Mariana Resources adds third rig to its ongoing drill programme at Hot Maden in Turkey

Mariana Resources Ltd (LON:MARL; CVE:MAL) said it has added a third rig to its ongoing drill programme at the Hot Maden project in Turkey, as it released further results from the programme.

The gold miner– which last month agreed to a £167mln takeover by Canada-listed mining financier Sandstorm Gold -  said it has continued to find high-grade gold and copper mineralisation in both the infill and step-out drilling on the Main Zone.

It said the results included 75 metres at 17.2 grammes gold per tonne of ore and 1.89% copper, within which was 13.7 metres at 49.5 grammes gold and 2.95% copper.

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Other results included 10 metres at 39.9 grammes gold and 1.68% copper, and 59 metres at 18.2 grammes gold and 2.31% copper, within which was 13 metres at 50.2 grammes gold and 2.79% copper.

Another hole returned 78 metres at 5.2 grammes gold and 3.76% copper, including 9 metres at 21.9 grammes gold and 6.49% copper.

The group added that discovery drilling in the Southern deposit continues and returned results including 7 metres at 16.5 grammes gold and 0.3% copper, 2 metres at 24.4 grammes gold and 0.94% copper, and 4 metres at 7.2 grammes gold and 0.5% copper.

In its statement, Mariana said: “At Hot Maden, in the Main Zone, continued success from infill and step out drilling complement our current results whilst maintaining our confidence in this zone.”

It added: “In the Southern Zone these new results extend mineralisation and the strike length from the Main Zone to the Southern Zone which is continuing to grow.”

Mariana also said that at the Ergama project in western Turkey it is awaiting permits for 24 new holes it wants to drills.

Meanwhile,  Sandstorm Gold also posted its first quarter results today which showed the firm sold 15,558 ounces of gold in the period versus 11,381 ounces the year before, pushing revenue up to US$18.8mln from USS13.4mln as the margin per ounce improved to US$952 from US$909.

Story by ProactiveInvestors