Mariana Resources, the mineral exploration company focused on South America, says it may have found gold at its Santa Cruz project in southern Argentina.
The news comes in an update on its drilling programme today in which the firm's Chairman, John Horsburgh, says: "The Phase IV drill program has discovered a large 'blind' ... system at El Clavo with substantial intersections strongly anomalous to low grade gold, the root zones of which could host high grade mineralisation."
Investors will note the caveats in Horsburgh's comments nevertheless the stock had gained 1.2% by 11.03.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Over the last year Mariana has not had a happy time on the markets, losing 78% of its value.
-
London claims victory in the Brexit warsOpinion JPMorgan Chase's decision to build a new headquarters in London is a huge vote of confidence and a sign that the City will remain Europe's key financial hub
-
The reinvention of the high street – and how to investThe high street brands that can make shopping and leisure an enjoyable experience will thrive, says Maryam Cockar
