

20th Nov 2013 11:08

South American gold explorer Mariana Resources found gold in Peru but hit drilling problems, sending its shares down.The stock dropped 1.7p to 6.32p at 11:07 in London after Mariana said it had uncovered copper and gold in the first two holes drilled at the Condor de Oro copper-gold scheme in northern Peru.Mariana Chief Executive Glen Parsons said the first two results were very positive and indicated multiple mineralisation, but a fault zone had forced it to halt drilling of the second hole.He said: "Whilst the second hole had to be stopped short of the target with drill rods stuck because of a fault zone, results indicate that it may have been closing in on a more intensely mineralised zone."The company has drilled a third hole and expects to report more results later.PW