Mariana Resources and Lidya Madencilik signed a comprehensive agreement for Hot Maden Gold – Copper Project. The agreement consists of these major topics:
- The agreement formalises Mariana’s JV relationship with Lidya within the JV company Artmin Madencilik to further explore and develop the potential of Hot Maden.
- The agreement governs Mariana’s 30% and Lidya’s 70% interest in the project, managed by a four‐member Board comprising three directors from Lidya and one from Mariana.
- 2016 total budget of circa US$8 million dollars is proposed for the Hot Maden project.
- Mariana anticipates that 20,000m of extension and infill drilling will be completed in the resource area during 2016, with a minimum of 5,000m completed during Q1.
- A Preliminary Economic Assessment on Hot Maden is anticipated to be completed by Q4 2016
History of Hot Maden goes back to pre-republican times of Turkey. Although the exact time is not certain, Itis known that small-scale underground mining of high grade copper veins was undertaken by Russian interests before 1923. The first recorded exploration work was carried out by MTA in 1942 – 43. After completion of exploration drilling operations of Anglo American in early 1990’s, Teck acquired three concessions in the Hot Maden area, but only undertakes limited work on the properties. Then Aegean acquired the three concessions from Teck in August, 2012, and acquired a fourth concession through government auction. Lidya signed an Option Agreement with Aegean for Hot Maden and commences fieldwork on the project in 2014. Within the same year, Mariana Resources acquired the Aegean’s shares and gained the rights on Hot Maden. Then, Lidya commenced a 10.000 m drilling programme in 2015.