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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mariana Res | LSE:MARL | London | Ordinary Share | GG00BD3GC324 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 99.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMARL AIM: MARL Suite 102, 3 Eden Street 1 September 2015 North Sydney, NSW 2060 Australia High Grade Gold-Copper Mineralisation Extends Outside the Reported Mineral Resource at Hot Maden Project, Turkey Mariana Resources Ltd ("Mariana" or the "Company") (AIM:MARL) reports further high grade gold-copper (Au-Cu) intercepts from ongoing drilling at the Hot Maden Project, north east Turkey. Following the initial mineral resource estimate published by Mariana on the 18th August 2015 further new complementary assays (Figure 2) have been received from JV partner Lidya Madencilik Sanayi ve Ticarte S.A. ("Lidya") for three drill holes (HTD-18, HTD-20, and HTD-22) (Figure 3,4 & 6) which extend known Au-Cu mineralisation both down-dip and to the north. Assays are also reported for two exploration holes (HTD-19 and HTD-21), the first drill testing of the southern extension of the Hot Maden system. Highlights from the 5 drill holes include: Resource Extension Drilling: HTD-18: 108.2m @ 3.0 g/t Au + 1.3% Cu from 292.0m downhole Including 12m @ 6.4 g/t Au + 2.8% Cu (330.0m - 342.0m) and 9m @ 12.4 g/t Au + 0.8% Cu (384.0m - 393.0m) HTD-20: 88.5m @ 1.8 g/t Au + 2.3% Cu + 1.9% Zn from 1.5m downhole Including 3.5m @ 12.5 g/t Au + 5.7% Cu (48.5m - 52.0m) HTD-22: 43.8m @ 7.7 g/t Au + 1.2% Cu from 342.2m downhole Including 13.8m @ 23.3 g/t Au + 1.6% Cu (98.0 - 114.0m) Exploration Drilling (Southern Area - Hot Maden Fault Zone) HTD-19: 12.1m @ 2.1 g/t Au + 0.7% Cu from 209.3 m downhole, and 36m @ 4.3% Zn and 13.3m @ 7.75% Zn from 271.0 m and 312.0m downhole, respectively. HTD-21: 64.1m @ 0.8 g/t Au + 0.3% Cu + 140ppm Mo from 103.4m downhole Including 0.8m @ 9.6 g/t Au + 0.4% Cu (157.9m - 158.7m). Chief Executive Officer Glen Parsons today commented: "Drilling continues to extend the high grade gold and copper mineralisation at Hot Maden to beyond the current limits of our 3.0M oz Gold Equivalent mineral resource. In particular, drill holes HTD-18, 20 and 22 will ultimately add positive inventory to this existing mineral resource, including the continuity of the high grade core zone. A key point to note is the northern end where we considered it to be closed off, has now added further mineralisation with compelling Au-Cu grade at surface with potential remaining at depth. "Encouragingly the exploration holes to the south have also intercepted high grade gold in narrower structures. As drilling unfolds, this area could have additional resource potential should further economic mineralisation be discovered. "One fact that is starting to build interest for the team is the development of the higher grade zinc zones, which to date have not been considered in the mineral resource estimate at all. The increase in zinc grades we are seeing in the north and at depth as well as the emergence of elevated molybdenum assays could add to the scope of the project, if greater tonnage can be achieved. The potential for a mineralised intrusive at depth also adds to the upside at Hot Maden. This could be a bonus to the project, as it is outside the current high grade Au-Cu zone. "With drilling continuing by Lidya I look forward to updating the market with progress at Hot Maden." Links to Figures: http://marianaresources.com/site/media/September_1_NR_Maps.pdf Resource Extension Drilling: Drill holes HTD-18 and HTD-22 represent "step back holes" to holes HTD-15 and HTD-11/12 (which were included in the August 18, 2015 Mineral Resource Estimate), and confirm extensions at depth to the high grade Au-Cu mineralisation identified in sections 4,542,200N and 4,542,100N, respectively. Drill hole HTD-20 was equally successful in confirming a near surface, northern extension to the massive sulphide mineralisation intersected in discovery drill hole HTD-04 and scissor hole HTD-17. Drill hole HTD-20 is also the first high grade Au-Cu interval to report significant Zn mineralisation, and may represent a marginal zone to the overall southerly-plunging Au-Cu mineralised zone. Exploration Drilling: Drill holes HTD-19 and HTD-21 were exploration holes designed to test for Au-Cu mineralization along the southern extension of the Hot Maden Fault Zone. Both drill holes intersected limited, near surface zones of quartz-sulfide veining and associated silicification, with extensive intervals of high grade Zn(-Pb) mineralisation being intersected at depth in HTD-19. Elevated molybdenum values in drill hole HTD-21 (average 140 ppm, one assay of 0.6% Mo) also indicate the presence of a potential mineralised intrusive (porphyry-type?) system at depth. Drill Holes in Progress The drilling of diamond drill holes HTD-23 and HTD-24 has commenced. -- Drill hole HTD-23 (Figure 2) is an exploration hole located in the Southern Area (Hot Maden Fault Zone), and will test for Au-Cu and Zn mineralisation to the East of HTD-19. -- Drill hole HTD-24 (Figures 2) is a "step forward" hole designed to test for near-surface extensions to the high grade Au-Cu mineralisation intersected in drill holes HTD-10/-15/-18 (section 4,542,200N). Table 1: Summary of significant intercepts in drill holes HTD-18 to HTD-22 (Figure 7 Histograms) Intercept Drill Hole From (m) To (m) (m) Au g/t Cu % Zn % Zone HTD-18 207.0 215.0 8.0 - - 1.29 Zinc Zone 226.0 231.0 5.0 - - 1.14 Au-Cu 270.3 273.0 2.7 0.2 2.74 - Zone 292.0 400.2 108.2 3.0 1.35 - Including 330.0 342.0 12.0 6.4 2.84 - 373.0 375.0 2.0 8.6 5.40 - 384.0 393.0 9.0 12.4 0.80 - Au-Cu HTD-19 193.0 194.0 1.0 0.93 1.02 - Veins 209.3 221.4 12.1 2.10 0.70 - Zinc 271.0 307.0 36.0 - - 4.29 Zone Including 300.0 305.0 5.0 2.5 0.18 6.34 312.0 325.3 13.3 - - 7.75 329.0 344.0 15.0 - - 3.53 Mixed Au-Cu Zn HTD-20 1.5 90.0 88.5 1.8 2.34 1.96 Zone Including 13.0 19.0 6.0 1.5 2.06 6.87 27.0 31.0 4.0 0.8 1.53 7.72 42.0 45.0 3.0 1.3 3.05 9.31 48.5 52.0 3.5 12.5 5.68 0.14 53.0 61.0 8.0 1.1 1.35 5.76 Au-Cu HTD-21 16.0 19.0 3.0 2.2 0.05 - Veins 21.0 24.0 3.0 1.9 0.11 - 63.0 64.0 1.0 6.3 0.21 - 67.0 69.9 2.9 1.3 1.59 - 85.0 86.0 1.0 3.6 0.59 Plus 140 103.4 167.5 64.1 0.79 0.32 ppm Mo Including 129.1 130.1 1.0 4.4 0.65 157.9 158.7 0.8 9.6 0.45 179.0 181.0 2.0 1.2 0.97 183.0 188.0 5.0 0.8 0.25 2.36 Zn Zone 202.0 224.9 22.9 0.5 0.08 3.01 230.0 242.0 12.0 0.1 0.10 1.70 254.0 261.0 7.0 1.44 HTD-22 155.5 161.5 6.0 - - 2.25 Zn Zone 186.0 188.0 2.0 - - 3.57 261.9 266.0 4.1 - - 2.60 285.0 293.0 8.0 2.11 Au-Cu 342.2 386.0 43.8 7.7 1.20 - Zone Including 342.2 356.0 13.8 23.3 1.58 - Hot Maden Mineral Resource Estimate On August 18, 2015, Mariana reported a maiden mineral resource estimate for the Hot Maden project. The Mineral Resource estimate was prepared by independent mining consultants RungePincockMinarco Limited ("RPM"), and was based on assay results received for drill holes up to, and including, HTD-17 completed on 25(th) June, and is reported in accordance with the JORC Code 2012 edition and estimated by a Competent Person as defined by the JORC Code. The maiden Mineral Resource estimate comprises: Hot Maden Deposit (100% basis) August 2015 Mineral Resource Estimate (2g/t AuEq* Cut-off) Indicated Mineral Resource Domain Tonnes Au Cu AuEq Au Cu AuEq t g/t % g/t* Ounces Tonnes Ounces** Main Zone LG 481,000 0.9 1.0 2.4 14,000 5,000 37,000 Main Zone HG 3,199,000 5.2 1.8 8.0 537,000 56,000 822,000
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Main Zone UHG 1,031,000 29.2 4.0 35.4 967,000 41,000 1,174,000 Total 4,710,000 10.0 2.2 13.4 1,518,000 102,000 2,033,000 Inferred Mineral Resource Domain Tonnes Au Cu AuEq Au Cu AuEq t g/t % g/t* Ounces Tonnes Ounces** Main Zone LG 819,000 0.8 1.0 2.4 21,000 8,000 62,000 Main Zone HG 2,291,000 3.1 2.0 6.2 228,000 45,000 455,000 Main Zone UHG 326,000 36.2 3.3 41.4 379,000 11,000 434,000 Peripheral Lodes 218,000 1.8 0.4 2.4 13,000 1,000 17,000 Total 3,654,000 5.5 1.8 8.2 640,000 65,000 968,000 Total Mineral Resource Domain Tonnes Au Cu AuEq Au Cu AuEq t g/t % g/t* Ounces Tonnes Ounces** Main Zone LG 1,299,000 0.8 1.0 2.4 35,000 13,000 100,000 Main Zone HG 5,490,000 4.3 1.9 7.2 765,000 101,000 1,277,000 Main Zone UHG 1,357,000 30.9 3.8 36.9 1,346,000 52,000 1,608,000 Peripheral Lodes 218,000 1.8 0.4 2.4 13,000 1,000 17,000 Total 8,364,000 8.0 2.0 11.2 2,159,000 167,000 3,001,000 Note from RPM: 1. The Statement of Estimates of Mineral Resources has been compiled under the supervision of Mr. Stewart Coates who is a full-time employee of RPM and a Member of the Association of Professional Engineers and Geoscientists of the Province of British Columbia. Mr. Coates has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Qualified Person as defined in the CIM Standards of Disclosure and as a Competent Person as defined in the JORC Code (2012). 2. All Mineral Resources figures reported in the table above represent estimates based on drilling completed up to 25 June, 2015. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies. 3. Au Equivalence (AuEq) calculated using a 100 day moving average of $US1,178/ounce for Au and $US2.70/pound for Cu as of July 29, 2015. No adjustment has been made for metallurgical recovery or net smelter return as these remain uncertain at this time. Based on grades and contained metal for Au and Cu, it is assumed that both commodities have reasonable potential to be economically extractable. *- The formula used for Au equivalent grade is: AuEq g/t = Au + [(Cu% x 22.0462 x 2.7)/(1178/31.1035)] and assumes 100% metallurgical recovery. **- Au equivalent ounces are calculated by multiplying Mineral Resource tonnage by Au equivalence grade and converting for ounces. The formula used for Au equivalent ounces is: AuEq Oz = [Tonnage x AuEq grade (g/t)]/31.1035. 4. Mineral Resource grades are estimated in accordance with the CIM Standards and reported in accordance with JORC 2012. 5. Mineral Resources reported on a dry in-situ basis. 6. LG = low grade, HG = high grade and UHG = ultra-high grade. 7. Reported at a 2g/t AuEq cut-off. Hot Maden Definitive Agreement Aegean Metals Group Inc. signed a Definitive Agreement with Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya") on 24 June 2014, through which Lidya retains the exclusive right to earn-in to a 70% interest in the Hot Maden Project by incurring a total of USD 2.5 million of combined exploration expenditures and USD 0.5 million cash payments within a 48 month period. Prior to the commencement of the Phase II drill program, Lidya had invested approximately USD 700,000 on exploration at Hot Maden. Quality Control and Assurance Mineralised intervals presented in Table 1 are drill intersection widths and may not represent true widths of mineralisation. Drill core obtained from the diamond drill program was dominantly HQ-sized core with the remainder being PQ-sized core. All drill core was photographed and quick logged prior to sampling. Standard sampling protocol involved the halving of all drill core and sampling over generally 1 m intervals (in clearly mineralised sections) or 2 m intervals (elsewhere), with one half of the core being placed in a sealed sample bag and dispatched to the analytical laboratory for analysis. Samples from the Phase II drill program are being analysed at ALS Laboratories' facility in Izmir, western Turkey. All samples are analysed for gold using a 30g Fire Assay with AAS finish, in addition to a 32 element ICP-AES analysis of an aqua regia digest. Samples in which ICP analyses returned greater than the maximum detection limit for the elements Ag (10 ppm), Cu (10,000 ppm), Fe (15%), Pb (10,000 ppm), and Zn (10,000 ppm) were reanalysed using the AAS analytical technique. Standards and blanks were inserted in to the analytical sequence on the basis of one standard for every 20 samples, 2 blanks in every batch, and one duplicate every 40 samples. Health, Safety, and Environment (HSE) No HSE incidents have been reported during the current diamond drill program. Hot Maden drill holes - technical data Technical data relating to completed drill holes at Hot Maden are given in the following table: Elevation Dip Depth Hole ID Easting Northing (m) Azimuth (degrees) (m) Assays Phase I HTD-01 740,503.26 4,541,740.88 902.58 245 -60 223 Complete HTD-02 740,602.64 4,542,143.24 877.77 222 -60 286 Complete HTD-03 740,514.81 4,541,793.26 910.87 270 -60 150 Complete HTD-04 740,609.82 4,542,260.07 893.42 090 -60 185 Complete HTD-05 740,730.37 4,542,159.99 883.87 270 -60 291 Complete HTD-06 740,652.94 4,542,368.64 914.58 105 -60 215 Complete HTD-07 740,550.03 4,541,765.20 915.43 245 -60 240 Complete Phase II HTD-08 740,581.58 4,542,298.29 877.81 090 -60 274 Complete HTD-09 740,562.94 4,542,255.00 873.02 090 -60 361 Complete HTD-10 740,578.92 4,542,201.35 862.08 090 -60 245 Complete HTD-11 740,776.46 4,542,099.01 866.72 270 -60 450 Complete HTD-12 740,774.00 4,542,098.00 867.00 270 -50 360 Complete HTD-13 740,795.00 4,542,160.00 873.00 270 -60 369 Complete HTD-14 740,692.55 4,542,144.26 868.22 270 -54 234 Complete HTD-15 740,493.85 4,542,204.22 855.12 090 -54 375 Complete HTD-16 740,852.90 4,542,141.94 872.24 270 -59 498.5 Complete HTD-17 740,721.82 4,542,245.80 873.53 270 -50 261 Complete HTD-18 740,461.99 4,542,208.64 853.30 090 -57 425 Complete HTD-19 740,503.36 4,541,790.50 888.41 090 -60 354 Complete HTD-20 740,637.70 4,542,285.21 874.16 080 -60 189 Complete HTD-21 740,515.79 4,541,903.49 930.15 090 -60 297.5 Complete HTD-22 740,836.68 4,542,100.04 870.73 270 -60 452 Complete **ENDS** Qualified Person The information in this release has been reviewed by Eric Roth, Chief Operating Officer and Executive Director of Mariana Resources. Mr Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), and is a Fellow of the Society of Economic Geologists (SEG). Mr Roth has 25 years of experience in international minerals exploration and mining project evaluation. For further information please visit website at www.marianaresources.com or contact the following. In Australia: Glen Parsons (CEO) Mariana Resources Ltd +61 2 9437 4588 Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243 Rob Adamson RFC Ambrian Limited (Nomad) +61 2 9250 0041 Will Souter RFC Ambrian Limited (Nomad) +61 2 9250 0050 In U.K. Claire Louise Noyce Hybridan LLP (UK Broker) +44 20 3764 2341 Niall Pearson Hybridan LLP (UK Broker) +44 20 3764 2342 Oliver Stansfield Brandon Hill Capital (UK Broker) +44 20 3463 5061 Jonathan Evans Brandon Hill Capital (UK Broker) +44 20 3463 5016 Tim Blythe Blytheweigh (Financial PR) +44 20 7138 3205 Megan Ray Blytheweigh (Financial PR) +44 20 7138 3203 About Mariana Resources Mariana Resources Ltd is an AIM quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in South America and Turkey. Mariana's most advanced asset is the Hot Maden gold-copper project in NE Turkey, which is currently being advanced by our Turkish JV partner Lidya under an earn-in agreement to a 70% interest. A maiden mineral resource estimate of 2.03 Moz Gold Equivalent (Indicated Category) and 0.97 Moz Gold Equivalent (Inferred Category) (100% basis) was reported for Hot Maden on August 18, 2015. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama gold-copper project. In Suriname, Mariana has an option to earn up to a 50.01% interest in Nassau Gold Limited, a JV company between Mariana and Sumin Resources Limited ("Sumin") which in turn holds an option to earn
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