Northland Capital partners view: The Hot Maden orebody continues to deliver exciting results. HTD-34 represents the best hole to date and, with HTD-35, continues to deliver ounces outside the reported mineral resource estimate. Drilling to date is successfully delineating the limits of the resource to the east and west whilst leaving the potential open at depth as well as north and south. This has not been appreciated by the market.
| Highest grade Gold-Copper intercept to date | ||||||||||||||||||||||||||||||||||||||||||||||||||
| n Exceptionally high grade, near-surface gold-copper mineralisation continues to be intercepted in drilling along extensions to the Hot Maden Project, located in Turkey. The latest results from HTD34 and HTD-35 include the best gold-copper intersection to date. None of the eight holes reported represent resource infill drilling.
n Resource Extension Drilling in ongoing and will accelerate with the addition of a second gig. Systematic metallurgical testwork is now underway with initial focus on crushing/grinding studies, gold-copper recoveries and flowsheet definition. Completion of a maiden PEA remains on track for late Q3/early Q4. n No change to forecasts, BUY rating or 4.8p price target. |
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Source: Northland Capital Partners Limited. *Northland provides commissioned research coverage † assumes a £4.5m equity financing at current market price
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