Thanks to CEO Chat friend Luc ten Have for bringing this to our attention yesterday:
Feb 12, 2015: Second Exceptional Intercept of 82m at 20.4 g/t Gold and 1.94% Copper at Hot Maden Prospect, Eastern Turkey
This is a follow up to a Feb 2, 2015 news release: Impressive Intersection of 103m @ 9.0 g/t Au and 2.2% Cu from Initial Drilling at the Hot Maden Prospect, Eastern Turkey
These are outstanding intercepts, with strong gold and copper mineralization beginning at approx 145 meters.
I called up a number of geologists and analysts on Saturday to discuss the result, and the consensus is Hot Maden looks like a VMS system. They should have room to prove up a few million tonnes of this material, which could be a small but valuable deposit. Another ten or so holes are needed to know the size. Additionally, we don’t know if there’s potential to find more bodies like this on the property, and a conversation with the company is needed (I sent a note to Mariana Saturday requesting an interview).
Mariana will only have 30% of the project after JV partner Lidya spends $3m to earn into 70%.
Mineralization remains open to the North, South and at Depth.
Chief Executive Officer, Glen Parsons, said:
“I am particularly pleased with the outcome of these assay results especially for the first step out hole which displays continuing stronger mineralization from the previous reported significant discovery Hole 4 and I draw your attention to the attached histograms to get an understanding for these amazing results. This further indicates the potential for a high‐grade mineable deposit which is open to the north, south and at depth. Hole 5 was drilled 100m to the South East and, having cut the same structure indicating continuity of a high grade deposit. The grade of 82m at 20.4 g/t Au and 1.9 % Cu from 147m certainly surpasses any recent discovery we know of and, has rapidly elevated Hot Maden up Mariana’s project portfolio development value curve.”
Shares in Mariana Resources (LONDON:MRRE) more than doubled last week and last traded at 2.08 P in London, giving the company an approx £ 11.10 million market capitalization.
The Hot Maden discovery is in its very early stages and a comparison to Goldquest (OTC:GDQMF) is worth noting. Shares in the company ripped from 8 cents to nearly 2 bucks in 2012 following impressive preliminary drill results in the Dominican Republic. Investors quickly cooled on the story after the size and the shape of the deposit disappointed in subsequent drilling campaigns. Goldquest last traded at 14 cents on Friday.
No position in Mariana at press time, but I may pick one up as a speculation depending on how it opens Monday. Anybody buying this stock must understand they’re playing with fire. Always do your own due diligence.