Northland Capital partners view on Mariana Resources LON:MARL: Mariana Resources initial focus at the Bondouko Gold Project will be on the Bondouko Est concession where high-grade gold mineralisation, of up to 36g/t Au, has been defined in initial surface sampling. The gold mineralisation appears to occur in a sheeted quartz vein complex that is located between a zoned granitoid intrusion and the host meta-volcanic and meta-sedimentary rocks. The concession also has extensive artisanal mining down to c. 30m on high-grade quartz veins that lie within a northwest-southeast trending mineralised corridor, which is believed to have a strike of 18km. The high-grades at surface are clearly what has attracted Mariana to this early-stage exploration project with the team looking to recreate the success it has had at the high-grade Hot Maden gold-copper-zinc discover in Turkey.
| Acquires early-stage gold project with high-grade potential | ||||||||||||||||||||||||||||||||||||||||||||||||||
| n Mariana Resources has entered into a binding term sheet to acquire 80% of Awalé Resources SARL, a private exploration company focused on gold projects in Côte d’Ivoire.
n Awalé owns a large early-stage gold exploration portfolio with 3 granted licences and 4 licences under application in the southwest extension of the Birimian-age Bole-Nangodi Greenstone Belt. n As consideration for the 80% interest in Awalé, Mariana will issue US$544,274 shares at the 45 day VWAP prior to 05/10/16. Mariana will also loan Awalé US$55,725 to settle certain loan obligations and Mariana will also settle an additional US$89,000 of outstanding obligations. Mariana will also pay a bonus of US$0.5/oz Au for a mineral resource defined up to the first 1moz and US$1/oz Au over 1moz Au, as well as, a catch up payment of US$0.5/oz Au for any mineral resources delineated prior to the delineation of a mineral resource greater than 1moz Au. These additional payments are subject to a maximum of US$3.5m. n Should 1moz Au be defined, Awalé’s 20% shareholders will contribute or dilute its 20% interest. n At the Project, significant soil and stream sediment sampling has been completed but immediate analysis and follow up is required. |
||||||||||||||||||||||||||||||||||||||||||||||||||
Source: Northland Capital Partners Limited. *Northland Capital Partners Limited provides commissioned research coverage to Mariana Resources and therefore this information should be viewed as a Marketing Communication. † assumes a £2m equity financing at current market price
|
||||||||||||||||||||||||||||||||||||||||||||||||||
