In 2011 the share price of Mariana Resources MARL stood at over 50p based on its prospects at Los Calandrias in South America. Then, as nothing seemed to happen it went into decline, reaching a low of 1.03p in 2014.
But in the meantime Mariana reinvented itself with a 30% stake the the Hot Maden gold project in eastern Turkey and slowly, slowly the sp began to reflect the growing interest in the new possibilities and a 52 week high of 3.45p was reached.
The great awakening began with the recognition that resource news was not only going to be six months from discovery, rather than the usual year or two but that it was also going to be very impressive. And it was. The company described the results announced yesterday, as “a defining moment and a milestone” for the company.
Earlier this month Rick Rule of Sprott Holdings put Mariana as one of the top 3 miners putting out good news, albeit he warned that the price of gold was unlikely to rise until the USD began to weaken. Brent Cook of Exploration Insight said that he could not find anything wrong with Marianas Hot Maden project.
Yesterday the maiden Mineral Resource estimate for Hot Maden, showed;
Indicated; 1.52 m. oz gold and 102,000 T copper( i.e. 2.03m oz gold equivalent)
Inferred. 0.64m oz gold and 65,000 T copper (i.e. 0.97 oz gold equivalent)
Total estimate = 3m. oz gold equivalent in which Marl has a 30% interest i.e. 900,000 oz gold eqivalent at a grade of 11.2g/t
The sp responded immediately but not spectacularly so and closed at 2.55p up from the previous days 2.23p and having reached a high of 2.97p. Today it is down to 2.4p. Not much recognition in that for 900,000 oz gold equivalent, even if gold and copper continue to slide.
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