27th Jul 2015 09:11
LONDON (Alliance News) - Mariana Resources Ltd Monday said it has identified further high-grade gold and copper intercepts from the ongoing drill programme at the Hot Maden project in Turkey.
The three latest holes have produced results that have confirmed the continuity of mineralisation and increased the size and confidence of the mineralised zone.
Hole 15 produced intercepts of 117.3 metres at 13.9 grammes of gold per tonne and 2% copper from a 216 metre downhole, including 22 metres at 46.2 grammes of gold per tonne and 3.1% copper. Hole 16 produced 100.7 metres at 2.3 grammes of gold per tonne at 1.8% copper from a 332.3 metre downhole including 14.7 metres at 7.7 grammes of gold per tonne and 2% copper.
Hole 17 intercepts included 83 metres at 13.4 grammes of gold per tonne and 3.9% copper from 51.3 metre downhole, including 16 metres at 34.5 grammes of gold per tonne and 2.2% copper.
The results for hole 18 are still pending and was drilled to link up with hole 15 and intersected the main zone of mineralisation, it said.
Based on the overall excellent results at Hot Maden to date Mariana has independently engaged RungePincockMinarco, a mining advisory and consulting services company, to commence work on the preparation of a mineral resource estimate for the project. That is expected to be completed in the fourth quarter of 2015.
Mariana is currently drilling the 19th and 20th holes on the project and will form the basis of the next set of assay results.
"Our confidence in Hot Maden and the mineralised gold-copper body has rapidly reached a critical stage for Mariana as drilling continues to deliver exceptional results," said Chief Executive Glen Parsons.
Mariana shares were down 2.5% to 2.12 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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