News blog
Mariana Resources
- BY: Andrew Hore |
- POSTED: 26/01/2016 |
Mariana Resources and its joint venture partner Lidya are going to undertake more exploration of the Hot Maden gold and copper project in Turkey.
The joint venture has been formalised and this will enable it to get going with the drilling. Mariana has a 30% interest in the joint venture, which intends to spend $8m on exploration this year. That should finance 20,000 metres of drilling.
A preliminary economic assessment of the project should be completed before the end of this year. This will include a number of mining alternatives.
Hot Maden has indicated resources of 2.033 million ounces of gold equivalent and inferred resources of 968,000 ounces of gold equivalent. The indicated resources are at a grade of 10g/t gold – or 13.4g/t gold equivalent.
Sandstorm Gold has bought a package of Turkish assets, including a 2% net smelter royalty on the Hot Maden project, for $22m. There are 56 royalties in the package of assets but Hot Maden is at the top of the list.
The Mariana share price has still dipped by 0.08p to 1.53p. Mariana may have to raise as much as £4.5m from a share issue to finance its share of investment in exploration and other costs.
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