Mariana Resources notes encouraging drilling at Ergama Project

Shares in Mariana Resources are up 2% after initial drilling at its 100%-owned Ergama Project intersected porphyry-style gold-copper mineralisation, which it described as encouraging.

CEO Glen Parsons said the first two holes indicated the presence of a mineralised gold-copper porphyry system.

"The positive results from holes #1 and, particularly, #2 show strong stockworking on the margin in the phyllic zone with grades increasing at depth to the south and potentially closer to the main potassic zone," he said.

Parsons added that this main zone appeared to be further south and close to the centre of the 1 sq km chargeability anomaly. He said drill permitting was in process to allow testing of this main zone to the south.

"What is encouraging are the initial grades from our first two holes on the margin of the system are similar to reported resource grades for other projects in the area and we still have yet to test the main zone."

At 13:26 GMT, shares in AIM-quoted Mariana were up 2% to 76.5p each.