Mariana Resources (LON:MARL, TSE:MRY) has said it has been granted a 90-day extension to fully assess the potential of the Condor de Oro porphyry gold-silver-copper project in Peru.
The extra time allows it to take a closer look at the Yuracyacu area.
The round of due diligence is a precursor to an earn in deal with Canada’s Condor Resources (CVE:CN) that could see Mariana eventually take up to 51% of the project.
The news was part of a comprehensive update of Mariana’s progress to date, which revealed it has started a strategic review of its projects in the Santa Cruz gold region of Argentina.
The group said the “outcomes” of the review are likely to include joint-ventures “and/or asset sales”.
Major shareholder Anglo Gold Ashanti (LON:AGD) has a first right of refusal, it added.
Los Cisnes, one of the firm’s less developed Santa Cruz properties, is showing some good early promise with channel sampling of the El Brio prospect returning high grade silver assays.
Los Cisnes is 75 kilometres from Yamana's (TSE:YMI) Cerro Moro project and 120 kilometres from Mariana’s flagship Las Calandrias property.
Chairman John Horsburgh said: "The year has started with further progress in implementing the company's diversification of exploration efforts into Peru, specifically the Condor de Oro gold-copper porphyry target.
“Rationalisation of non-core projects elsewhere, paves the way for sharper focus at the new Los Cisnes Project with on-going target definition, in Argentina."
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