Mariana Resources posts 'bonanza' drilling results

Exploration and development company Mariana Resources posted an update on the ongoing diamond drill program at the high grade Hot Maden gold-copper project in north east Turkey on Wednesday.

The AIM-traded firm reported results for a total of 13 infill and extension drill holes (HTD-63 to HTD-74 and HTD-76), with drill log data provided for a further seven holes (HTD-75 and HTD-77 to HTD-82) for which assays are pending.

It said the infill drilling in the Main Zone resource area has been focused on two new section lines (4,542,225N and 4,542,125N), and forms part of a programme designed to uniformally reduce drill hole spacings to 25m x 25m and to provide detailed geotechnical data for mine development studies.

New resource drilling focused on both the ‘ridge’ area and the southern veinfield discovery.

CEO Glen Parsons said “exceptionally positive results continue to be generated from the ongoing drilling at Hot Maden.”

The board said infill drilling in the Main Zone delivered Hot Maden's best hole to date, with the significant “bonanza grades” in HTD-71 of 69.6 m @ 62.7 g/t Au + 2.68% Cu from 210m downhole, including an impressive initial 7m at 526 g/t Au and 3.28% Cu.

“[These results] further highlight the continuity of the ultra high grade gold-copper zone,” Parsons said, adding that the “infill holes are effectively spaced on 25m centres and have been designed to both increase confidence in the reported mineral resource estimate, as well as for the acquisition of geotechnical data for the ongoing mine development studies.”

The report also said drilling at the current southern limit of the Main Zone resource area has also intercepted what appears to be either a deep extension or an offset to the Main Zone.

“The importance of this discovery is that we now see the potential to extend the Main Zone mineral resource to the south.

“Further exploration drilling in the Southern Discovery Zone, located immediately to the north of the Old Russian Mining Zone, has also delivered strong mineralisation from sulphide quartz veins and breccias which will ultimately add to the current initial inferred resource for this area,” Parsons explained.

He said exploration drilling successfully continues to work closer to, and into, the known mineralised Russian Zone further to the south.

“Technical studies related to mine development are ongoing, and the work completed will be incorporated into both the Preliminary Economic Assessment and Pre-Feasibility Studies accordingly.

“I look forward to updating the market on the anticipated PEA results which are now expected around the end of November, along with the further pending assays and ongoing drilling activities,” Parsons added.