Mariana Resources (LSE:MARL)
Market cap: GBP21 million
Cash estimate: GBP1.4 million
Project: Hot Maden
Ownership: 30 percent
Project status: Exploration
Drilling on the Mariana / Lydia joint venture confirmed the continuity of the high-grade mineralization 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. Highlights from the current drilling confirmed the previously reported sulphide mineralization with two long intervals of high-grade Cu-Au mineralization. HTD-10 reported 100.2 metres grading 5.6 g/t Au and 1.3% Cu starting at a depth of 81.8 metres including a high-grade core of 43 metres of 11.7 g/t Au and 2.2% Cu. A second 50 metre step-out hole located returned 107.7 metres at 4.2 g/t Au and 0.9% Cu. Both holes were flanked by zinc halos of up to 47 metres grading 0.82% Zn. Assays are pending from two additional holes that have intersected the massive sulphide and red breccia associated with the mineralization. HTD-12 intersected 55 metres of mineralized material confirming the mineralization up-dip from HDT-11. HTD-13 stepped back from HDT-05 to test the down-dip continuity and hit 114 metres of chalcopyrite-pyrite mineralization. The steeply dipping, southerly plunging and north-south striking high-grade core has been intersected along 200 metres of strike length and remains open to the south and to depth. Based on the drilling to date, the zone appears to have an approximate maximum true thickness of 50 metres. The zinc halo has been identified over 300 metres and the encompassing gold in soil anomaly (greater than 100 ppb Au) extends an additional 400 metres south of the current high-grade zone where drilling 300 metres to the south intersected narrow zones of gold-copper mineralization.
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: 100.2 metres @ 5.6 g/t Au, 1.3% Cu; 107.2 metres @ 0.42 g/t Au, 0.90% Cu
Risk AnalysisData contained in DRILL TRACKER WEEKLY is based on early stage exploration activity. The results are obtained at the very early stages of exploration and therefore, individual results may not be reproducible with additional trenching or drilling, nor may the results ultimately lead to the discovery of an economic deposit. Delineation of a resource body requires an extensive data gathering exercise according to guidelines set out in National Instrument 43-101 before investors can be reliably assured of a competent body of mineralization that may be of economic interest. DRILL TRACKER WEEKLY is designed to highlight individual trench or drill results, which stand out as being materially anomalous and are particularly worth of note - a type of early warning flag for a particular property that warrants further attention. Hence, DRILL TRACKER WEEKLY does not provide a recommendation to buy, sell or hold a specific equity - it is an information reference source to help quantify the meaning and relevance of early stage exploration results. Relevant Disclosures Applicable to: Drill Tracker Weekly The research analyst or a member of the research analyst's household owns and/or has options to acquire shares of the subject issuer. At the date of this release the author, Wayne Hewgill, owns shares in the following company: Balmoral Resources Ltd. (TSX.BAR). Balmoral Resources (TSX.BAR) is currently covered at Mackie Research Capital Corp. by analyst Peter Campbell Analyst Certification I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. This report makes no recommendations to buy, sell or hold. Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.