8th Feb 2016 08:31
LONDON (Alliance News) - Mariana Resources Ltd shares rose on Monday after it said it has hit "exceptionally high grade" gold and copper mineralisation near the surface at the Hot Maden project in Turkey and said the latest set of results host the best intersection to date.
Mariana shares were up 8.6% to 1.71 pence per share on Monday morning.
"The exceptional drill hole, HTD-34, represents our best hole to date and, together with HTD-35, the drilling continues to deliver ounces outside of the reported mineral resource estimate," said Chief Executive Glen Parsons.
Hole HTD-34 produced an intercept of 71 metres at 32.7 grammes of gold per tonne of ore and 1.9% copper from a 55 metre downhole, including 22 metres at 83.9 grammes of gold per tonne of ore and 1.8% copper from an 89 metre downhole.
HTD-35 reported an intercept of 63.6 metres at 14.5 grammes of gold per tonne of ore and 3.4% copper from a 46.8 metre downhole, including 21 metres at 38.9 grammes of gold per tonne of ore and 5.1% copper from an 85 metre downhole.
The ongoing drilling at Hot Maden is aimed at extending the existing resource at the project, and Mariana said it will speed up drilling on site after securing a second rig.
Mariana is hoping to complete a maiden preliminary economic assessment for the project, aimed at outlining the commercial viability and financial projections of a producing project, late in the third quarter of this year or early in the fourth.
By Joshua Warner; [email protected]; @JoshAlliance
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