MARIANA RESOURCES* — More Impressive Drilling Results from Hot Maden — The AIM-listed explorer focused on Turkey and South America has released results from the remaining three holes of the recent drilling programme completed on the Hot Maden prospect in Turkey. Holes HTD-05 and HTD-06 were drilled along the inferred strike of the Cu-Au mineralisation 100m north and south from Hole HTD-04, which encountered particularly high-grade intercepts, including 33.4m at 18.3 g/t Au (please see Mariana Resources — Initial Drill Results from Hot Maden Project, 3 February 2015).
Hole HTD-05 encountered 82m of 20.4 g/t Au mineralisation from 147m, including a ‘bonanza grade’ zone of 13m at 88 g/t from 150m, with the remaining 59m of drill core grading at an implied average of 7.7 g/t. Hole HD-06, 100m north/north-east of HTD-04 did not intersect the expected northern extension of the Cu-Au mineralised zone, instead encountering significant zinc mineralisation of up to 4% Zn over a 12m interval. Hole HTD-07 encountered several narrow zones of Au-Cu mineralisation, including 8m of 1.63 g/t Au from 81m.
Following these encouraging results, the company will now hold discussions with JV partner Lydian regarding scheduling of the next work programme.
RFC Ambrian Comment: The result from Hole HTD-05 is significant, indicating that the mineralised zone identified by Hole HTD-04 remains open along-strike and at depth. We would highlight that, whilst Mariana has benefited from a carried drilling programme, Turkish partner Lydian will earn a 70% interest in the project through exploration expenditure and cash payments of US$3m.
With the completion of this initial drilling programme, Lydian has satisfied the Year 1 spending commitment of US$0.5m to acquire a 20% interest in the project. Nevertheless, we continue to believe the presence of a well-funded local partner will prove helpful in accelerating the development of the project without any dilution to Mariana at the corporate level.
*RFC Ambrian acts as Nomad to this company
**RFC Ambrian has acted as a Placing Agent for this company
