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