Lidya Madencilik Sanayi ve Ticaret A.S. /
Mariana Resources Ltd.


30% NPI; 2.0% NSR

Acquisition Date

2016 / Jan / 19

The Hod Maden project is located in northeastern Turkey within the Eastern Pontides metallogenic belt. Gold-copper mineralization in the Main Zone at Hod Maden is multi stage and includes massive sulphide mineralization and breccia hosted mineralization. The project has a Mineral Reserve from May 2018 of 9.1 million tonnes at an average grade of 8.9 g/t Au and 1.4% Cu for 2.6 million ounces Au and 129,000 tonnes Cu in the Proven and Probable (2.6 g/t AuEq cut-off).

The Southern Zone was discovered in 2016 and is located approximately 300 metres south of the Main Zone. The Southern Zone gold-copper mineralization is hosted dominantly in dacitic volcanic rocks and breccias. Pyrite is the dominant sulphide phase with relatively minor chalcopyrite.

A Pre-Feasibility Study was released in 2018 and considered an underground mine with a processing rate of 900,000 tonnes per annum. The base case has a mine life of 11 years with average annual production of 266,000 ounces of gold equivalent per year at an average head grade of 11.9 g/t AuEq. The average recovery is expected to be 77% for gold and 94% for copper. The estimated upfront capital expenditure is $272 million. All-in sustaining costs are estimated to be $374 per ounce on a co-product basis. The post-tax NPV, using a 5% discount rate, is $1.1 billion with an internal rate of return of 50%.

With the release of the PFS, Hod Maden moves into the next stage of development. Lidya Madencilik has commenced the permitting process and is concurrently working on a gap analysis, trade-off studies and will begin a feasibility study by the end of the year.

A conference call was held on June 27, 2018 to further discuss the Hod Maden PFS results.
Play the Webcast


PFS Report (16MB)   PFS Presentation (2MB)


Recent Activities

January 2018
Approximately 25,000 metres of infill and exploration drilling was completed during 2017. Results reported include 28.0 metres of 47.5 g/t gold and 1.65% copper from 287.0 metres including 7.0 metres of 97.6 g/t gold and 3.86% copper from 308.0 metres.

September 2017
Recent assay results from the South Zone and Russian Old Workings Zone were reported including 9.5 metres of 49.6 g/t gold from 460.0 metres including 6.0 metres of 76.6 g/t gold and 0.47% copper.

January 2017
PEA results were published with a base case after-tax NPV of $1.37B and IRR of 153%.

Round Table Discussion


Frequently Asked Questions


Hod Maden Royalty Map
Hod Maden Royalty Map