Northland Capital partners view on Mariana Resources (LON:MARL): Drill hole, HTD-27, at Mariana Resources 30%-owned Hot Maden Gold-Copper Project is a critical hole for the Company as it confirms and expands down-dip the high grade mineralisation defined in HTD-25 (25.2m at 7.3g/t Au and 0.47% Cu) that is located 250m to the south of the mineralisation included in the resource estimate. At this stage it unclear if this latest discovery is the continuation of the mineralisation in the resource estimate that also remains open to the south or a splay zone. Interestingly this new zones dips to the west and has a northwest trend while the mineralised zones included in the resource estimate largely dip to the east and trend north northeast, apart from a splay zone encountered in HTD-09 that dips to the west. Mariana is significantly undervalued at these current levels based the attributable contained metal within the mineral resource estimate that was defined from only the first 17 holes.
| Southern Extension to the large high-grade mineralisation at Hot Maden confirmed | ||||||||||||||||||||||||||||||||||||||||||||||||||
| n At the Gold-Copper Hot Madan Project, located in Turkey, the latest resources extension drill holes have been completed. Results include 39m at 5.8g/t Au and 0.7% Cu from 88m and 57m at 0.8g/t Au, 0.6% Cu and 3.1% Zn from 231m (HTD-27). HTD-28 was a step-back hole designed for geotechnical work.
n PEA for Hot Maden expected in Q316. n At the Gold-Silver Doña Ines Project, located in Chile, data from an IP, resistivity and magneto-telluric survey is expected in November and it will be integrated with existing geochemical data to prioritise targets for drilling in Q116. n At the Nassau Gold Project, located in Suriname, sampling is identifying areas of anomalous gold and additional artisanal workings have been discovered. Mariana is continuing to generate targets for trenching and auger drilling planned for Q116. 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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