Share price and volume exploded in MARIANA RESOURCES ORD GBP0.001 (OTCMKTS:MRLDF) rallying 65% today on huge volume, and it seems to be on some sort of delayed messaging from the company as much of the information about drilling projects are more than a month old.
Nonetheless, the stock is making new highs, and look at the chart shows they went from trading under 100,000 shares per day to more than 1.5 million in the first hour of trading, so someone knows something.
MARIANA RESOURCES ORD GBP0.001 (OTCMKTS:MRLDF) is a listed exploration and development company with projects in Turkey, South America, and Côte d’Ivoire, with a diamond drill program at the high grade Hot Maden gold-copper project in north east Turkey.
Results are reported for a total of 19 new drill holes (HTD-88 to HTD-106), all of which were completed around the Main Zone resource area and the “Ridge Area” (the transitional zone between the Main Zone and new Southern Deposit; Figures 1 & 2). Two of the reported drill holes (HTD-90 and HTD-106) form part of the 25m x 25m infill drill program underway in the Main Zone resource area, with the remainder being step-out holes designed to extend known high grade gold-copper mineralization.
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- Two drill rigs currently remain active at Hot Maden, with a third rig having arrived on site.
- High grade gold-copper (Au-Cu) mineralisation continues to be intersected in both infill and step-out drilling on Main Zone sections 4,542,175N and 4,542,225N. Discovery drilling under the “Ridge Area” (the transitional zone between the Main Zone resource area and the new Southern Deposit) continues to return excellent results, with drill holes HTD-92 and HTD-100 both intersecting significant intervals of high grade gold(-copper) mineralisation. Host rocks to the Au-Cu mineralization in the Ridge Area are dominantly dacitic breccias with minor andesites / andesitic volcaniclasticsHigh grade Au-Cu assays associated with vein / breccia zones continue to be returned from other scout holes in the “Ridge Area”. Highlights include HTD-93 (2m @ 41.8 g/t Au + 2.47% Cu from 329m downhole; 1m @ 21.7 g/t Au + 0.57% Cu from 339m downhole; and 1m @ 19.2 g/t Au + 3.20% Cu from 350m downhole) and HTD-102 (2m @ 49.9 g/t Au + 0.14% Cu from 260m downhole).
- Including the Ridge Area discovery, multi-phase gold-copper mineralisation has now been drilled over a strike length of 700m at Hot Maden.
- No drilling has yet been undertaken in the southernmost “Russian Mine Zone”, which is located about 1.5 km south of the Main Zone Resource and where high grade copper-gold mineralisation was extracted prior to 1923 by Russian mining interests. Initial drilling of this prospective zone is now expected to be undertaken during Q2, 2017 with the 3rdrig having arrived on site.
The Company’s cash position as at 1 March 2017 was – US$4.75M Chief Executive Officer, Glen Parsons said, “The focus for Mariana and the Joint Venture over the last two months has been to develop greater confidence in the resource area at Hot Maden for the purposes of completing the Preliminary Feasibility Study”, he went on to say “Both infill and step-out drilling has occurred around the Main Zone resource area…. Results continue to impress and increase our confidence in the high grade mineralisation and continuity thereof. Furthermore, drilling for extensions towards the New Southern Discovery zone has yielded particularly encouraging results with nice intercepts of high grade Au-Cu complementing the existing mineral resource. If one compares the mineralisation footprint on the drill plan to that of late last year we can see the growth and continuity that has been achieved in drill holes HTD 63 to 106, with a mineralised strike length of now 700m, and which we are confident will translate into an increased mineral resource for this developing new zone.”
MRLDF has many drilling events, and no doubt has news behind what they have going on.
I suggest and believe the attitude here is investors are running over each other here to get in on this abrupt move in a seeming quiet mining stock. But moves in small stocks are always volatile, and even sleepy mining stocks like Mariana Resources Limited (OTCMKTS:MRLDF) can have outsized market moves. Those who play them know the risks associated, and clearly this one is moving for a reason and I would check back to see what the flurry is all about as more information becomes available, and you can always find it here. For continuing coverage on shares of $MRLDF stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!