Mariana hails more good grades at Hot Maden

(MENAFN- ProactiveInvestors - UK) Mariana Resources Ltd (LON:MARL) expects to complete a new resource estimate for the Hot Maden project in Turkey next month (June) as it continues to receive exciting. high grade results from on-going drilling.

Results today are from 14 holes, which have revealed further high grade gold mineralisation, along with copper and zinc, the latter having not been factored into any estimates for the project so far.

Glen Parsons, chief executive, said 2016 had been a strong year for Mariana, noting that in February, the group announcing the best gold-copper intersection to date with hole HTD 34 hitting 71.0 metres (m) at 32.7 g/t gold and 1.9% copper.

"Following the fundraise, announced earlier this month, we have secured a stronger investor base mitigating the short term funding risk going forward and demonstrating the huge support for the Hot Maden project," he said.

"The company also now has funds secured to take it comfortably through the next 12-18 months."

Results enhance geological understanding

He added: "Results from drill holes HTD-36 to HTD-50 continue to enhance our geological understanding of the Hot Maden project, with exploration and resource extension drilling continuing to intersect new gold-copper and zinc mineralisation in addition to providing further geotechnical data for use in development studies."

Some of the highest grade zinc has been found around the northern and eastern margins of the already identified high grade gold-copper resource, including 36.5m at 7.1% Zinc and 1.8 g/t gold plus 0.51% copper from 25.5m, the firm said.

Another scout hole, namely HTD-45, found 5m at 5 g/t gold from 11m, 15m at 3.2 g/t gold and 1.22% copper from 24m, and 5m at 9.1 g/t gold and 1.4% copper from 46m.

This is one of five holes in the untested "ridge area" to the south and southeast of the high grade gold-copper resource.

The focus for Mariana continues to be finding new high-grade gold-copper targets for drill testing, while geophysical work designed to identify a porphryry gold-copper system underlying the high grade mineral resource is expected to be undertaken during the second half of 2016, it said.

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