(MENAFN- ProactiveInvestors) Drill results yesterday from its Hot Maden target in Turkey have prompted house broker RFC Ambrian to upgrade its stance on ().
Hot Maden was part of the portfolio that came with the acquisition of Canada–listed Aegean Metals last month.
Turkish partner Lidya which has the option to take a 70% stake in the property carried out the drilling.
RFC said that the length and grades for both gold and copper from the fourth hole HTD-04 in particular were very impressive and indicate that Hot Maden is host to a strongly mineralised system.
Next results will be from holes HTD-05 and HTD-06 and will be important as they are test the inferred strike extensions 100m north and south of HTD-04 said the broker.
Mariana said yesterday that HTD-04’s results were evidence of hydrothermal alteration and a 1.2km long geochemical anomaly.
Assuming that the mineralisation is roughly vertical the true width of the mineralised zone is around 40-50m.
For a company with a market cap of just £5.8mln currently this is significant said RFC Ambrian which raised its view to 'speculative buy' from 'hold'.
Having risen strongly yesterday the shares were flat today at 1.34p.
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