Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
High gold grades for Mariana
Mariana Resources (MARL) says its Las Calandrias drilling programme in Argentina has shown high-grade intersections, sometimes in unexpected places. The company, lately subject to rumours of potential bid interest from neighbouring mining concerns, reports encouraging drilling results at La Morena and Tongoril, extensions to existing targets in the Calendrias Norte part of the project.
According to Mariana, these results show intersections ranging from19.5 metres with 0.4 grammes of gold and one gramme of silver per tonne of ore and 19.55 metres with gold at 3.3 and silver at eight grammes a tonne to 0.53 metres with gold at 23.7 and silver at 20.6 grammes tonne and 0.6 metres with gold at 68.1 and silver at 107 grammes a tonne. Chairman John Horsburgh says drilling has shown promising results from pyrochlastic (formerly volcanic) rocks, not hitherto seen as prospective gold hosts.
Based in New South Wales and quoted on AIM and in Toronto, Mariana, which recently identified further high-grade gold deposits in the Calandria Sur part of the project, cites one hole, 261, outside the basic rhyolite rock zone, showing 35.5 metres at two grammes a tonne and 1.2 metres at 21 grammes a tonne. The company, which should soon have results from another Argentinean project at Sierra Blanca, hopes to upgrade its formal resource estimate of more than 500,000 oz of gold equivalent by the of the year.
Floated at 20p five years ago, Mariana shares have proved volatile, trading between 53.5p and 17.63p over the past year. Growth Company Investor highlighted them at a depressed 4.75p in 2008, before suggesting reducing at 46.5p last year.
They now change hands at 19.5p, valuing the company at £35.4 million. Hold on for now.
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