Mariana Resources (LON:MARL) – BUY*: Hot Maden update
Market Cap: £61.8m; Current Price: 54p; Target Price: 104p (from 54p)
Hot Maden total resource increases to 4moz Au eq.
(note attached)
Forecasts updated, rating maintained and price target increased to 104p (from 54p).
NORTHLAND CAPITAL PARTNERS VIEW: Mariana Resources and its joint venture partner, Lidya, have completed a substantial increase in the Hot Maden Project’s total mineral resource estimate to c. 4moz Au eq. at a gold eq. grade of 10.2g/t Au eq. (based on Northland metal price assumptions). This is a 31% increase in total gold equivalent ounces for the project compared to previous estimates. Mariana Resources has now established three zones of mineralisation the Main Zone that contains 3.4moz Au eq. at a grade of 15g/t (Indicated), the Southern Zone that contains 0.4moz Au eq. at a grade of 8.1g/t Au eq. (Inferred) and a Hangingwall Zinc Zone that contains around 114kt of zinc at a grade of 4% Zn (Inferred). Positive improvements in Mariana’s high-grade peer group combined with the increased mineral resource estimate announced today have lead us to increase our price target to 104p per share from 54p per share.
Thor Mining (LON:THR) – CORP: Directorate Change
Market Cap: £1.8m; Current Price: 0.03p
Appointment of Gervaise Heddle as a Non-Executive Director
Gervaise Heddle has been appointed Non-Executive Director of Thor Mining
Mr Heddle and each of the existing Directors of Thor will be issued 1000m ordinary options with an exercise price of 0.05p, with a three year expiry.
NORTHLAND CAPITAL PARTNERS VIEW: Mr Heddle is an Executive Director of Greatland Gold and MD of Bletchley Economics. He was formerly a Division Director at Macquarie Bank and a Fund Manager and Director at Merrill Lynch Investment Managers