Mariana Resources has added a third rig to its ongoing drill program at the Hot Maden Copper Gold Project in Turkey following the release of further encouraging results. Infill and step-out drilling on the Main Zone continues to identify high-grade gold and copper mineralisation.
The best recent Main Zone results are 75 metres @ 17.2 g/t gold and 1.89% copper, including 13.7 metres @ 49.5 g/t gold and 2.95% copper; 10 metres @ 39.9 g/t and 1.68% copper, and 59 metres @ 18.2 g/t gold and 2.31% copper, including 13 metres @ 50.2 g/t and 2.79% copper; 78 metres @ 5.2 g/t gold and 3.76% copper, including 9 metres @ 21.9 g/t gold and 6.49% copper.
The miner, which last month agreed to a £167 million takeover by Canada-listed mining financier Sandstorm Gold, added that discovery drilling in the Southern deposit continues and returned results including 7 metres @ 16.5 g/t gold and 0.3% copper, 2 metres at 24.4 g/t gold and 0.94% copper, and 4 metres @ 7.2 g/t gold and 0.5% copper.
In a statement, Mariana said, “At Hot Maden, in the Main Zone, continued success from infill and step out drilling complement our current results whilst maintaining our confidence in this zone.
“In the Southern Zone these new results extend mineralisation and the strike length from the Main Zone to the Southern Zone which is continuing to grow.”
Mariana also said that at the Ergama project in western Turkey it is awaiting permits for 24 new holes it wants to drills.
Sandstorm Gold, which already owns 7% of the AIM-listed company, is offering its own paper as well as 28.75p per share in cash.
The deal has the backing of the Mariana board. Chairman John Horsburgh said, “The terms of the combination represent a significant and attractive premium to the market price of Mariana shares.
“The combination with a company such as Sandstorm not only de-risks Mariana’s exposure as a single development-production asset company but provides a stronger diverse platform and ability to finance the development of the 30% owned high grade gold-copper discovery at Hot Maden in Turkey.”
Mariana’s major asset is a 30% stake in the Hot Maden project.