AIM: MARL Suite 102, 3 Eden Street 8 February 2016 North Sydney, NSW 2060 Australia
Highest Grade Gold-Copper Intercept to Date for Hot Maden
Mariana Resources Ltd ('Mariana' or the 'Company'), the AIM listed exploration and development company with projects in Turkey and South America, is pleased to report that exceptionally high grade, near-surface gold-copper mineralisation continues to be intersected in drilling along extensions to the Hot Maden Mineral Resource. Importantly, the latest results include the best gold-copper intersection to date with none of the eight holes reported representing resource infill drilling.
Highlights:
* Exceptional gold-copper mineralisation intersected in near-surface Resource Extension Drilling at the Hot Maden Project. Key intercepts include: HTD-34: 71.0m @ 32.7 g/t Au + 1.9% Cu from 55m downhole. Including 22.0m @ 83.9 g/t Au + 1.8% Cu from 89m downhole.
HTD-35: 63.6m @ 14.5 g/t Au + 3.4% Cu from 46.8m downhole. Including 21.0m @ 38.9 g/t Au + 5.1% Cu from 85m downhole.
* Resource Extension Drilling at Hot Maden is ongoing with one diamond drill rig and the rate of drilling is now expected to be accelerated shortly with the addition of a second rig. * Systematic metallurgical testwork on the Hot Maden gold-copper mineralisation now underway, with the initial focus being on crushing / grinding studies, gold-copper recoveries, and flowsheet definition. * Completion of a maiden Preliminary Economic Assessment ('PEA') for the Hot Maden Project remains on track for late Q3 2016 / early Q4 2016.
Chief Executive Officer, Glen Parsons, today commented:
'The exceptional drill hole, HTD-34, represents our best hole to date and, together with HTD-35, the drilling continues to deliver ounces outside of the reported mineral resource estimate.
'The high grade intercepts have delivered significant mineralisation 100m closer to surface from discovery Hole HTD-05. Drilling to date is successfully delineating the limits of the resource to the east and west whilst leaving the potential open at depth as well as north and south.
'Importantly, extension and exploration drilling planned for February is expected to ramp up with a second drill rig scheduled to commence drilling soon. This is much anticipated as it will hopefully extend the strike of the resource zone to the south and north.
'In addition, I am pleased that the PEA is on track for completion later this year with studies firmly underway.
'Excitingly, Hot Maden continues to deliver and grow and, with February's planned activity, it will certainly make for an interesting month'.
Links to Figures: http://marianaresources.com/site/media/February_8_Maps.pdf
Hot Maden Gold-Copper Project Update
Exceptionally high grade, near-surface gold-copper mineralisation continues to be intersected in the drilling along extensions to the Hot Maden Mineral Resource (Figures 1 to 7). Highlights from the latest drilling include two key intercepts on Section 4,542,150N:
HTD-34: 71.0m @ 32.7 g/t Au + 1.9% Cu from 55.0m downhole. Including 22.0m @ 83.9 g/t Au + 1.8% Cu from 89.0m downhole.
HTD-35: 63.6m @ 14.5 g/t Au + 3.4% Cu from 46.8m downhole. Including 21.0m @ 38.9 g/t Au + 5.1% Cu from 85.0m downhole.
The high grade gold-copper zones intersected in drill holes HTD-34 and HTD-35 (Figure 5) are associated with multiphase breccia-style mineralisation and distinctive red-brown jasper and hematite, typical of the majority of the Hot Maden mineralised body. These two holes effectively extend the known high grade gold-copper mineralisation on Section 4,542,150N, some 100m vertically from drill hole HTD-05 to surface. A 6m long void was also intersected in the mineralised zone in HTD-34 and, whilst Russian interests are known to have mined (prior to 1923) narrow high grade copper-bearing veins located to the South of the Mineral Resource Area, this could represent the first evidence for older shallow underground mining within the Mineral Resource Area itself.
Two further shallow drill holes, HTD-31 and HTD-32 (Section 4,542,200N; Figure 4), were collared on the eastern margin of the Au-Cu zone and drilled to the East, and directly intersected the adjacent zinc zone. As a result, these drill holes assisted in confirming the eastern limit of the gold-copper zone. Similarly, HTD-33 (Section 4,542,100N; Figure 6) represents the step forward hole to HTD-12, and whilst both zinc and low grade gold-copper mineralisation were intersected, the results may confirm a southward plunge to the main mineralised zone.
Deep Extension Drilling
Three deep (>500m downhole) drill holes were also completed during December 2015 and January 2016. Drill hole HTD-28 (Section 4,542,100N; Figure 6) was a step back hole to HTD-22, designed primarily for geotechnical work. Drill holes HTD-29 (Section 4,542,200N; Figure 4) and HTD-30 (Section 4,542,100N; Figure 5) were step back holes to HTD-18 and HTD-16, respectively, to test for down dip extensions to the main Au-Cu zone. All three holes intersected massive anhydrite 'flooding' within the mineralised zone at around 400m vertically below surface, resulting in brecciation of the pre-existing Au-Cu mineralisation and therefore dilution of gold-copper grades. The importance of this anhydrite level has yet to be determined, and potential to extend mineralisation at depth below what might be a deep 'anhydrite cap' still remains. However, given the excessive drill metres required to test targets at depths of >500m below surface, the Joint Venture's immediate priority will be to focus on near surface mineralization (and new targets along the Hot Maden Fault Zone).
Upcoming Drill Holes
Drilling at Hot Maden will continue to focus on testing potential near surface extensions to the existing Mineral Resource. Priority holes include testing the southern extension to the existing Mineral Resource (the 'Ridge' area south of Section 4,452,100N), in addition to the northern extension around drill hole HTD-06. Separately, infill and step back holes will be added to the existing drill hole grid with a view to upgrading Mineral Resources in the Inferred Category to the Indicated Category.
Table 1: Summary of drill holes HTD-28 to HTD-35
+-------------+--------+------+-------------+------+----+----+-----------------+ | Drill Hole |From (m)|To (m)|Intercept (m)|Au g/t|Cu %|Zn %| Comments | +-------------+--------+------+-------------+------+----+----+-----------------+ | | | | |Cross Section 4,542,200N Figure 4 | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-29 | 74.0 | 75.2 | 1.2 | - |1.36| - | | +-------------+--------+------+-------------+------+----+----+ | | | 154.0 |155.0 | 1.0 | - |1.01| - |Step back hole to| +-------------+--------+------+-------------+------+----+----+ HTD-18. Late | | | 401.0 |419.0 | 18.0 | - |0.89| - | stage anhydrite | +-------------+--------+------+-------------+------+----+----+flooding in Au-Cu| | | 433.0 |559.0 | 126.0 | 0.3 |0.60| - | zone at 400m | +-------------+--------+------+-------------+------+----+----+vertically below | | Including | 445.0 |465.0 | 20.0 | - |1.06| - | surface | +-------------+--------+------+-------------+------+----+----+ | | Including | 556.9 |559.0 | 2.1 | 0.3 |5.13|3.53| | +-------------+--------+------+-------------+------+----+----+-----------------+ | | | | | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-31 | 16.0 | 19.0 | 3.0 | 0.51 | - | - | Drilled to East | +-------------+--------+------+-------------+------+----+----+ of Au-Cu Zone | | | 45.5 | 50.0 | 4.5 | - | - |2.02| | +-------------+--------+------+-------------+------+----+----+-----------------+ | | | | | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-32 | 45.5 | 47.5 | 2.0 | 0.43 |0.76| - | Drilled to East | | | | | | | | | of Au-Cu Zone | +-------------+--------+------+-------------+------+----+----+-----------------+ | | +------------------------------------------------------------------------------+ | | | | |Cross Section 4,542,150N Figure 5 | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-30 | 164.0 |166.0 | 2.0 | - | - |2.25| | +-------------+--------+------+-------------+------+----+----+ | | | 185.0 |189.0 | 4.0 | - | | | | +-------------+--------+------+-------------+------+----+----+ | | | 354.0 |379.0 | 25.0 | - | - |1.10| | +-------------+--------+------+-------------+------+----+----+ | | | 421.0 |427.0 | 6.0 | 0.8 |0.59| - |Step back hole to| +-------------+--------+------+-------------+------+----+----+ HTD-16. Late | | | 436.0 |440.0 | 4.0 | 0.5 |0.27| | stage anhydrite | +-------------+--------+------+-------------+------+----+----+flooding in Au-Cu| | | 449.0 |452.0 | 3.0 | 0.6 |1.66| | zone at 400m | +-------------+--------+------+-------------+------+----+----+vertically below | | | 457.0 |461.0 | 4.0 | 0.8 |0.28| | surface. | +-------------+--------+------+-------------+------+----+----+ | | | 468.0 |469.0 | 1.0 | 3.9 |0.36| | | +-------------+--------+------+-------------+------+----+----+ | | | 508.0 |525.0 | 17.0 | - |0.7 | - | | +-------------+--------+------+-------------+------+----+----+ | | | 552.0 |562.0 | 10.0 | - |0.6 | - | | +-------------+--------+------+-------------+------+----+----+-----------------+ | | | | | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-34 | 55.0 |126.0 | 71.0 | 32.7 |1.9 | - |Step forward hole| +-------------+--------+------+-------------+------+----+----+ to HTD-05. Near | | | | | | | | |surface void (6m)| | Including | 89.0 |111.0 | 22.0 | 83.9 |1.8 | - |may be ancient UG| | | | | | | | | working. | +-------------+--------+------+-------------+------+----+----+-----------------+ | | | | | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-35 | 46.8 |110.4 | 63.6 | 14.5 |3.4 | - |Step forward hole| +-------------+--------+------+-------------+------+----+----+ to HTD-34 | | Including | 85.0 |106.0 | 21.0 | 38.9 |5.1 | - | | +-------------+--------+------+-------------+------+----+----+-----------------+ | | | | |Cross Section 4,542,100N Figure 6 | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-28 |330.0 |354.0 | 24.0 | - | - |1.8 | | +-------------+--------+------+-------------+------+----+----+ | | | 408.0 |415.0 | 7.0 | 1.8 |0.48| - | | +-------------+--------+------+-------------+------+----+----+ | | | 423.0 |425.0 | 2.0 | 1.9 |0.33| - | | +-------------+--------+------+-------------+------+----+----+Step back hole to| | | 451.0 |452.0 | 1.0 | 1.2 | - | - | HTD-22. Late | +-------------+--------+------+-------------+------+----+----+ stage anhydrite | | | 471.0 |472.0 | 1.0 | 1.9 |0.44| - |flooding in Au-Cu| +-------------+--------+------+-------------+------+----+----+ zone at 400m | | | 504.0 |506.0 | 2.0 | 0.6 |0.38|1.4 | vertically from | +-------------+--------+------+-------------+------+----+----+ surface. | | | 533.0 |535.0 | 2.0 | - |1.13| - | | +-------------+--------+------+-------------+------+----+----+ | | | 542.0 |550.0 | 8.0 | - |0.91| - | | +-------------+--------+------+-------------+------+----+----+ | | | 566.0 |568.0 | 2.0 | - |1.03| - | | +-------------+--------+------+-------------+------+----+----+-----------------+ | | | | | | | | | +-------------+--------+------+-------------+------+----+----+-----------------+ | HTD-33 | 46.7 | 81.5 | 34.8 | - | - |3.0 | | +-------------+--------+------+-------------+------+----+----+Step forward hole| | | 85.0 | 88.0 | 3.0 | 0.6 |1.1 | - | to HTD-12 | +-------------+--------+------+-------------+------+----+----+ | | | 122.0 |130.0 | 8.0 | 0.3 |0.7 | - | | +-------------+--------+------+-------------+------+----+----+-----------------+ | | +------------------------------------------------------------------------------+
Metallurgical/Geotechnical Testwork
A detailed metallurgical testwork schedule has been prepared, with an initial focus on crushing / grinding studies, gold-copper recoveries, and flowsheet definition work. This program represents the first stage of technical studies required for a Preliminary Economic Assessment* ('PEA') for the Hot Maden Project. The Hot Maden PEA is currently expected to be completed by late Q3 2016 / early Q4 2016.
* A 'PEA' is a study other than a pre-feasibility study or feasibility study which includes an economic analysis of the potential viability of mineral resources - Canadian Securities Administrators (CSA)
Hot Maden drill holes - technical data
Table 2: Technical data relating to Hot Maden drill holes HTD-28 to HTD-35
+-------+---------+-----------+-------------+-------+---------+-----+--------+ |Hole ID| Easting | Northing |Elevation (m)|Azimuth| Dip |Depth| Assays | | | | | | |(degrees)| (m) | | +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-28 |740,838.3|4,542,099.4| 871.2 | 270 | -66 | 631 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-29 |740,421.0|4,542,210.0| 847.7 | 090 | -59 | 579 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-30 |740,856.4|4,542,142.3| 872.2 | 270 | -65 | 636 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-31 |740,689.4|4,542,204.6| 863.3 | 090 | -58 | 57 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-32 |740,667.1|4,542,197.9| 866.1 | 090 | -50 | 60 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-33 |740,716.6|4,542,117.4| 874.7 | 270 | -52 | 243 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-34 |740,699.5|4,542,169.4| 867.8 | 270 | -52 | 186 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+ |HTD-35 |740,699.6|4,542,170.3| 867.4 | 270 | -35 | 135 |Complete| +-------+---------+-----------+-------------+-------+---------+-----+--------+
**ENDS**
Qualified Person The information in this release has been reviewed by Eric Roth, Chief Operating Officer and Executive Director of Mariana Resources. Mr Roth 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. In Australia:
Glen Parsons (CEO) Mariana Resources Ltd +61 2 9437 4588
Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243
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 an AIM 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 NE Turkey, which is a joint venture with our Turkish JV partner Lidya (30% Mariana and 70% Lidya). A maiden mineral resource estimate of 2.03 Moz Gold Equivalent (Indicated Category) and 0.97 Moz Gold Equivalent (Inferred Category) (100% basis) was reported for Hot Maden on August 18, 2015. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama gold-copper project. In Suriname, Mariana has an option to earn up to a 50.01% interest in Nassau Gold Limited, a JV company between Mariana and Sumin Resources Limited ('Sumin') which in turn holds an option to earn up to 80% of the Nassau Gold Project. The Nassau Gold Project is a 28,000 Ha exploration concession located approximately 125 km SE of the capital Paramaribo and immediately adjacent to Newmont Mining's 4.2Moz Au Merian 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. Mariana acquired 100% interests in the Doña Ines Au-Ag and Exploradora East Cu prospects in northern Chile through the Aegean Metals Group transaction which closed in January, 2015, with Mariana exploration now being funded by Asset Chile through the provision of $1.65m for a total 50% interest. In Peru, Mariana holds a portfolio of interesting very early stage properties. 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.
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Source: Mariana Resources Ltd via GlobeNewswire [HUG#1984246]
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