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Geologist Wayne Hewgill discusses the second bonanza-grade intersection at Mariana Resources’ Hot Maden project. Hot Maden is a joint venture with Turkey-based Lidya Madencilik Sanayi ve Ticaret.
Drill Tracker Weekly 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: GBX2.075
Market cap: GBP9.1 million
Cash estimate: $1.1 million
Project: Hot Maden
Country: Turkey
Ownership: 100 percent — Lidya may earn 70 percent
Resources: N/A
Project status: All assays received for 2014 drilling
- The Mariana/Lidya Madencilik Sanayi ve Ticaret joint venture intersected a second bonanza-grade intersection on its Hot Maden prospect in the Eastern Pontides belt in
Eastern Turkey. Turkey-based Lidya may earn 70 percent in the project by making $500,000 in cash payments and conducting $2.5 million in expenditures by June 2018.
- The second hole, located 100 meters to the southeast of the discovery hole, intersected 82 meters grading 20.4 g/t gold and 1.9 percent copper starting at a depth of 147 meters, including a high-grade zone of 13 meters of 88 g/t gold and 2.5 percent copper (uncut). High-grade intervals within the 13-meter interval range from 15.5 g/t gold to 444.69 g/t gold. HTD-06, drilled 100 meters north, appears to have drilled the wrong direction to intersect the steeply dipping mineralized structure.
- The mineralization is hosted within a brecciated and silicified andesite with massive sulfides. Based on the interpretive cross section provided on the company website, the sub-vertical mineralized zone has an estimated true thickness of approximately 50 to 80 meters. The zone remains open to depth as well as along strike to the north and south.
- As well as the high-grade copper-gold, additional stratabound zinc zones occur in the sedimentary rocks hosting the sub-vertical gold mineralization starting at a depth of 33 meters, including a 31.5-meter interval grading 1.75 percent zinc and 0.56 percent lead. It appears the copper-gold mineralization may be intruding into a zinc mineralized sedimentary package.
Discovery hole (February 2015): 103 meters at 9 g/t gold, 2.2 percent copper, including 33.4 meters at 18.3 g/t gold, 3.3 percent copper
Current drilling: 82 meters at 20.4 g/t gold, 1.9 percent copper, including 13 meters at 88 g/t gold, 2.5 percent copper and 31.5 meters at 1.8 percent zinc
Disclosure: 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. At the date of this release the author, Wayne Hewgill, owns no shares in the companies in this report.
This report makes not recommendations to buy sell or hold.
Related reading:
Drill Tracker Weekly: Mariana Drills High-grade Gold Discovery Hole at Hot Maden
Wayne Hewgill is a geologist with extensive knowledge of the global mining industry gained through 30 years of diversified experience in mineral exploration and new business development in Canada, as well as 10 years living in Africa, New Zealand and Australia. He was previously senior research officer at BHP Billiton, an executive with an exploration company working in Argentina and a mining analyst at three Vancouver-based financial groups where he developed the Drill Tracker database in 2006. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.