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.
-
5 alternatives to Reeves’ inheritance tax raid on rural Britain as families face ‘splitting up or selling’ farmsInheritance tax limits are now so low they attack small working family farms rather than just going after tax loopholes, one Cotswolds farmer has said
-
High earners at risk of £65k retirement shockHigh earners could face some of the biggest pension shortfalls when they retire, as the cost of maintaining an expensive lifestyle could erode their retirement savings
