StockMarketWire.com - Mariana Resources [LON:MARL] was on the sector's biggest risers after noting further high-grade intercepts have been reported from the resource extension and exploration drilling at the Hot Maden Gold-Copper Project, Turkey.

HIGHLIGHTS:

- Assays are pending for a down-dip extension to the high grade gold-copper resource which has been intersected in hole HTD-52, below discovery hole HTD-4, with a chalcopyrite-pyrite-bearing breccia extending over 50m downhole.

- Some of the highest grade zinc intervals to date have been intersected in holes drilled around the northern and eastern margins of the high grade gold-copper resource, including HTD-44: 36.5m @ 7.1% Zinc ("Zn") + 1.8 g/t Gold ("Au") + 0.51% Copper ("Cu") from 25.5m.

- Exploration drilling in the southern target area, 400m south of the existing resource area and within the northern extension to the pre-1923 vein mining area, has returned high grade vein / stockwork type gold mineralisation in HTD-50: 1.0m @ 13.7 g/t Au from 64m with assays pending for multiple sulfide-bearing vein/stockwork zones in HTD-51 and HTD-53.

- High grade, stockwork/veinlet gold-copper mineralisation was intersected in scout drill hole HTD-45: 5m @ 5.0 g/t Au from 11m, 15m @ 3.2 g/t Au + 1.22% Cu from 24m, and 5m @ 9.1 g/t Au + 1.4% Cu from 46m, one of five holes in the untested "Ridge Area" to the south and southeast of the high grade gold-copper resource. A possible structural offset to the high grade zone between the Ridge Area and Main Zone is a target for future drilling.

- An updated mineral resource estimate for Hot Maden will incorporate assay results from drill holes HTD-18 to HTD-53 into the existing resource model, and is expected to be completed in June 2016.

- Exploration activities (geological / structural mapping, geochemical sampling) continue to focus on the generation of new high-grade gold-copper targets for drill testing. A geophysical program designed to search for a mineralized porphryry gold-copper system underlying the high grade mineral resource (and beneath the anhydrite breccias at 400m vertically) is expected to be undertaken during H2, 2016.

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Sunrise Resources [LON:SRES] has marginally narrowed its H1 pretax loss to GBP149,534, from a loss of GBP151,540. Revenue was GBP7,260, from GBP20,648.

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Petropavlovsk [LON:POG] will hold its annual general meeting at 3 More London Riverside, London SE1 2AQ, on 28 June at 1 p.m.

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Gemfields [LON:GEM] reports a new record of $5.15 per carat for lower quality auctions at the auction in Jaipur, India, from 17-20 May.

Auction revenues of predominantly lower quality rough emerald extracted by Kagem Mining Ltd (which is 75% owned by Gemfields and 25% by the Zambia government) totalled $14.3 million.

Of the 3.67 million carats offered for sale, 2.78 million carats were sold (76%).

22 Kagem auctions held since July 2009 have generated USD 426 million in total revenues. A total of 26 companies placed bids in Gemfields' fourth auction of Kagem production in the current financial year.

The auction saw 3.67 million carats of lower quality emerald extracted from Kagem placed on offer, with 14 of the 18 lots offered being sold, generating auction revenues of USD 14.3 million.

Chief executive Ian Harebottle said: "Jaipur has delivered another solid auction result, including a new record price per carat for our lower quality emerald auctions. The results from this auction mean that the Kagem mine has exceeded USD 100 million of declared revenues for the current financial year, and while we are confident that these numbers will be well surpassed in the years to come, we remain grateful for the part that each of our loyal staff members have played in ensuring that Kagem is the first mine to reach anywhere near this milestone in the history of the Zambian gemstone sector."

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Highland Gold Mining's [LON:HGM] production at Mnogovershinnoye, Novoshirokinskoye and Belaya Gora totalled 56,889 oz of gold and gold equivalents in the first quarter, compared to 57,421 oz a year ago.

The group said MNV and Novo exceeded internal production targets for the quarter and processing optimisation at the Belaya Gora mill is ongoing, with volumes rising by 32% versus the corresponding period in 2015 but grades were slightly below expectations.

The group said work continued on a draft Kekura pre-feasibility study and JORC resource audit (finalized in Q2) including updated and detailed mine design and mill parameters. The development of design documentation continues.

The company affirms its forecast for total production of gold and gold equivalents of 255,000-265,000 oz for the full year.

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Metminco [LON:MNC]said the share purchase plan offer acceptances and subsequent placement of shortfall shares has raised about AUD1m gross by issuing 234.5m shares at AUD0.004 each.

The Company also received notices of exercise of 6.6m rights issue options granted in 2015 at an issue price of AUDS0.005 a share, prior to expiry, raising a total of AUD32,910.

Of the Rights Issue Options granted in 2015, 54,654,492 have been exercised raising $273,272 with the remaining 510,977,194 Rights Issue Options lapsing.

Funds raised from the SPP Offer and exercise of the Rights Issue Options will be applied to the acquisition of Minera Seafield SAS (Minera Seafield) from RMB Australia Holdings Limited and the development of Minera Seafield's wholly owned Quinchia Gold Project, and working capital.

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Hochschild Mining [LON:HOC] has confirmed that Sir Malcolm Field retired from the board at the conclusion of the annual general meeting held on 20 May.

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Greatland Gold [LON:GGP] has received approval from the Native Title parties necessary to start drilling at the Bromus project in Western Australia.

As part of the company's ongoing strategic review the board has decided to give priority to a drilling programme to test bedrock conductors at the project with an initial four hole programme to directly test four main targets prospective for nickel sulphide mineralisation.

Executive director Callum Baxter said: "We are pleased to confirm that following liaison with the Native Title parties we have now secured their approval to allow commencement of drilling at the Bromus project.

"Reflecting this approval, and in light of the Company's ongoing strategic review which has confirmed Bromus is an important project to progress, we are now preparing to undertake this drill programme.

"The ground electromagnetic work conducted in 2015 confirmed one very substantial nickel sulphide bedrock conductor and three others justifying testing. The findings of our technical work at Bromus to date are exciting, however we will not know the tenor (grade) of nickel sulphide mineralisation until we undertake drilling.

"The Company's strategic review will be finalised in the near term, after which the results will be announced to the market. This review will confirm that Greatland is now moving into a phase of proactive exploration across existing projects and acquisition of new opportunities, several of which are already under review. We note there can be no certainty that acquisitions will proceed unless and until formal commercial agreements are signed and announced to the market.

"Greatland is well placed financially, with cash at bank, no debt and low monthly fixed costs."












At 4:21pm:

[LON:BEM] Beowulf Mining PLC share price was 0p at 3.88p

[LON:BKY] Berkeley Energia Ltd share price was +0.5p at 32.5p

[LON:CEY] Centamin PLC share price was -0.15p at 111.95p

[LON:CHL] Churchill Mining PLC share price was +0.13p at 17.13p

[LON:CZA] Coal of Africa Ltd share price was +0.03p at 3.58p

[LON:FDI] Firestone Diamonds PLC share price was 0p at 30p

[LON:FRES] Fresnillo PLC share price was -2.5p at 1077.5p

[LON:GEM] Gemfields PLC share price was +0.13p at 43.5p

[LON:GEMD] Gem Diamonds Ltd share price was -0.75p at 132p

[LON:HGM] Highland Gold Mining Ltd share price was +0.88p at 94.88p

[LON:HOC] Hochschild Mining PLC share price was -1p at 150.25p

[LON:KMR] Kenmare Resources PLC share price was -0.03p at 0.73p

[LON:MARL] Mariana Resources Ltd share price was +0.45p at 3.58p

[LON:POG] Petropavlovsk PLC share price was +0.11p at 8.31p

[LON:SRES] Sunrise Resources PLC share price was +0.01p at 0.14p

[LON:VED] Vedanta Resources PLC share price was -7.2p at 372.3p



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