Mariana Resources
Explorer of high-grade gold and copper deposits.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
Mariana Resources Ltd. was a mineral exploration and development company primarily focused on gold, silver, and copper projects. Founded in 2006, the company held an extensive portfolio of projects located in Turkey, South America (Argentina and Peru), and Côte d'Ivoire. The company's business model centered on identifying and advancing mineral prospects, often through joint ventures with other firms. Its most significant asset was a 30% stake in the high-grade Hot Maden gold-copper project in northeastern Turkey, which it held in a joint venture with the Turkish company Lidya Madencilik Sanayi ve Ticaret A.S., the majority 70% owner and operator.
The Hot Maden project was a pivotal discovery for Mariana, rapidly advancing from its first discovery holes in January 2015 to a maiden resource estimate by August 2015. A Preliminary Economic Assessment (PEA) completed in early 2017 highlighted the project's potential, projecting a post-tax Net Present Value of US$1.37 billion and an Internal Rate of Return of 153%, based on an underground mining model. The project's indicated mineral resource was estimated at 3.43 million gold equivalent ounces. The leadership team included CEO Glen Parsons and COO Eric Roth, who were instrumental in advancing the company's projects.
In July 2017, Mariana Resources was acquired by Sandstorm Gold Ltd. in a cash and share deal valued at approximately US$175 million. Following the acquisition, Mariana became a wholly-owned subsidiary of Sandstorm. The deal was strategic for Sandstorm, as it secured access to the Hot Maden project, described as one of the highest-grade undeveloped projects globally. As part of the transaction, Sandstorm planned to spin out Mariana's other exploration properties in Argentina and Ivory Coast into a separate public company, while retaining royalties.
Keywords: mineral exploration, gold mining, copper projects, Hot Maden project, Sandstorm Gold, Lidya Madencilik, resource development, Turkey mining, Argentina mining, precious metals exploration, mineral development, joint venture, project acquisition, gold-copper deposit, exploration drilling, economic assessment, mining assets, mineral resources, corporate acquisition