|Figures look more than promising imo.
$50/$60m net earnings attributable to Mariana just from Hot Maden means the sort of values quoted yesterday for a sale of the asset look entirely feasible.
Not sure why he was so open on the numbers pre release of the PEA but it must be close plus of course the drill results. Could be another good week next week!|
|From Parsons: verbatim
300K oz/pa = $150m margin with $50m to MARL
capex = $200m
He never looks comfortable and he probably gave figures he should never have divulged in my opinion. Although sounds pretty good, figures look promising..|
|News Monday!!! seems like they are keeping the cards close to chest!! GLA|
I`d agree that he would be aware of the numbers
I assume they will have different scenarios in PEA.
Interesting global AISC on a page 7 of this presentation
Who knows man but the final comment end interview does suggest another Parson's interview so maybe we shall have drilling news..i think it's been 10 weeks plus now without drilling results from HM..due some surely
These warrant sellers are still dragging us back though..come on Mr Warrant, do one dude|
|we pretty much know there are drill results next week anyway dont we from the investor night in London the other day.|
|He will definitely be aware of the cost assumptions in the PEA. Why would he mention figures that were contrary to those numbers? My assumption is that we are waiting to firm up the resource numbers and the PEA cost estimates will not now change.|
|Well , he said something like :
"Conservatively if you look similar mines around AISC would be in a region of $650-$700"...
Whether these numbers are real remains to be seen.|
|yes 650 aisc and 300k a year, who needs a pea.
aisc slightly higher than I was expecting if that is true but still gives a $600 per oz margin x 300k x 3/10 = $60 million per year.|
Mariana Resources acquires first African project
The Hot Maden joint-venture project in Turkey. Credit: Mariana Resources.The Hot Maden joint-venture project in Turkey. Credit: Mariana Resources.
Trish Saywell October 18, 2016
Mariana Resources (TSXV: MRA; LSE: MARL) is on the verge of releasing a preliminary economic assessment of its Hot Maden joint-venture project in Turkey and gearing up for a summer field season with its assets in Argentina, but, still, the company’s ambitious management team has decided to acquire another exploration project — this time in West Africa.
The Australian junior announced in the first week of October that it is taking an 80% stake in Awalé Resources, a private exploration company with gold projects in Côte d’Ivoire, marking Mariana’s first investment on the African continent.
Awalé’s Bondoukou concessions are situated in the Zanzan region of northeastern Côte d’Ivoire and are accessible from Bondoukou, a town close to the Ghana border.
The concessions lie along the southwestern extension of the Birimian-age Bole-Nangodi greenstone belt in neighboring Ghana, which hosts a number of high-grade orogenic-type gold deposits.
Mariana says its initial focus will be on the Bondoukou Est (east) concession, where high-grade gold mineralization (up to 36 grams gold per tonne from initial sampling) appears within a sheeted quartz vein complex located at the contact between a zoned granitoid intrusion and the host meta-volcanic and meta-sedimentary rocks.
Artisanal miners are active at Bondoukou Est, mining to depths of about 30 metres from higher grade quartz veins that lie within a northwest-southeast mineralized corridor that is interpreted to have a strike extent of 18 km, the company says.
The diversified junior’s flagship project, however, remains Hot Maden, a high-grade gold-copper asset in northeastern Turkey, where it owns a 30% stake and a Turkish exploration company called Lidya owns the remaining 70%. Lidya completed its earn-in in January and is the operator.
Lidya is probably better known in the industry for its joint-venture with Alacer Gold Corp. (TSX: ASR; ASX: AQG) at the Copler gold mine in eastern Turkey, which is forecast to produce 150,000 to 170,000 oz. gold this year at total cash costs of US$575 to US$625 per oz.
Lidya is part of the Calik Group, one of Turkey’s largest private conglomerates, with interests that extend well beyond mining and include energy, finance, construction, textiles, telecoms and media.
“It is a really strong Turkish partner,” Glen Parsons, Mariana’s president and CEO, said during a presentation at the Precious Metals Summit in Beavercreek last month. “They have driven exploration and are driving development.”
Mariana announced a discovery at Hot Maden in February 2015, and 17 drill holes later, in August 2015, released its first resource estimate of 3 million gold-equivalent ounces, on a combined basis.
A year later, in July 2016, with 62 drill holes, Mariana upgraded the resource estimate.
Hot Maden’s indicated resource in the Main Zone, at a 2 gram gold-equivalent cut-off grade, stands at 7.13 million tonnes grading 12.2 grams gold per tonne, 2.3% copper and 0.2% zinc (15 grams per tonne gold-equivalent) for 2.79 million oz. of contained gold and 166,000 tonnes of copper (3.43 million gold-equivalent ounces).
Inferred resources in the Main zone add 718,000 tonnes grading 2.7 grams gold, 0.9% copper, and 0.1% zinc (3.8 grams gold-equivalent), for 62,000 oz. contained gold and 7,000 tonnes of copper (88,000 oz. gold-equivalent).
In the Southern zone, the joint-venture partners have delineated an inferred resource of 1.35 million tonnes grading 7.2 grams gold, 0.7% copper and 0.1% zinc (8.1 grams gold-equivalent), for 313,000 oz. gold and 10,000 tonnes of copper (351,000 oz. gold-equivalent).
In addition, a Hangingwall Zinc zone contains 398,000 tonnes in the indicated category grading 2.9% zinc and 0.6% lead for 11,600 tonnes of zinc. The Hangingwall Zone’s inferred resource stands at 2.87 million tonnes grading 4% zinc and 0.5% lead, for 114,000 tonnes of contained zinc.
The company expects to finish a PEA on Hot Maden soon and hopes to wrap up a pre-feasibility study during the first half of 2017, and is “rapidly moving to development,” Parsons said.
The immediate focus for exploration at Hot Maden is to search for new mineral resources by exploring potential strike extensions to the known mineralization along the 5-km-long Hot Maden fault/hydrothermal alteration zone, and by testing (through deep geophysics and drilling) the potential for additional gold-copper resources beneath the current known depth limit of mineralization, which is about 400 metres vertical below surface, the company says.
Some of its best drill intercepts to date include 82 metres grading 32.7 grams gold per tonne and 1.9% copper from 55 metres, including 22 metres of 83.9 grams gold and 1.8% copper from 89 metres. Another returned 63.6 metres of 14.5 grams gold and 3.4% copper from 56.8 metres, including 21 metres of 38.9 grams gold and 5.1% copper from 85 metres.
Meanwhile, in western Turkey, Mariana owns 100% of the Ergama gold-copper project, where initial drill holes have been permitted and drilling is expected to begin this year. Ergama is not far from the Kisladag porphyry deposit, Turkey’s largest gold mine, owned by Eldorado Gold (TSX: ELD; NYSE: EGU).
While Mariana’s flagship project is Hot Maden, its roots are in southern Argentina, where its projects are part of a 160,000-hectare land package in the Deseado Massif district in Santa Cruz province. The projects — Las Calandrias, Sierra Blanca, Los Cisnes and Bozal — have been “on a low-cost, maintenance type of program going though the bad times,” Parsons said. But now, with the change in government and the election late last year of Mauricio Macri, the country’s new pro-business president, Mariana sees upside potential.
“Most of Mariana’s attributable value in the old days was because of Argentina, so it’s something to unlock for us going forward,” Parsons said.
The focus of its exploration has been on the advancement of high-grade gold-silver vein/breccia targets. The company’s most advanced exploration asset is Las Calandras, where in 2011 Mariana reported a maiden resource estimate of 11.8 million tonnes grading 1.29 grams gold per tonne and 17.4 grams silver per tonne for 381,000 oz. of contained gold and 6.6 million oz. contained silver. Inferred resources add 0.87 million tonnes grading 0.93 gram gold and 5.2 grams silver for 25,900 oz. gold and 144,000 oz. contained silver.
At Los Cisnes, about 120 km southeast of Las Calandras (and about 75 km southwest of Yamana Gold’s [TSX: YRI; NYSE: AUY] Cerro Moro gold-silver development project), drilling in 2015 returned a 2.9 metre intercept grading 755 grams silver per tonne, including a 0.9 metre interval of 1400 grams silver.
Work at its Sierra Blanca project, in the western portion of the Deseado Massif, has focused on the delineation of high-grade gold-silver shoots within the 22 km strike extent of an intermediate sulfidation epithermal veins system. Assays from channel sampling included up to 25.7 grams gold and 7,600 grams silver.
In addition to its projects in Argentina, and the Dona Ines gold-silver prospect and the Exploradora East copper prospects in Chile, Mariana has a 10.2% interest in the Nassau gold project in Suriname, a country on the northeastern Atlantic coast of South America.
At press time in Toronto Mariana Resources was trading at 99¢ within a 52-week trading range of 85¢ and $1.20. The junior has about 120 million shares for a market cap of about $119 million.
Top shareholders include Sandstorm Gold (7.49%); the Sprott Group (5.72%); AngloGold Ashanti Holdings (4.08%); Resource Capital Funds (4.43%); and directors and management (1.76%).
“At the beginning of last year, we would have been 85% retail, and just with the whole move with Hot Maden and the obviously exciting nature of that project, we started seeing institutions coming in,” Parsons said. “Sandstorm came in recently, in May, and the Sprott Group has been invested in us for the last two years and continues to support us heavily. Rick Rule always does comment on Hot Maden as being one of the greatest discoveries.”|
|Is HM even stronger than SOLG?? Well that sounds like a must SOLG has 10 bagged this year. Looking forward to seeing the same for MARL|
|Thanks Gersemi and thanks to Ludeck, poster on LSE.
Doesn`t look like HM will go on a cheap but it will go IMHO.
Someone is keeping share price on a short leash...all these 1k-5k and in between sells...|
|Very good post from Ludeck, thanks for posting gersemi...GLA|
|I think we may still have warrant sellers because I cannot understand why anyone would want to sell now with so much news on the immediate horizon|
|More from kelsbells:
The key points haven spoken to Eric were pea won't be out probably until early Nov as they are finalising the metallurgy studies, and they want to get things right before they put out rather than rush as it's a big moment for the company, but he said they're very pleased with pea. Also said they may get some fresh drill results out next week before pea. If the right offer comes along they would take it, I said $300-400m and he said yep that would be a good result. Seems very keen on Ergama in fact that was lidya's preferred option before HM...how lucky did they get!|
|Very good post from kelsbells on the LSE Board....|
|Hope they don't sell HM too soon, let's get maximum value a few more resource updates first, then listen to offers....imo|
Yes...can`t see them going into production.
Back in April this year Nevsun put a bid for Reservoir Resources 6 days after their PEA ... so anything is possible.|