Mariana Resources Ltd : More High Grade Gold-Copper Intercepts at the Hot Maden Gold-Copper Project




26 May 2016

Suite 102, 3 Eden Street
North Sydney, NSW 2060

More High Grade Gold-Copper Intercepts Confirmed in Latest Drilling at the Hot Maden Gold-Copper Project, NE Turkey.

GUERNSEY, United Kingdom, May 26, 2016 (GLOBE NEWSWIRE) -- 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 the following update on the ongoing diamond drill program at the high grade Hot Maden project. Results are presented for drill holes HTD-51 to HTD-53 (Figures 1 and 2), together with an update on new drilling in progress.


  • High grade gold-copper mineralization has been confirmed in the chalcopyrite-pyrite-bearing breccia from 262m downhole in hole HTD-52, 140m downdip of the discovery hole HTD-4 intersection. This new extension lies outside the current mineral resource model and is therefore expected to provide a positive contribution to the next mineral resource update.   

HTD-52                 31.5m @ 4.4 g/t Au + 0.77% Cu from 262m, and
 18.5m @ 0.4 g/t Au + 2.24% Cu from 295m

  • Exceptional gold-copper assays have been returned from exploration drilling in the southern target area, located 400m south of the existing resource area and within the northern extension to the pre-1923 vein mining area.

HTD-53                 40.5m @ 8.8 g/t Au + 0.77% Cu from 158.0m downhole
Including 12m @ 22.2 g/t Au + 0.66% Cu from 183.0m downhole

HTD-51                 1.0m @ 90.1 g/t Au from 163.0m downhole;- and
1.0m @ 22.9 g/t Au from 117.0 m downhole

Previously released higher grade intersections in this lightly drilled area include:

HTD-25                25.2m @ 7.3 g/t Au + 0.47% Cu from 42.8m;- and

23.5m @ 3.8% Zn from 80.5m

HTD-27                39m @ 5.8 g/t Au + 0.7% Cu from 88m;- and

57m @ 0.8 g/t Au + 0.6% Cu + 3.1% Zn from 231m  

  • Mineralisation in drill holes HTD-53 and HTD-51 is dominantly associated with quartz-sulfide veinlet / breccia zones.
  • Drilling underway includes HTD-54, the step-back hole to HTD-52 on section 4,542,250N, and HTD-55, the step-forward hole to HTD-53 on section 4,541,750N.

Links to Figures:

Chief Executive Officer Glen Parsons today commented:

"The confirmation of these high grades, following visual identification of sulphides, is extremely encouraging both in the current resource area as well as further to the south.  Specifically hole HTD-52 is now confirming the deeper resource extension below discovery hole HTD-04, and holes HTD-51 and HTD-53 highlighting further potential to the south in the new discovery area.

"In the South, we are seeing multiple narrow but extremely high grade quartz sulphide vein and veinlet zones, typical to what was mined by the Russians in the early 1920's, as well as wider zones of well mineralised veinlet / breccia style mineralisation.  The southern area is becoming a priority exploration target as continual high grade mineralisation is intersected.

"Two rigs are currently turning;- one in the immediate vicinity of the resource area for resource extension and infill drilling, to ultimately update the current resource estimate, and the second on the exploration potential to the south. 

"We continue to batch results from drilling and I look forward to updating the market as results become available."

Hot Maden Gold-Copper Project Update

Recent drilling activities at the Hot Maden project have focused on:-

  • Testing of potential extensions to the known high grade gold-copper mineral resource, including drill hole HTD-52.
  • Scout drilling of the "Ridge Area" the southerly step out from the current mineral resource.
  • Scout drilling of the Southern Vein Field (the northern extension of the area mined by Russian interests pre-1923), including drill holes HTD-51 and HTD-53.

Main Resource Area - Extension Drilling

Drill hole HTD-52 intersected a new, down-dip extension to the high grade gold-copper resource in the northern part of the current resource area (Figure 2 & 3). A total of 50m of multiphase, chalcopyrite-pyrite (-hematite-jasper)-bearing breccia was intersected from 262m with assays returning:

HTD-52                 31.5m @ 4.4 g/t Au + 0.77% Cu from 262.0m downhole, and
18.5m @ 2.24% Cu + 0.4 g/t Au from 295.0m downhole  

This intersection lies outside the current mineral resource model and is therefore expected to provide a positive contribution to the next mineral resource update.   

Sourthern Vein Field /HTD 27 Area

Exceptional assay results were also received for two scout holes, HTD-51 and HTD-53, completed in the Southern target area (the northern extension of the area mined by Russian interests prior to 1923). Both holes intersected multiple zones of sulphide-bearing veinlets / breccias (Figures 2 & 4), with key assays including:   

HTD-53                 40.5m @ 8.8 g/t Au + 0.77% Cu from 158.0m downhole
Including 12m @ 22.2 g/t Au + 0.66% Cu from 183.0m downhole

HTD-51                 1.0m @ 90.1 g/t Au from 163.0m downhole, and
1.0m @ 22.9 g/t Au from 117.0 m downhole

A further five metre-scale intervals containing grades > 5.9 g/t Au were also returned from drill hole HTD-51.  Further systematic work will be required to develop the exploration potential of this sector; high grade vein targets represent a valid exploration target in their own right and will be evaluated on a priority basis going forward.  

Driling in Progress

Drill holes HTD-54 and HTD-55 are currently in progress. Drill hole HTD-54 is a 50m step back hole to HTD-52 (Figure 2 & 3), and has been designed to intersect the down-dip extension of the chalcopyrite-pyrite(-hematite-jasper) breccia at around 420m downhole. HTD-55 is a step forward hole to HTD-53 on section 4,541,750N (Figure 2), and has been designed to continue the eastward search for additional zones of Au mineraization.

Table 1 : Summary of drill holes HTD-51 to HTD-53 (Cross Sections from North to South)

Drill Hole From (m) To (m) Intercept (m) Au g/t Cu % Zn % Comments
Cross Section 4,542,250N           Figures 2-3
HTD-52 142.5 152.5 10.5 - 0.25 2.12 Zinc Zone
  262.0 293.5 31.5 4.4 0.77 - Main Au-Cu Zone in Step back hole to HTD 04/09
  295.0 313.5 18.5 0.4 2.24 -
Southern Vein Field 4,541,750N and 4,541,800N     Figure 2, 4
HTD-51 36.0 37.0 1.0 6.4 0.89 - Veinlet Zone
  111.0 112.0 1.0 7.8 - -
  113.0 114.0 1.0 7.3 - -
  117.0 118.0 1.0 22.9 -  
  163.0 164.0 1.0 90.1 - -
  296.0 297.0 1.0 5.9 1.37  
  356.5 357.5 1.0 5.7 - -
HTD-53 158.0 198.5 40.5 8.8 0.77 - Veinlet / Breccia Zone
Including 183.0 195.0 12.0 22.2 0.66 -

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 mineralized 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-51 to HTD-55 are given in the following tables.

Main Resource Area - Extension Drilling

Hole ID Easting Northing Elevation (m) Azimuth Dip
HTD-52 740,522.3 4,542,255.2 869.2 085 -60 344 Complete
HTD-54 740,472.2 4,542,264.7 875.3 090 -63 In Progress Pending

Southern Extension / HTD-27 Area / Southern Vein Field

Hole ID Easting Northing Elevation (m) Azimuth Dip
HTD-51 740,442.3 4,541,801.0 883.0 090 -60 396 Complete
HTD-53 740,510.5 4,541,753.1 884.0 090 -60 264 Complete
HTD-55 740,552.1 4,541,757.2 885.7 090 -58 In Progress Pending


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 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 north east Turkey, which is a joint venture with its Turkish JV partner Lidya (30% Mariana and 70% Lidya) rapidly advancing to development. 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 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 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 gold-silver and Exploradora East copper 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 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, Mariana is focusing on acquiring new opportunities which complement its current portfolio.
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 .  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.