Mariana Resources Ltd : Further Significant High Grade Intercepts from Drilling at the Hot Maden Gold-Copper Project




5 July 2016

Suite 102, 3 Eden Street
North Sydney, NSW 2060


Further Significant High Grade Intercepts Reported from both Resource Extension and Infill Drilling at the Hot Maden Gold-Copper Project

NORTH SYDNEY, Australia, July 5, 2016 (GLOBE NEWSWIRE) -- Mariana Resources Limited ('Mariana' or 'the Company'), the AIM listed exploration and development company with projects in Turkey and South America, is pleased to provide the following update on the ongoing diamond drill program at the high grade Hot Maden gold-copper project. Results are reported for drill holes HTD-54 to HTD-62.


  • Infill drilling on 25m-centres on section 4,542,200N (main resource area) has returned the highest grade gold-copper intercepts from Hot Maden to date and is confirming the internal continuity of gold-copper grades within the multiphase breccia zone. Results include:

HTD-60:         83.3 m @ 15.9 g/t Au + 1.57% Cu from 167m downhole.
Including 36m @ 17.9 g/t Au + 1.42% Cu from 190m downhole, 3m @ 68.1 g/t Au + 2.15% Cu from 233m downhole, 3m @ 60.0 g/t Au + 0.99% Cu from 242m downhole, and 3.3m @ 21.5 g/t Au + 3.77% Cu from 247m downhole.    

HTD-62:         95.5m @ 32.1 g/t Au + 3.30% Cu from 36.5m downhole.
                       Including 36m @ 70.5 g/t Au + 4.10% Cu from 64m downhole.

  • Step back drilling along section 4,542,250N (main resource area) continues to expand the known resource, with drill hole HTD-54 returning 56m @ 0.8% Cu from 409m downhole.  
  • Exploration drilling in the southern target area, located some 400m south of the main resource area, continues to return exceptional results including:

HTD-58:          23m @ 16.1 g/t Au + 1.1% Cu from 157m downhole.
                        1m @  93.5 g/t Au + 0.46% Cu from 250m downhole.

HTD-61:          2m @ 29.8 g/t Au from 40m downhole.
                        8.5m @ 11.9 g/t Au + 2.51% Cu from 239m downhole.

  • An updated mineral resource estimate for the Hot Maden Project is now well advanced and is expected to be completed in early July 2016.  Assay results from drill holes HTD-18 to HTD-62 will be incorporated into the existing resource model.

* Note - all intersections quoted are as metres downhole.

Links to Figures:

Chief Executive Officer Glen Parsons today commented:

"I continue to be impressed with the drilling results from the Hot Maden project which have again produced the highest gold-copper intercepts the project has seen to date.

"These infill results confirm and give further confidence to the internal continuity of the high grade gold-copper mineralisation within the resource area and will certainly contribute positively to the updated mineral resource estimate due to be completed in July 2016.

"In addition to the main resource area, the Company is continuing its exploration drilling programme with the focus producing outstanding results in the southern target area which is some 400m south of the current resource zone and 500m north of the historic Russian mining zone.  This Russian area will be one of the next step out zones for new exploration.

"The Company and its joint venture partner Lidya continues to progress the Hot Maden project up the development and exploration value curve and I look forward to updating the market in due course."

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,
  • Commencement of infill drilling on 25m-centres within the main resource area in order to confirm internal continuity of the high grade gold-copper mineralisation,
  • Scout drilling of the Southern Vein Field (the northern extension of the area mined by Russian interests pre-1923).

Drilling will be temporarily suspended at Hot Maden during the period July 1-11, 2016 in recognition of the Bayram holiday season.

Main Resource Area - Infill Drilling

Infill drilling on 25m-centres was recently initiated on section 4,542,200N (main resource area) in order to confirm internal continuity of the high grade gold-copper mineralisation. Exceptionally high grade, near surface gold-copper mineralisation was intersected in both drill holes HTD-62 (95.5m @ 32.1 g/t Au + 3.3% Cu in multiphase, chalcopyrite-pyrite-hematite-jasper breccia) and HTD-60 (83.3m @ 15.9 g/t Au + 1.57% Cu, also in sulphide-bearing multiphase breccia).  Note that the ultra high grade intersection in HTD-62 is 50m north of a comparable intersection in HTD-34 (71.0m @ 32.7 g/t Au + 1.9% Cu).

Main Resource Area - Extension Drilling

Drill hole HTD-54 intersected a new, down-dip extension to the known gold-copper resource on section 4,542,250N. A total of 56m of multiphase, chalcopyrite-pyrite(-hematite-jasper)-bearing breccia was intersected from 409m downhole with assays returning 56m @ 0.8% Cu.  An additional drill hole HTD-59 was designed to test the northwestern margin of the gold-copper resource but succeeded in intersecting zinc mineralisation.    

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 exceptional assays having been returned from HTD-58 (23m @ 16.1 g/t Au + 1.10% Cu from 157m downhole and 1m @ 93.5 g/t Au + 0.46% Cu from 250m downhole) and HTD-61 (2m @ 29.8 g/t Au from 40m downhole and 8.5m @ 11.9 g/t Au + 2.51% Cu from 239m downhole). Further systematic work is currently scheduled to be undertaken in the immediate area in order to fully test the resource potential of this sector.  

Mineral Resource Update

An updated mineral resource estimate for the Hot Maden Project, which will incorporate assay results obtained from drill holes HTD-18 up to HTD-62 into the existing mineral resource model, is currently expected to be released in early July, 2016. The updated mineral resource estimate will be undertaken by RungePincockMinarco, the independent mining consultants which completed the maiden (August, 2015) mineral resource estimate for Hot Maden.

Table 1 : Summary of assays for drill holes HTD-54 to HTD-62 (Cross Sections from North to South)

Drill Hole From (m) To (m) Intercept (m) Au g/t Cu % Zn % Comments
Cross Sections 4,542,250N  and 4,542,280N       Figures 2, 3
HTD-54 409.0 465.0 56.0 - 0.80 - Step back to HTD-52
HTD-59 150.0 175.0 25.0 0.5 - 0.62 Zinc Zone,
NW Margin of Main Zone
  177.7 182.0 4.3 - 3.09 0.63
  194.0 214.0 20.0 - - 1.21
  230.0 238.0 8.0 - - 2.75
Cross Section 4,542,200N           Figures 2, 4
HTD-60 97.0 102.0 5.0 0.6 - 2.63 Infill hole (Between HTD-10 and HTD-15), Main Zone
  111.0 112.0 1.0 4.0 3.51 -
  167.0 250.3 83.3 15.9 1.57 -
Including 190.0 226.0 36.0 17.9 1.42 -
  233.0 236.0 3.0 68.1 2.15 -
  242.0 245.0 3.0 60.0 0.99 -
  247.0 250.3 3.3 21.5 3.77 -
HTD-62 22.0 28.5 6.5 0.8 . 2.54 Infill hole (Between HTD-10 and HTD-24, Main Zone
  36.5 132.0 95.5 32.1 3.30 -
Including 64.0 100.0 36.0 70.5 4.10 -
Cross Section 4,542,020N and 4,542,050N       Figure 2
HTD-56 23.5 27.5 4.0 0.6 - - Ridge Area
  38.3 46.0 7.7 0.9 - -
HTD-57 27.0 31.0 4.0 0.4 - 5.63 Ridge Area
  52.0 65.0 13.0 0.9 0.41 -
Cross Section 4,541,875N         Figure 2, 5
HTD-58 125.0 131.0 6.0 4.1 0.49 - Step back to HTD-27
  143.0 144.0 1.0 3.5 - -
  157.0 180.0 23.0 16.1 1.10 -
  210.0 213.0 3.0 2.3 0.48 -
  250.0 251.0 1.0 93.5 0.46 -
  266.0 268.0 2.0 4.4 - -
  328.0 330.0 2.0 4.0 - -
Southern Vein Field 4,541,700N and 4,541,750N       Figures 2, 6
HTD-55 50.8 54.0 3.2 - - 1.84 Eastern Margin, Zinc Zone
  69.0 72.0 3.0 - - 1.82
  86.0 100.5 14.5 1.1 - 2.89
HTD-61 40.0 42.0 2.0 29.8 - - Step back to HTD-50 / HTD-53
  62.0 64.0 2.0 3.8 - -
  106.0 108.0 2.0 6.5 1.07 -
  124.0 126.0 2.0 7.9 - -
  146.0 148.0 2.0 3.3 - -
  236.0 237.0 1.0 9.6 0.60 -
  239.0 247.5 8.5 11.9 2.51 -

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 Hot Maden drill holes HTD-54 to HTD-62 are given in the following tables.

Main Resource Area - Extension and Infill Drilling

Hole ID Easting Northing Elevation (m) Azimuth Dip
HTD-54 740,472.2 4,542,264.7 875.3 090 -63 336 Complete
HTD-59 740,526.5 4,542,284.8 877.6 088 -59 279 Complete
HTD-60 740,503.2 4,542,203.5 855.3 090 -49 300 Complete
HTD-62 740,580.8 4,542,201.7 862.2 090 -43 141 Complete

Southern Extension / HTD-27 Area / Southern Vein Field

Hole ID Easting Northing Elevation (m) Azimuth Dip
HTD-55 740,552.1 4,541,757.2 885.7 090 -58 180 Complete
HTD-56 740,491.0 4,542,052.8 929.6 090 -60 105 Complete
HTD-57 740,607.3 4,542,023.8 927.8 270 -56 237 Complete
HTD-58 740,450.6 4,541,876.4 910.3 095 -61 360 Complete
HTD-61 740,419.7 4,541,749.8 886.2 090 -64 450 Complete


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%), 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.