The Conversation (0)
Mariana Resources (LSE:MARL) has released an independent resource estimate for its Hot Maden gold and copper project in Turkey. Hot Maden has 1.52 million ounces of gold and 102,000 tonnes of copper in Indicated resources and 0.64 million ounces of gold and 65,000 tonnes of copper in Inferred resources.
Mariana Resources (LSE:MARL) has released an independent resource estimate for its Hot Maden gold and copper project in Turkey. Hot Maden has 1.52 million ounces of gold and 102,000 tonnes of copper in Indicated resources and 0.64 million ounces of gold and 65,000 tonnes of copper in Inferred resources.
Mariana CEO, Glen Parsons, said:
This significant three Million oz Gold Equivalent** resource is truly a defining moment and milestone for Mariana, with just six months passing between the discovery of the Hot Maden mineralisation and the reporting of this maiden Mineral Resource. The combined efforts of our JV partner Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”)(earning up to 70% of Hot Maden) and Mariana (30% interest) have paved the way for this independent Mineral Resource estimate. The close spaced drilling and continuity in the mineralised system allows for approximately two thirds of the resource to be categorised as Indicated which is a significant upgrade. The in‐ground discovery cost for these ounces, by the time Lidya has completed its earn‐in, will be around US$0.83/AuEq ounce. The Hot Maden project is certainly remarkable and unprecedented as it continues to deliver and excite the market.
Further potential exists to extend the known resource to both the north and south, as well as at depth (Figures 2 & 3). In adddtion, the potential for new discoveries being made along the highly prospective Hot Maden fault/alteration zone remains high. Drilling is continuing at Hot Maden which will unquestionably increase the current resource whilst the next stages and studies are planned for the advancement and development of this world class asset in a sustainable manner.