Mariana Resources (MARL:AIM) (MARL:TSX.V)
Reported initial drilling results from their 100% owned Ergama project in western Turkey, located 90km SE of Teck’s Pilot Gold Halilaga Au-Cu project and 230km west north west of Eldorado Gold’s Kisladag gold mine which produced 211k oz of gold in 2016. The Ergama project license covers an area of 2,168 Ha (21.6 km2).
Drill hole ERD-02 returned a downhole average of 626.4m@0.18 g/t Au and terminated in the highest-grade interval to date (56.4m@0.33 g/t Au + 0.12% Cu from 570m downhole). Other intercepts include 156.4m@0.25 g/t Au from 470m downhole; as well as 141m@0.23 g/t Au from 57m downhole. A 1m interval, 621m downhole assayed 0.79 g/t Au + 0.15% Cu.
Chief Executive Officer Glen Parsons today commented: “What is encouraging are the initial grades from our first two holes on the margin of the system are similar to reported resource grades for other projects in the area and we still have yet to test the main zone. I look forward to updating the market with assays pending for hole 3 and the high grade gold silver vein targets currently being drilled, as well as further updates from Hot Maden and our portfolio in general.”
Drill holes(ERD-01 and ERD-02) confirms their conceptual model of a porphyry-style gold-copper system underlying, and slightly offset from, an essentially barren quartz-alunite(+/-clay) “lithocap”. The results indicate a general increase in grades towards the south and therefore the most metal-rich part of the system could be located south of current drilling. The next planned drill holes will target the high grade, vein / fault-hosted epithermal gold-silver system.