The Conversation (0)
Wayne Hewgill, a geologist, discusses recent drill results from Mariana Resources’ Hot Maden project, located in Turkey.
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: GBX1.35
Market cap: GBP6.9 million
Cash estimate: $1.1 million
Project: Hot Maden
Country: Turkey
Ownership: 100 percent — Lidya may earn 70 percent
Resources: N/A
Project status: New discovery February 2015 — five holes remaining in initial program
- The Mariana/Lidya Madencilik Sanayi ve Ticaret joint venture intersected significant mineralization in all four of the first round of holes into the 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 “blind” discovery hole intersected 103 meters grading 9 g/t gold and 2.2 percent copper starting at a depth of 25 meters, including a high-grade zone of 33.4 meters of 18.3 g/t gold and 3.33 percent copper. 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 a true thickness of approximately 50 meters. Both the copper and gold assays are very consistent with the core 33-meter zone of massive sulfide, having only four samples greater than 30 g/t gold. Copper grades range from 1 to 5.81 percent copper. The zone remains open to depth as well as along strike to the north and south.
- Five additional holes are pending assays, including two that are 100 meters north and south along the proposed strike from HTD-014.
- As well as the high-grade copper-gold, three narrow, deeper zinc zones occur starting 12 meters beneath the copper-gold zone. The zinc mineralization is believed to be potentially stratabound in nature.
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
Zinc intervals below copper-gold zone: 2 meters at 7 percent zinc from 140 meters; 6 meters at 3.2 percent zinc from 154 meters; 4 meters at 5.7 percent zinc from 166 meters
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.
This report makes not recommendations to buy sell or hold.
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.