Mariana Resources (LON:MARL) – BUY*: Hot Maden update
Market Cap: £37m; Current Price: 3.1p; Target Price: 5.4p
Assay results from HTD-36 to HTD-50
Mariana Resources reports assay results from drill holes HTD-36 to HTD-50, results for HTD-51 to HTD-53 expected shortly.
High-grade zinc intervals intersected in the northern and eastern margins of the mineral resource estimate with 36.5m at 7.1% Zn, 1.8g/t Au and 0.51% Cu from 25.5m (HTD-44).
Mineralisation 400m south of the existing mineral resources estimate has demonstrated the presence of high-grade vein/stockwork type gold mineralisation with 1m at 13.7g/t Au from 64m (HTD-50).
In the Ridge Area, located immediately south and southeast of the mineral resource estimate, significant results include; 6m at 5g/t Au from 11m (HTD-45), 15m at 3.2g/t Au and 1.22% Cu from 24m (HTD-45), 5m at 9.1 g/t Au and 1.4% Cu from 46m (HTD-45) and 1.5m at 12.9g/t Au and 4.79% Cu (HTD-42).
Hole HTD-52, which lies outside the current mineral resource estimate, appears to have intersected 50m of chalcopyrite bearing breccia from 262m, assays are pending.
Updated mineral resource estimate expected to be completed in June that will include holes HTD-18 to HTD-53.
No change to forecasts, rating or price target.
NORTHLAND CAPITAL PARTNERS VIEW: Mariana Resources and joint venture partner Lidya’s continued drill programme at the ultra-high grade Hot Maden Project has demonstrated that in the south there appears to be a structural offset that requires further investigation to determine if the ultra-high grade gold-copper mineralisation continues to the south. Drilling to the north has demonstrated high-grade zinc mineralisation, with drilling 400m to south defining a different style of gold mineralisation – high-grade narrow veins/stockworks. The partners have also designed a geophysical programme to investigate the potential for a deep (>400m) gold-copper porphyry system located below the anhydrite breccias.
Connemara Mining Company (LON:CON) – CORP: Inishowen update
Market Cap: £1.4m; Current Price: 2.5p
Second phase of drilling commences
Connemara Mining Company is expecting to commence the next round of drilling at the Inishowen Gold Project, located in Donegal, Ireland.
The second phase of drilling will consist of a four hole programme totalling 1,000m
NORTHLAND CAPITAL PARTNERS VIEW: To date Connemara Mining Company has discovered a series of seven staked veins over 250m, the first two holes will confirm the existing drilling that includes the 5.8g/t Au over 3.05m (16-MR-03). The second two holes will step out 100m along strike to test the continuity and grade.
Sunrise Resources (LON:SERS) – CORP: H116 results
Market Cap: £0.9m; Current Price: 0.14p
LBT remains low
LBT decreased to £149,534 in H116 from £151,540 in H115.
Net debt totalled £38,590 in H116 compared to net cash of 238,625 in H115.
Post period end £120,000 was raised (04/04/16) through the issue of 109,090,908 shares.
NORTHLAND CAPITAL PARTNERS VIEW: Sunrise Resources continues to be conservatively run with administrative expenses remaining low. During the period the Company signed a lease agreement for its County line Diatomite Project, intersected bonanza silver grades at the Bay State Silver Project and formed a new subsidiary, Westgold, which staked two new gold projects.
Alexander Mining (LON:AXM) – CORP: Placing
Market Cap: £0.36m; Current Price: 0.17p
From Friday: £0.5m placing
Alexander Mining raised £0.5m through the issue of 500,000,000 shares at a price of 0.1p for general working capital purposes for the next 12 months. The placing will represent 58% of the issued share capital of the Company.
To provide existing shareholders with some ability to subscribe on similar terms to the placing without the restrictive cost of a rights issue, the Company will issue existing shareholders, on a pro-rata basis, one warrant for every four shares held. Based on the current issued share capital of 361,910,288 the Company will issue a maximum of 90,477,572 warrants, representing 10.5% of the issued share capital.
The Company will also issue 50,000,000 broker warrants at a price of 0.1p as part of the placing.
Following admission the Company will have 861,910,288 shares in issue.
NORTHLAND CAPITAL PARTNERS VIEW: Alexander Mining will continue to advance its efforts to commercialise its processing technology but is also reviewing several complementary opportunities within the mining sector.