26 October 2016
Granite House, La Grande Rue,
St. Martin, Guernsey GY1 3RS
Further Exceptional Gold-Copper Intercepts Reported from both Infill and Extension Drilling at the Hot Maden Project, North East Turkey.
Mariana Resources Limited ('Mariana' or 'the Company'), the AIM ("MARL") and TSXV ("MRA") listed exploration and development company with projects in Turkey, South America, and Ivory Coast, is pleased to provide the following update on the ongoing diamond drill program at the high grade Hot Maden gold-copper project in north east Turkey.
Results are reported for a total of 13 infill and extension drill holes (HTD-63 to HTD-74 and HTD-76), with drill log data provided for a further 7 holes (HTD-75 and HTD-77 to HTD-82) for which assays are pending. The infill drilling in the Main Zone resource area has been focused on two new section lines (4,542,225N and 4,542,125N), and forms part of a program designed to uniformally reduce drill hole spacings to 25m x 25m and to provide detailed geotechnical data for mine development studies. New resource drilling focused on both the "Ridge" area (southern limit of the Main Zone resource) and the southern veinfield discovery (Figures 1 & 2).
Infill Section 4,542,125N
HTD-71: 69.6 m @ 62.7 g/t Au + 2.68% Cu from 210m downhole.
This mineralised zone includes the following subintervals:
210-217m: 7m @ 526 g/t Au + 3.28% Cu ("Ultra high grade zone")
217-231m: 14m @ 27.7 g/t Au + 3.38% Cu ("High grade zone")
231-279.6m: 48.6m @ 1.7 g/t Au + 2.39% ("Low grade zone")
Infill Section 4,542,225N
HTD-70: 63m @ 8.3 g/t Au + 1.65% Cu from 218m downhole.
Including 5m @ 35.6 g/t Au + 1.46% Cu from 225m downhole.
HTD-72: 34.5m @ 19.4 g/t Au + 1.31% Cu
from 180.5m downhole.
Including 3.0m @ 54.4 g/t Au + 1.30% Cu from 192m downhole.
HTD-77: Step forward hole to HTD-72 which intersected 43.5m of massive sulphide mineralisation from 96.0m downhole and 41.5m of multiphase suphide-bearing breccia from 139.5m downhole. Assays are pending.
HTD-69: 7m @ 19.7 g/t Au + 2.1% Cu from 351m downhole.
HTD-76: 33m @ 1.4 g/t Au + 0.99% Cu
from 357m downhole, and
11m @ 6.1 g/t Au + 0.97% Cu from 443m downhole.
* Note - all intersections quoted are as metres downhole.
Links to Figures:
Chief Executive Officer, Glen Parsons, today commented:
"Exceptionally positive results continue to be generated from the ongoing drilling at Hot Maden.
"Infill drilling in the Main Zone has once again delivered Hot Maden's best hole to date, with the significant bonanza grades in HTD-71 of 69.6 m @ 62.7 g/t Au + 2.68% Cu from 210m downhole, including an impressive initial 7m at 526 g/t Au and 3.28% Cu, which further highlights the continuity of the ultra high grade gold-copper zone. These infill holes are effectively spaced on 25 m centres and have been designed to both increase confidence in the reported mineral resource estimate, as well as for the acquisition of geotechnical data for the ongoing mine development studies.
"Encouragingly, drilling at the current southern limit of the Main Zone resource area has also intercepted what appears to be either a deep extension or an offset to the Main Zone. The importance of this discovery is that we now see the potential to extend the Main Zone mineral resource to the south.
"Further exploration drilling in the Southern Discovery Zone, located immediately to the north of the Old Russian Mining Zone, has also delivered strong mineralisation from sulphide quartz veins and breccias which will ultimately add to the current initial inferred resource for this area. Exploration drilling successfully continues to work closer to, and into, the known mineralised Russian Zone further to the south.
"Technical studies related to mine development are ongoing, and the work completed will be incorporated into both the Preliminary Economic Assessment ("PEA") and Pre-Feasibility Studies ("PFS") accordingly.
"I look forward to updating the market on the anticipated PEA results which are now expected around the end of November, along with the further pending assays and ongoing drilling activities."
Hot Maden Gold-Copper Project Update
Recent drilling activities at the Hot Maden project have dominantly focused on:
Main Resource Area - Infill Drilling
Drilling commenced on 25-m centres along two infill cross sections, 4,542,125N and 4,542,225N, within the Main Zone resource area, with the program being designed to confirm the internal continuity of the high grade gold-copper mineralisation. On section 4,542,125N (Figure 4), exceptionally high grade gold-copper mineralisation was intersected in hole HTD-71 ( 69.6 m @ 62.7 g/t Au + 2.68% Cu from 210m downhole), with the "Ultra high grade" and "High grade" zones along the eastern margin of the mineralised zone returning impressive values of 7m @ 526 g/t Au + 3.28% Cu and 14m @ 3.38% Cu , respectively. Mineralisation is hosted within multiphase, chalcopyrite-pyrite-hematite-jasper-bearing breccias. A step-back hole to HTD-71 (HTD-82) has also just been completed and has also intersected significant intervals of multiphase, sulphide-bearing breccia; however, results are pending.
Four drill holes were also completed along infill section 4,542,225N (Figure 3), with results having been received for two of these holes, 63m @ 8.3 g/t Au + 1.65% Cu from 218m downhole in HTD-70, and 34.5m @ 19.4 g/t Au + 1.31% Cu from 180.5m downhole in HTD-72. The high grade gold-copper mineralisation is associated with multiphase, chalcopyrite-pyrite-hematite-jasper-bearing breccias. A step-forward hole (HTD-77) successfully intersected both 43.5m of massive sulphide (pyrite-chalcopyrite from 96m downhole) and 41.5m of multiphase sulphide-bearing breccia (from 139.5m downhole), whilst the step back hole to HTD-70 (HTD-75) also intersected significant intervals of multiphase, sulphide bearing breccia; results for both of these holes are pending.
Main Resource Area - Extension Drilling ("Ridge" Area)
Two new drill holes were completed in the "Ridge" area, located at the southern limit of the Main Zone resource; Figure 5), and successfullly intersected high grade gold(-copper) mineralisation at depth in brecciated andesites that lie immediately to the east of the dominant dacitic breccias. Significant results include: 7m @ 19.7 g/t Au + 2.1% Cu from 351m downhole in HTD-69, and 33m @ 1.4 g/t Au + 0.99% Cu from 357m downhole and 11m @ 6.1 g/t Au + 0.97% Cu from 443m downhole in HTD-76. The high grade mineralisation in both HTD-69 and HTD-76 is andesite-hosted and is associated with multiphase, sulphide-bearing breccias (similar to that of the Main Zone resource), and thereby differs greatly from the shallow, dacite-hosted mineralisation drilled to date in the Ridge area. These intercepts have raised the possibility of encountering a block of fault offset, Main Zone-type mineralisation to the east of the existing drilling, and this hypothesis will be tested as a priority in future drilling.
Sourthern Vein Field /HTD 27 Area
Scout drilling continues in the Southern target area (the northern extension of the area mined by Russian interests prior to 1923) with encouraging values continuing to be returned from quartz-sulphide veinlet/breccia zones hosted in dacitic breccias and volcanic rocks. Highlights from the current drilling include: 2m @ 29.2 g/t Au + 0.40% Cu in HTD-73 (110-112m), 1m @ 13.8 g/t Au + 0.90% Cu and 15.5m @ 4.6 g/t Au + 0.42% Cu in HTD-63 (13-14m and 78-93.5m, respectively), and 7.5m @ 4.6 g/t Au in HTD-66 (115-122.5m).
Assays results from the current reporting period were delayed as a result of the detailed geotechnical logging of holes required for the Hot Maden development (PEA and PFS) studies. Exploration activities were also temporarily suspended during the periods July 1-11 and September 9-19 in observance of the national Ramadan and Bayram holidays.
Table 1: Summary of assays for drill holes HTD-63 to HTD-74 and HTD-76, plus sulphide-bearing intercepts in drill holes HTD-75 and HTD-77 to HTD-82 (Cross Sections listed from North to South)
|Drill Hole||From (m)||To (m)||Intercept (m)||Au g/t||Cu %||Zn %||Comments|
|Cross Section||4,542,275N (Main Zone)||Figure 2|
|HTD-68||14.0||19.0||5.0||-||-||1.41||Zinc Zon e|
|Cross Section||4,542,225N (Main Zone)||Figures 2, 3|
|HTD-75||279.0||298.0||19.0||Pending||Multiphase sulphide breccias|
|139.5||181.0||41.5||Multiphase sulphide breccias|
|Cross Sections||4,542,175N and 4,542,200N (Main Zone)||Figure 2|
|HTD-65||330.5||417.0||86.5||3.4||1.44||-||Geotechnical hole at HTD-29|
|HTD-78||296.0||318.0||22.0||Pending||Multiphase sulphide breccias|
|Cross Section||4,542,125N (Main Zone)||Figure 2, 4|
|HTD-82||267.6||297.0||30.0||Pending||Multiphase sulfide breccias|
|Cross Sections||4,542,000N and 4,542,050N (Ridge Aea)||Figures 2, 5|
|HTD-69||83.4||86.0||2.6||-||1.40||-||Step back to HTD-56|
|HTD-80||177.0||214.0||37.0||Pending||Quartz vein zone (dacite)|
|Cross Sections||4,541,850N and 4,541,900N (Southern Vein Field)||Figure 2|
Step back to HTD-58
Quartz vein zone (dacite)
|HTD-79||139.0||148.0||9.0||Pending||Quartz vein zone (dacite)|
|Cross Sections||4,541,700 N and 4,541,750N (Southern Vein Field)||Figure 2|
|HTD-63||13.0||14.0||1.0||13.8||0.90||-||Quartz vein zone (dacite)|
Step back to HTD-63
Quartz vein zone (dacite)
|HTD-67||35.0||50.0||15.0||-||-||4.04||Step forward to HTD-63 Zinc Zone|
Step back to HTD-66
Step back to HTD-53
Quartz vein zone (dacite)
|Cross Section||4,541,100N (Southern Vein Field)|
Quality Control and Assurance
Mineralised intervals presented in Table 1 are drill intersection widths and may not represent true widths of mineralisation. Drill core obtained from the diamond drill program was dominantly HQ-sized core with the remainder being PQ-sized core. All drill core was photographed and quick logged prior to sampling. Standard sampling protocol involved the halving of all drill core and sampling over generally 1m intervals (in clearly mineralised sections) or 2 m intervals (elsewhere), with one half of the core being placed in a sealed sample bag and dispatched to the analytical laboratory for analysis. Samples have been analysed at ALS Laboratories' facility in Izmir, western Turkey. All samples have been analysed for gold using a 30g Fire Assay with AAS finish (or Screen Fire Assay for higher grade samples), in addition to a 32 element ICP-AES analysis of an aqua regia digest. Samples in which ICP analyses returned greater than the maximum detection limit for the elements Ag (10 ppm), Cu (10,000 ppm), Fe (15%), Pb (10,000 ppm), and Zn (10,000 ppm) were reanalysed using the AAS analytical technique, Standards and blanks were inserted in to the analytical sequence on the basis of one standard for every 20 samples, 2 blanks in every batch, and one duplicate every 40 samples.
Health, Safety, and Environment (HSE)
No HSE incidents have been reported during the current diamond drill program.
Hot Maden drill holes - technical data
Technical data relating to Hot Maden drill holes HTD-63 to HTD-82 are given in the following tables.
Main Resource Area - Extension and Infill Drilling
|Hole ID||Easting||Northing||Elevation (m)||Azimuth||
Southern Discovery / Southern Vein Field
|Hole ID||Easting||Northing||Elevation (m)||Azimuth||
The technical and scientific information contained in this news release has been reviewed and approved for release by Eric Roth, the Company's Qualified Person as defined by National Instrument 43-101. Mr Roth is the Company's Chief Operating Officer and Executive Director and holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM), and is a Fellow of the Society of Economic Geologists (SEG). Mr Roth has 25 years of experience in international minerals exploration and mining project evaluation.
For further information please visit website at www.marianaresources.com or contact the following.
|Glen Parsons (CEO)||Mariana Resources Ltd||+61 2 9437 4588|
|Eric Roth (COO)||Mariana Resources Ltd||+56 9 8818 1243|
|Karen Davies (IR)||Mariana Resources Ltd (Canada)||+1 604 314 6270|
|Rob Adamson||RFC Ambrian Limited (Nomad)||+61 2 9250 0041|
|Will Souter||RFC Ambrian Limited (Nomad)||+61 2 9250 0050|
|Oliver Stansfield||Brandon Hill Capital (UK Broker)||+44 20 3463 5061|
|Jonathan Evans||Brandon Hill Capital (UK Broker)||+44 20 3463 5016|
|Camilla Horsfall||Blytheweigh (Financial PR)||+44 20 7138 3224|
|Megan Ray||Blytheweigh (Financial PR)||+44 20 7138 3203|
About Mariana Resources
Mariana Resources Ltd is an AIM (MARL) and TSXV (MRA) quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in South America and Turkey.
Mariana's most advanced asset is the Hot Maden gold-copper project in north east Turkey, which is a joint venture with its Turkish JV partner Lidya (30% Mariana and 70% Lidya) and rapidly advancing to development. An updated mineral resource estimate (detailed table below) of 3.43 Moz gold Equivalent (Indicated Category) and 0.09 Moz gold Equivalent (Inferred Category) (100% basis) in the main resource zone as well as a maiden 351,000 Moz gold Equivalent (Inferred Category) (100% basis) in the new southern discovery zone was reported for Hot Maden on July 25, 2015. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama gold-copper project.
In southern Argentina, the Company's core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal (100%). These projects are part of a 160,000+ Ha land package in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz Province.
In Suriname, Mariana has a direct holding of 10.2% of the Nassau Gold project. The Nassau Gold Project is a 28,000 Ha exploration concession located approximately 125 km south east of the capital Paramaribo and immediately adjacent to Newmont Mining's 4.2Moz gold Merian project.
In Peru and Chile, Mariana is focusing on acquiring new opportunities which complement its current portfolio.
|Hot Maden Mineral Resource Estimate - Main Gold-Copper Zone (2 g/t AuEq Cut-off)|
|Indicated Mineral Resource|
|Main Zone LG||463,000||1.1||1.1||0.3||2.4||17,000||5,000||36,000|
|Main Zone HG||4,501,000||3.9||1.9||0.2||6.3||570,000||87,000||908,000|
|Main Zone UHG||2,086,000||32.7||3.5||0.1||36.9||2,195,000||73,000||2,476,000|
|Inferred Mineral Resource|
|Main Zone LG||395,000||1.7||0.9||0.03||2.8||21,000||4,000||35,000|
|Main Zone HG||31,000||3.9||1.6||0.1||5.8||4,000||6,000|
|Main Zone UHG||6,000||39.1||2.1||0.01||41.6||7,000||8,000|
Hot Maden - Southern Gold-Copper Zone (2 g/t AuEq Cut-off)
|Inferred Mineral Resource|
|South Zone LG||396,000||2.8||0.7||0.0||3.6||35,000||3,000||46,000|
|South Zone HG||583,000||5.3||0.7||0.0||6.1||98,000||4,000||114,000|
|Main Zone UHG||224,000||22.2||1.0||0.0||23.4||160,000||2,000||169,000|
*Au Equivalence (AuEq) calculated using a 100 day moving average of $US1,215/ounce for Au and $US2.13/pound for Cu as of May 29, 2016. No adjustment has been made for metallurgical recovery or net smelter return as these remain uncertain at this time. Based on grades and contained metal for Au and Cu, it is assumed that both commodities have reasonable potential to be economically extractable.
This press release contains certain statements which may be deemed to be forward-looking statements. These forward-looking statements are made as at the date of this press release and include, without limitation, statements regarding discussions of future plans, the realization, cost, timing and extent of mineral resource estimates, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, and requirements for additional capital. The words "plans", "expects", "budget", "scheduled", "estimate", "forecasts", "intend", "anticipate", "believe", "may", "will", or similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results to vary materially from those expressed or implied by such forward-looking statements, including, but not limited to: the effects of general economic conditions; the price of gold, silver and copper; misjudgements in the course of preparing forward-looking statements; risks associated with international operations; the need for additional financing; risks inherent in exploration results; conclusions of economic evaluations; changes in project parameters; currency and commodity price fluctuations; title matters; environmental liability claims; unanticipated operational risks; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or in the completion of development or construction activities; political risk; and other risks and uncertainties described in the Company's annual financial statements for the most recently completed financial year which is available on the Company's website at www.marianaresources.com . Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. We do not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.