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Northland Capital Partners View on the City - Mariana Resources, Botswana Diamonds

Published: 09:18 26 Oct 2016 BST

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Mariana Resources (LON:MARL) – BUY*: Hot Maden update
Market Cap: £83m; Current Price: 68.5p; Target Price: 104p

Exceptional results continue
  The infill drill programme at the Hot Maden Gold-Copper-Zinc Project, located in Turkey has been focused on two new section lines, while the resources expansion drilling has been focused on the Ridge area, which forms the southern limit of the Main Zone Resource, and also the southern veinfield discovery.

  The infill drilling has returned the highest grade gold-copper mineralisation to date from the project with 69.6m at 62.7g/t Au and 2.68% Cu from 210m (HTD-71), 63m at 8.3g/t Au and 1.65% Cu from 218m (HTD-70) and 34.5m at 19.4g/t Au and 1.31% Cu from 180.5m.

  Mariana believes the potential for the deep (>250m), possibly fault offset block on Main Zone type mineralisation below the Ridge area has increased with high-grade gold-copper mineralisation being detected in two holes; 7m at 19.7g/t Au and 2.1% Cu from 351m (HTD-69), 33m at 1.4g/t Au and 0.99% Cu from 357m (HTD-76) and 11m at 6.1g/t Au and 0.97% Cu from 443m (HTD-76).

  In the southern veinfield results include 2m at 29.2g/t Au and 0.4% Cu from 110m (HTD-73), 1m at 13.8g/t Au and 0.9% Cu from 13m (HTD-63) and 15.5m at 4.6g/t Au and 0.42% Cu from 78m.

  The Preliminary Economic Assessment (PEA) is expected to be published at the end of November.

  No change to forecasts, rating or price target.

NORTHLAND CAPITAL PARTNERS VIEW: Mariana Resources continues to report exceptional results from ultra-high-grade gold-copper mineralisation at the Hot Maden Project. Not only does the infill drilling continue to demonstrate continuity of the copper-gold mineralisation but in some cases improvements in the grade. The resources expansion drilling in the Ridge area is particularly exciting, demonstrating the potential for further fault offset mineralisation. The second area of exploration drilling, the southern veinfield, would be considered a major discovery on its own for most junior miners and adds to the upside potential at the Project. Another major milestone, the PEA, is expected by the end of next month and will provide investors the first guide to the economics of this exceptional project.

Botswana Diamonds (LON:BOD) – SPECULATIVE BUY*: PL260 update
Market Cap: £6m; Current Price: 1.8p

From yesterday: 1mm diamond discovered
  Botswana Diamonds and joint venture partner, Alrosa, has discovered a 1mm octahedron-shaped diamond from the first 20kg sample of its drilling on the AK21 kimberlite on PL260. A further 60kg sample is currently being analysed.

  Drilling on the AK22 kimberlite on PL20 encountered fresh kimberlite.

NORTHLAND CAPITAL PARTNERS VIEW: Following insufficiently robust test work conducted by Botswana Diamonds’ and joint venture partner, Alrosa’s consultants in a South African laboratory that failed to detect the control diamonds, the partners brought the work in house. This has paid off with the discovery of a micro diamond from the first 20kg batch of 60kg of material that was reprocessed. While the diamond is small the sample size is also small so the detection of a diamond of any size is a very positive result for the Company.

 

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