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The Mariana-Lydia joint venture announced initial results from Phase II drilling at the Hot Maden project in Turkey. Here geologist Wayne Hewgill weighs in.
Drill Tracker Weekly is not exclusive to Resource Investing News and is published with permission from Mackie Research Capital Corporation. It highlights drilling results in context with our database of over 10,000 drilling and trenching results. The purpose of this report is to highlight drilling and trenching results that stand out from the pack and compare them to their peer group. This report does not constitute initiation of coverage or a recommendation.
Mariana Resources (LSE:MARL)
Price: GBX2.49
Market cap: GBP17 million
Cash estimate: GBP1.4 million
Project: Hot Maden
Country: Turkey
Ownership: 30 percent
Resources: N/A
Project status: Exploration
- The Mariana / Lydia joint venture announced the initial results from its Phase II drilling program 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.
- While this round of drilling to date has not returned the exceptional high-grades of the first discovery holes (February 2015: 103 metres grading 9.0 g/t Au and 2.2% Cu and 82 metres of 20.4 g/t Au and 1.94% Cu) the drilling is outlining a significant zone of mineralization. HTD-09 stepped back 50 metres from the 103 metre high-grade interval and intersected a narrower than expected zone of 22 metres grading 3.1 g/t Au, 0.3% Cu and 1.0% Zn 50 metres above the target. The Company believes that the hole drilled beneath the plunge of the mineralized zone. HDT-08 intersected the zinc zone further to the north with 90.9 metres grading 0.8% Zn.
- Cross sections on the Company’s web site indicate that a number of holes have intersected the targeted wider zones of brecciated and silicified andesite with massive sulphides. Assays are pending on HTD-10A, HTD-11 with additional holes in progress or planned to follow-up on the mineralized intervals. Based on the interpretive cross section provided on the company web site; the sub-vertical mineralized zone has true thickness of approximately 50-100 metres. Assays are pending on key holes that will shed more light on the continuity of the mineralized zone.
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: 22 metres @ 3.1 g/t Au, 0.3% Cu, 1.0% Zn; 90.9 metres @ 0.8% Zn
Risks Analysis
Data contained in DRILL TRACKER WEEKLY is based on early stage exploration activity. The results are obtained at the very early stages of exploration and therefore, individual results may not be reproducible with additional trenching or drilling, nor may the results ultimately lead to the discovery of an economic deposit. Delineation of a resource body requires an extensive data gathering exercise according to guidelines set out in National Instrument 43-101 before investors can be reliably assured of a competent body of mineralization that may be of economic interest. DRILL TRACKER WEEKLY is designed to highlight individual trench or drill results, which stand out as being materially anomalous and are particularly worth of note – a type of early warning flag for a particular property that warrants further attention. Hence, DRILL TRACKER WEEKLY does not provide a recommendation to buy, sell or hold a specific equity – it is an information reference source to help quantify the meaning and relevance of early stage exploration results.
Relevant Disclosures Applicable to: Drill Tracker Weekly
1. The research analyst or a member of the research analyst’s household owns and/or has options to acquire shares of the subject issuer. At the date of this release the author, Wayne Hewgill, owns no shares in the companies in this report.
2. Aldridge Minerals Inc. (AGM) is currently covered at Mackie Research Capital Corp. by analyst Barry Allan.
- Mackie Research Capital Corp. has managed or co-managed an offering of securities by the subject issuer.
- Mackie Research Capital Corp. has received compensation for investment banking and related services from the subject issuer.
Analyst Certification
I, Wayne Hewgill certify that the information in this report is sourced through public documents that are believed to be reliable but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report. This report makes no recommendations to buy, sell or hold. Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.