Mariana reports more high-grade intercepts at Hot Maden

Shares in Mariana Resources were up 12% as the company reported further high-grade intercepts at the Hot Maden Gold-Copper Project in Turkey.

Mariana, which is due to complete an updated mineral resource for the project in June, said drill results from holes HTD-36 to HTD-50 continued to enhance its geological understanding of the project. Assays for holes HTD-51 to HTD-53 were due soon.

"Exploration and resource extension drilling (are) continuing to intersect new gold-copper and zinc mineralisation in addition to providing further geo-technical data for use in development studies," said CEO Glen Parsons in a statement.

He added that drilling on the southern extension of the reported resource area indicated a structural offset with a new targeted area developing, as well as further to the south in the new discovery area with assays pending for mineralised zones observed in drill core.

"Exploration drilling in the southern target area has returned high grade vein/stockworks type gold mineralisation in HTD-50 with significant visual sulphide-bearing vein/stockwork zones also in holes HTD-51 and HTD-53," Parsons said.

"Furthermore, HTD-44 is showing one of the highest-grade zinc intervals returned to date, currently zinc is not factored into any of our reported resource estimates."

The CEO added that 2016 had been a strong year for Mariana, and, following a fund-raise, it had secured a stronger investor base mitigating short-term funding risk going forward. The company now had funds secured to take it comfortably through the next 12-18 months.