30th Mar 2015 12:06
LONDON (Alliance News) - Mariana Resources Ltd Monday said it has had an "extremely successful" first quarter since its acquisition of Aegean Metals Group Inc in January, which has put it in a position to conduct further exploration in 2015.
The gold, silver and copper exploration and development company based in South America acquired Aegean after entering into a plan of arrangement with the company. The deal saw Mariana fully acquire Aegean after awarding Aegean shareholders with 1.902 Mariana shares for each Aegean share, resulting in Mariana issuing a total of 78.8 million shares to Aegean shareholders.
As a result of the acquisition, Mariana acquired a portfolio of assets in Turkey and Chile, including the Hot Maden gold-copper project and the Ergama gold properties.
Two discovery holes had already been drilled on the Hot Maden project in Turkey before the acquisition went through, which presented results of 103 metres at 9.0 grammes of gold per tonne and 2.2% copper from a 25 metre downhole, and 82 metres at 20.4 grammes of gold per tonne and 1.9% copper from a 147 metre downhole.
Mariana said the upside potential at Hot Maden will be tested through a follow up drilling programme of up to 10,000 metres which will begin in April, and is fully funded by its partner on the project. Mariana holds a 30% interest in the Hot Maden project with Lidya Madencilik Sanayi ve Ticaret AS holding the balance.
A reduced scout drilling program has been initiated at the Los Cisnes and Bozal prospects in Argentina, where high grade gold and silver vein targets are being tested, it said.
""There has been significant interest in Mariana from both retail and institutional investors as a result of Hot Maden which, with the substantial drill program about to commence, is now our main focus," said Chief Executive Glen Parsons.
Mariana shares were untraded on Monday, last trading at 1.83 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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