18th Aug 2015 09:00
LONDON (Alliance News) - Mariana Resources Ltd shares rose on Tuesday after it said it has secured a maiden resource estimate for the Hot Maden project in Turkey and said there is no doubt this will increase in the future.
Mariana shares were up 18% to 2.62 pence per share on Tuesday morning.
The gold and copper project has a total mineral resource estimate of 3.0 million ounces of gold equivalent, comprised of 2.0 million ounces at the indicated level and the remaining balance made up of inferred resources.
"This significant three million ounce 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," said Chief executive Glen Parsons.
The resource estimate is JORC compliant and based on its recent drilling campaign that was completed toward the end of June. Its joint venture partner, Madencilik Sanayi ve Ticaret AS, conducted the drilling to earn up to a 70% stake in the project.
The resource is based on 100% ownership, meaning Mariana's 30% interest in the resource gives it ownership over around 900,000 ounces of gold equivalent at a gold equivalent grade of 11.2 grammes of gold per tonne.
Parsons said there was still further room to upgrade the resource to the north and south, and at depth, and said the chances of making further discoveries "remains high". Drilling at the project continues, which will "unquestionably" increase the resource.
By Joshua Warner; [email protected]; @JoshAlliance
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