Mariana Resources (LSE:MARL)
Market cap: GBP17 million
Cash estimate: GBP1.4 million
Project: Hot Maden
Ownership: 30 percent
Project status: Exploration
The Mariana / Lydia joint venture announced the initial results from its Phase II drilling program on the Hot Maden project in the Eastern Pontides belt in eastern Turkey. Turkish based Lidya Madencilik Sanayi ve Ticaret A.S. may earn 70% in the project by making $500k in cash payments and conduction $2.5 million in expenditures by June 2018. While this round of drilling to date has not returned the exceptional high-grades of the first discovery holes (February 2015: 103 metres grading 9.0 g/t Au and 2.2% Cu and 82 metres of 20.4 g/t Au and 1.94% Cu) the drilling is outlining a significant zone of mineralization. HTD-09 stepped back 50 metres from the 103 metre high-grade interval and intersected a narrower than expected zone of 22 metres grading 3.1 g/t Au, 0.3% Cu and 1.0% Zn 50 metres above the target. The Company believes that the hole drilled beneath the plunge of the mineralized zone. HDT-08 intersected the zinc zone further to the north with 90.9 metres grading 0.8% Zn. Cross sections on the Company's web site indicate that a number of holes have intersected the targeted wider zones of brecciated and silicified andesite with massive sulphides. Assays are pending on HTD-10A, HTD-11 with additional holes in progress or planned to follow-up on the mineralized intervals. Based on the interpretive cross section provided on the company web site; the sub-vertical mineralized zone has true thickness of approximately 50-100 metres. Assays are pending on key holes that will shed more light on the continuity of the mineralized zone.
Exploration history: Anglo American drilled three holes in the 1990's targeting a buried porphyry system, Teck conducted silt and rock sampling programs in 2000's.
Discovery holes (February 2015): 103 metres @ 9.0 g/t Au, 2.2% Cu
Current drilling: 22 metres @ 3.1 g/t Au, 0.3% Cu, 1.0% Zn; 90.9 metres @ 0.8% Zn