Among the small cap miners this week, Turkey was a focus.
Mariana Resources PLC’s (LON:MARL) got a lift after the latest results from its Hot Maden copper-gold joint venture in the country were, once again, eye catching.
There were two stand-out holes that returned respectively 116.5 metres at 6.7 grams per tonne of gold and 79 metres at 8.1 grams.
Copper concentrations were 1.7% and 1.9% respectively and each hole had thick sections of high-grade mineralisation.
While the results cited above were at the very high end of what was found they were not were not isolated occurrences.
Importantly the results are helping confirm the continuity of the mineralisation and may contribute to expanding the size of the resource.
Kerim Sener, Ariana’s managing director described the news as a “momentous achievement”
The 5.25kg gold-silver doré pour represents the culmination of years of hard exploration work followed by permitting and building the operation.
At full tilt the mine will churn out 20,000 ounces of the yellow metal a year.
Production hike ...
There was also a glitter in Shanta Gold Limited (LON:SHG) eyes after its this week raised its expectations for gold production growth by 39% as it announced a revised mine plan that will extend the life of the New Luika gold mine in Tanzania.
Under the revised mine plan for January to December 2023, Shanta forecasts gold production across the period of 359,000 ounces (oz) to 500,000 oz.
The group said the drill programme consists of two holes that will test two “highly conductive targets” which were identified by downhole electromagnetic surveys back in November.
The company owns a 50% interest in the project, which holds an exploration licence and option over 23km sq in the Cornish tin, tungsten and copper mining district in the UK.
Energold Drilling Corp. - the drilling company appointed by Strategic's joint venture with New Age Exploration, Cornwall Resources Limited will undertake a 23-hole drill programme, which will be completed in two phases.
Acquisition moves ...
Elsewhere, South Africa-focused miner Bushveld Minerals Limited (LON:BMN) got a boost after it agreed a deal with Wogen Resources Limited that will provide the funds needed to buy Strategic Minerals Corporation from Russia’s Evraz
Bushveld said Wogen will provide US$9.0mln in financing to its subsidiary Bushveld Vametco Group, which will be partly used to fund the US$17.2mln acquisition of Evraz’s 78.8% interest in Strategic.
The deal has already secured unconditional approval from the Competition Commission.
The deal means that Vast – which purchased the original 50.1% stake back in July 2015 – now owns 100% of the producing Manaila polymetallic mine in Romania.