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Mariana Resources Ltd : Update on Drilling at Hot Maden Project, NE Turkey

AIM: MARL
TSX-V: MARL

 

14 June 2017
Granite House, La Grande Rue,
St. Martin, Guernsey, GY1 3RS
Channel Islands

 

Update on Drilling at Hot Maden Project, NE Turkey 

Mariana Resources Limited ('Mariana' or 'the Company'), the TSX.V and AIM (MARL) 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 NE Turkey. Assay results have been received for a total of 6 new drill holes (HTD-118, HTD-120 to HTD-123, and HTD-125); assays for a further 4 holes (HTD-107, HTD-108, HTD-111, and HTD-113) on which detailed geotechnical logging has now been completed remain pending. Of the six holes for which assays have been received, one (HTD-118) was completed in the Main Zone resource area, four (HTD-120, HTD-121, HTD-123, and HTD 125) were scout holes in the Southern Deposit area, and one (HTD-122) was drilled into a zinc-bearing zone in the former Russian mining area (Figures 1 - 3).

Highlights:

  • Three diamond rigs currently remain on site at Hot Maden. However, activities during June will be reduced in recognition of Ramadan and the Bayram national holiday season.  
  • High grade gold-copper (Au-Cu) mineralisation was intersected in HTD-118, a deep step-back hole drilled on section 4,542,125N. Best results included:

                                31m @ 7.4 g/t Au + 0.71% Cu from 399m downhole,
                                Including 8m @ 21.0 g/t Au + 0.76% Cu from 403m downhole.
(approximate true width of Au-Cu zone is 25m)  
Late stage anhydrite brecciation resulted in lower gold-copper grades in the remaining multiphase breccia.

  • Scout drilling in the Southern Deposit continues to return positive intercepts, with HTD-123 returning 1m @ 12.7 g/t Au + 1.76% Cu from 107m downhole, and 10m @ 4.2 g/t Au + 0.12% Cu from 164m downhole. Mineralisation is associated with pyrite-chalcopyrite-bearing quartz vein/breccia zones in dacitic volcanoclastic rocks.  
  • Initial drilling is underway in the Pre-1923 Russian Mining Area, in an area located approximately 1km to the south of the Southern Discovery. HTD-122 is the third scout hole to be completed to date in this zone, and intersected two levels of zinc mineralization (4m @ 1.46% Zn from 43m downhole and 2m @ 8.34% Zn from 89m downhole). The Pre-1923 Russian Mine Area is a complex zone of mineralised veins and hydrothermal alteration, with first results being similar to those obtained from the first drill holes around the Main Zone discovery. However, given that the drill collars in the pre-1923 Russian mine area lie 300m vertically above the known mineralization in the Main Zone, further systematic work will still be required to identify the central part of the mineralized system.
  • Technical studies required to support the Hot Maden Pre-Feasibility Study (PFS), currently scheduled for completion in Q4 2017, are well underway with the current focus being on additional metallurgical sampling and the optimization of metal recoveries in flotation circuits.

/EIN News/ -- Links to Figures: http://docs.wixstatic.com/ugd/24ee23_4d11f6b2d5f547d49020e7432a5789f4.pdf

Table 1: Summary of assays for drill holes HTD-118, HTD-120 to HTD-123, and HTD-125.                        

Drill Hole From (m) To (m) Intercept (m) Au g/t Cu % Zn % Comments
               
HTD-107
(Line 2325N)
Oriented drill hole for geotechnical logging; sampling in progress Pending Assays
           
               
HTD-108
(Line 2250N)
Oriented drill hole for geotechnical logging; sampling in progress Pending Assays
           
               
HTD-111
(Line 2025N)
Oriented drill hole for geotechnical logging; sampling in progress Pending Assays
           
               
HTD-113 Oriented drill hole for geotechnical logging; sampling in progress Pending Assays
(Line 1950N)            
               
HTD-118
(Line 2125N)
187.0 190.3 3.3 - - 3.19 Zinc Zone
281.0 292.0 11.0 - - 3.33
  299.0 306.0 7.0 - - 1.55
  314.0 320.0 6.0 - - 2.28
  342.0 345.0 3.0 - - 5.33
  377.0 387.0 10.0 2.0 0.66 - Main Zone
  399.0 430.0 31.0 7.4 0.71 -
Including 403.0 411.0 8.0 21.0 0.76 -
  437.0 442.0 5.0 0.8 0.94 -
  524.0 547.0 23.0 0.3 1.23 -
               
HTD-120
(Line 1925N)
18.0 20.0 2.0 3.1 - - Southern Deposit (Dacite)
23.0 24.0 1.0 5.9 0.30 -
  211.5 215.0 3.5 1.1 0.66 -
  257.0 258.0 1.0 5.8 1.07 -
               
HTD-121
(Line 1650N)
27.0 29.0 2.0 4.4 0.44 - Southern Deposit (Dacite)
43.0 44.0 1.0 11.4 0.66 -
  48.0 49.0 1.0 6.0 0.58 -
  51.0 52.0 1.0 4.0 0.41 -
  56.0 58.0 2.0 3.3 0.27 -
  77.0 81.0 4.0 2.8 0.51 1.36
  83.0 84.0 1.0 0.5 - 4.50
  92.0 110.0 18.0 0.3 - 2.36
               
HTD-122
(Line 1050N)
43.0 47.0 4.0 - - 1.46 Russian Workings
89.0 91.0 2.0 - - 8.34
               
HTD-123
(Line 1650N)
107.0 108.0 1.0 12.7 1.76 - Southern Deposit (Dacite)
138.0 140.0 2.0 4.1 0.38 -
  142.0 144.0 2.0 4.1 0.10 -
  164.0 174.0 10.0 4.2 0.12 -
  373.0 384.0 11.0 - - 1.60
  422.0 432.0 10.0 - - 2.28
               
HTD-125
(Line 1550N)
58.3 67.0 8.7 - - 1.40 Southern Deposit (Dacite)
               

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 1 m 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 the Hot Maden diamond drill holes being reported are given in the following table.

Hole ID Easting Northing Elevation (m) Azimuth Dip
(degrees)
Depth
(m)
Assays
HTD-107 740,619.0 4,542,325.9 885.0 090 -64 300 Pending
HTD-108 740,476.6 4,542,254.7 868.5 090 -62 555 Pending
HTD-111 740,403.0 4,542,026.5 872.4 090 -60 486 Pending
HTD-113 740,398.7 4,541,947.6 879.5 090 -57   445 Pending
HTD-118 740,831.8 4,542,123.6 871.1 271 -63 618 Complete
HTD-120 740,448.3 4,541,925.3 917.7 090 -60 360 Complete
HTD-121 740,554.3 4,541,653.6 915.6 090 -60 243 Complete
HTD-122 740,404.2 4,541,051.0 1,089.2 090 -60 363 Complete
HTD-123 740,415.6 4,541,657.5 943.5 090 -59 492 Complete
HTD-124 740,407.8 4,542,069.2 877.2 088 -61 510 Pending
HTD-125 740,553.6 4,541,552.9 947.6 090 -60 207 Complete

Pre-Feasibility Study Update

Technical studies required to support the Hot Maden Pre-Feasibility Study (PFS), currently scheduled for completion in Q4 2017, are well underway with the current focus being on additional metallurgical sampling and the optimization of metal recoveries in flotation circuits. Future studies will also evaluate the potential benefits of utilizing gravimetric separation techniques on gold recoveries in high grade gold-copper samples.

The Hot Maden PFS is being prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), and will include contributions from  independent mining consultant firms AMC Consultants (Mining and Geology), GR Engineering Services ("GRES"; Process Plant Design and Surface Infrastructure), Hacettepe Mineral Technologies ("HMT") and SGS (Metallurgical Testwork).

Mariana Resources Limited
"Glen Parsons"
Glen Parsons, CEO

**ENDS**
Qualified Person                                                                                                                        
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.

     
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
In U.K.    
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 a TSX.V and AIM (MARL) quoted exploration and development company with an extensive portfolio of gold, silver, and copper projects in South America, Turkey, and Ivory Coast.  

Mariana's most advanced asset is the Hot Maden gold-copper project in northeast Turkey, which is a joint venture with Turkish partner Lidya Madencilik (30% Mariana and 70% Lidya) and which is rapidly advancing to development.  On January 17, 2017, Mariana released the results of a Preliminary Economic Study ("PEA") which demonstrated exceptional potential economics for the Hot Maden Project (after-tax NPV and IRR of USD 1.37B and 153%, respectively) based on a development scenario incorporating a 1Mtpa underground mining / processing operation and the production of two saleable concentrates (a copper-gold concentrate and a gold-pyrite concentrate). This PEA was based on the updated (July 25, 2016) mineral resource estimate of 3.43 Moz gold equivalent (Indicated Category) and 0.09 Moz gold equivalent (Inferred Category) (100% basis) in the Main Zone, as well as a maiden 351,000 Moz gold equivalent (Inferred Category) (100% basis) resource in the New Southern Discovery. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama project where first drilling was reported on February 14, 2017, to have intersected porphyry-style gold-copper mineralisation.  

On October 7, 2016, Mariana announced the signing of a binding Term Sheet to acquire an indirect 80% interest in Ivory Coast-focused private exploration company Awalé Resources SARL ("Awalé").  Through the transaction Mariana will gain an immediate foothold in an established exploration portfolio with known gold mineralisation and artisanal gold workings, and which comprises i) 3 granted contiguous licenses (1,191 km2) in the Bondoukou area, and ii) 4 licenses under application (1,593 km2) in both the Bondoukou and Abengourou areas. The Boundoukou concessions lie along the southwestern extension of the Birimian Bole-Nangodi greenstone belt in adjacent Ghana, host to a number of high grade orogenic gold deposits.

In southern Argentina, the Company's core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), and Bozal (100%). These projects are part of a 100,000+ 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. 

  Hot Maden Mineral Resource Estimate - July 2016, Up to Hole HTD 62

 

 Main Gold-Copper Zone (2 g/t AuEq Cut-off)
    Indicated Mineral Resource
Domain Tonnes Au Cu Zn AuEq Au Cu AuEq
  t g/t % % g/t* Ounces Tonnes Ounces**
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
Mixed Gold-Zinc 17,000 7.5 3.1 3.6 11.2 4,000 1,000 6,000
Peripheral Lodes 60,000 2.1 0.4 0.4 2.5 4,000   5,000
Total 7,127,000 12.2 2.3 0.2 15.0 2,790,000 166,000 3,431,000
    Inferred Mineral Resource
Domain Tonnes Au Cu Zn AuEq Au Cu AuEq
  t g/t % % g/t* Ounces Tonnes Ounces**
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
Mixed Gold-Zinc 4,000 1.7 0.4 2.4 2.2      
Peripheral Lodes 282,000 3.2 0.9 0.1 4.3 29,000 2,000 38,000
Total 718,000 2.7 0.9 0.1 3.8 62,000 7,000 88,000
   

Southern Gold-Copper Zone (2 g/t AuEq Cut-off)
    Inferred Mineral Resource
Domain Tonnes Au Cu Zn AuEq Au Cu AuEq
  t g/t % % g/t* Ounces Tonnes Ounces**
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
Mixed Gold-Zinc 44,000 9.0 1.0 3.2 10.2 13,000   15,000
Peripheral Lodes 104,000 1.9 0.3 0.0 2.2 6,000   7,000
Total 1,352,000 7.2 0.7 0.1 8.1 313,000 10,000 351,000

*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.

  1. *-The formula used for Au equivalent grade is: AuEq g/t = Au + [(Cu % x 22.0462 x 2.13)/(1215/31.1035)] and assumes 100 % metallurgical recovery.
  2. **-Au equivalent ounces are calculated by mulitplying Mineral Resource tonnage by Au equivalent grade and converting for ounces. The formula used for Au equivalent ounces is: AuEq Oz = [Tonnage x AuEq grade (g/t)]/31.1035

Safe Harbour
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.

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