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MARL Mariana Res

99.00
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02 May 2024 - Closed
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Share Name Share Symbol Market Type Share ISIN Share Description
Mariana Res LSE:MARL London Ordinary Share GG00BD3GC324 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 99.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Mariana Resources Ltd Mariana Resources Ltd : High Grade Gold-Copper Mineralisation Extends At Hot Maden Project, Turkey

01/09/2015 7:04am

UK Regulatory


 
TIDMMARL 
 
 
 
 
AIM: MARL          Suite 102, 3 Eden Street 
 1 September 2015    North Sydney, NSW 2060 
                                  Australia 
 
 
   High Grade Gold-Copper Mineralisation Extends Outside the Reported 
Mineral Resource at Hot Maden Project, Turkey 
 
   Mariana Resources Ltd ("Mariana" or the "Company") (AIM:MARL) reports 
further high grade gold-copper (Au-Cu) intercepts from ongoing drilling 
at the Hot Maden Project, north east Turkey. Following the initial 
mineral resource estimate published by Mariana on the 18th August 2015 
further new complementary assays (Figure 2) have been received from JV 
partner Lidya Madencilik Sanayi ve Ticarte S.A. ("Lidya") for three 
drill holes (HTD-18, HTD-20, and HTD-22) (Figure 3,4 & 6) which extend 
known Au-Cu mineralisation both down-dip and to the north.  Assays are 
also reported for two exploration holes (HTD-19 and HTD-21), the first 
drill testing of the southern extension of the Hot Maden system. 
Highlights from the 5 drill holes include: 
 
   Resource Extension Drilling: 
 
   HTD-18:                108.2m @ 3.0 g/t Au + 1.3% Cu from 292.0m 
downhole 
 
   Including 12m @ 6.4 g/t Au + 2.8% Cu (330.0m - 342.0m) and 
 
   9m @ 12.4 g/t Au + 0.8% Cu (384.0m - 393.0m) 
 
   HTD-20:                88.5m @ 1.8 g/t Au + 2.3% Cu + 1.9% Zn from 1.5m 
downhole 
 
   Including 3.5m @ 12.5 g/t Au + 5.7% Cu (48.5m - 52.0m) 
 
   HTD-22:                43.8m @ 7.7 g/t Au + 1.2% Cu from 342.2m downhole 
 
   Including 13.8m @ 23.3 g/t Au + 1.6% Cu (98.0 - 114.0m) 
 
   Exploration Drilling (Southern Area - Hot Maden Fault Zone) 
 
   HTD-19:                12.1m @ 2.1 g/t Au + 0.7% Cu from 209.3 m 
downhole, and 36m @ 4.3% Zn and 13.3m @ 7.75% Zn from 271.0 m and 312.0m 
downhole, respectively. 
 
   HTD-21:                64.1m @ 0.8 g/t Au + 0.3% Cu + 140ppm Mo from 
103.4m downhole Including 0.8m @ 9.6 g/t Au + 0.4% Cu (157.9m - 158.7m). 
 
 
 
 
   Chief Executive Officer Glen Parsons today commented: 
 
   "Drilling continues to extend the high grade gold and copper 
mineralisation at Hot Maden to beyond the current limits of our 3.0M oz 
Gold Equivalent mineral resource.  In particular, drill holes HTD-18, 20 
and 22 will ultimately add positive inventory to this existing mineral 
resource, including the continuity of the high grade core zone. A key 
point to note is the northern end where we considered it to be closed 
off, has now added further mineralisation with compelling Au-Cu grade at 
surface with potential remaining at depth. 
 
   "Encouragingly the exploration holes to the south have also intercepted 
high grade gold in narrower structures.  As drilling unfolds, this area 
could have additional resource potential should further economic 
mineralisation be discovered. 
 
   "One fact that is starting to build interest for the team is the 
development of the higher grade zinc zones, which to date have not been 
considered in the mineral resource estimate at all.  The increase in 
zinc grades we are seeing in the north and at depth as well as the 
emergence of elevated molybdenum assays could add to the scope of the 
project, if greater tonnage can be achieved.  The potential for a 
mineralised intrusive at depth also adds to the upside at Hot Maden. 
This could be a bonus to the project, as it is outside the current high 
grade Au-Cu zone. 
 
   "With drilling continuing by Lidya I look forward to updating the market 
with progress at Hot Maden." 
 
   Links to Figures: 
http://marianaresources.com/site/media/September_1_NR_Maps.pdf 
 
   Resource Extension Drilling:  Drill holes HTD-18 and HTD-22 represent 
"step back holes" to holes HTD-15 and HTD-11/12 (which were included in 
the August 18, 2015 Mineral Resource Estimate), and confirm extensions 
at depth to the high grade Au-Cu mineralisation identified in sections 
4,542,200N and 4,542,100N, respectively. Drill hole HTD-20 was equally 
successful in confirming a near surface, northern extension to the 
massive sulphide mineralisation intersected in discovery drill hole 
HTD-04 and scissor hole HTD-17.  Drill hole HTD-20 is also the first 
high grade Au-Cu interval to report significant Zn mineralisation, and 
may represent a marginal zone to the overall southerly-plunging Au-Cu 
mineralised zone. 
 
   Exploration Drilling:  Drill holes HTD-19 and HTD-21 were exploration 
holes designed to test for Au-Cu mineralization along the southern 
extension of the Hot Maden Fault Zone. Both drill holes intersected 
limited, near surface zones of quartz-sulfide veining and associated 
silicification, with extensive intervals of high grade Zn(-Pb) 
mineralisation being intersected at depth in HTD-19. Elevated molybdenum 
values in drill hole HTD-21 (average 140 ppm, one assay of 0.6% Mo) also 
indicate the presence of a potential mineralised intrusive 
(porphyry-type?) system at depth. 
 
   Drill Holes in Progress 
 
   The drilling of diamond drill holes HTD-23 and HTD-24 has commenced. 
 
 
   -- Drill hole HTD-23 (Figure 2) is an exploration hole located in the 
      Southern Area (Hot Maden Fault Zone), and will test for Au-Cu and Zn 
      mineralisation to the East of HTD-19. 
 
 
   -- Drill hole HTD-24 (Figures 2) is a "step forward" hole designed to test 
      for near-surface extensions to the high grade Au-Cu mineralisation 
      intersected in drill holes HTD-10/-15/-18 (section 4,542,200N). 
 
 
 
   Table 1: Summary of significant intercepts in drill holes HTD-18 to 
HTD-22 (Figure 7 Histograms) 
 
 
 
 
                               Intercept 
Drill Hole   From (m)  To (m)     (m)      Au g/t  Cu %     Zn %       Zone 
  HTD-18        207.0   215.0         8.0       -     -        1.29  Zinc Zone 
                226.0   231.0         5.0       -     -        1.14 
                                                                         Au-Cu 
                270.3   273.0         2.7     0.2  2.74           -       Zone 
                292.0   400.2       108.2     3.0  1.35           - 
 Including      330.0   342.0        12.0     6.4  2.84           - 
                373.0   375.0         2.0     8.6  5.40           - 
                384.0   393.0         9.0    12.4  0.80           - 
 
                                                                         Au-Cu 
  HTD-19        193.0   194.0         1.0    0.93  1.02           -      Veins 
                209.3   221.4        12.1    2.10  0.70           - 
                                                                          Zinc 
                271.0   307.0        36.0       -     -        4.29       Zone 
 Including      300.0   305.0         5.0     2.5  0.18        6.34 
                312.0   325.3        13.3       -     -        7.75 
                329.0   344.0        15.0       -     -        3.53 
 
                                                                         Mixed 
                                                                      Au-Cu Zn 
  HTD-20          1.5    90.0        88.5     1.8  2.34        1.96       Zone 
 Including       13.0    19.0         6.0     1.5  2.06        6.87 
                 27.0    31.0         4.0     0.8  1.53        7.72 
                 42.0    45.0         3.0     1.3  3.05        9.31 
                 48.5    52.0         3.5    12.5  5.68        0.14 
                 53.0    61.0         8.0     1.1  1.35        5.76 
 
                                                                         Au-Cu 
  HTD-21         16.0    19.0         3.0     2.2  0.05           -      Veins 
                 21.0    24.0         3.0     1.9  0.11           - 
                 63.0    64.0         1.0     6.3  0.21           - 
                 67.0    69.9         2.9     1.3  1.59           - 
                 85.0    86.0         1.0     3.6  0.59 
                                                           Plus 140 
                103.4   167.5        64.1    0.79  0.32      ppm Mo 
 Including      129.1   130.1         1.0     4.4  0.65 
                157.9   158.7         0.8     9.6  0.45 
                179.0   181.0         2.0     1.2  0.97 
                183.0   188.0         5.0     0.8  0.25        2.36    Zn Zone 
                202.0   224.9        22.9     0.5  0.08        3.01 
                230.0   242.0        12.0     0.1  0.10        1.70 
                254.0   261.0         7.0                      1.44 
 
  HTD-22        155.5   161.5         6.0       -     -        2.25    Zn Zone 
                186.0   188.0         2.0       -     -        3.57 
                261.9   266.0         4.1       -     -        2.60 
                285.0   293.0         8.0                      2.11 
                                                                         Au-Cu 
                342.2   386.0        43.8     7.7  1.20           -       Zone 
 Including      342.2   356.0        13.8    23.3  1.58           - 
 
 
   Hot Maden Mineral Resource Estimate 
 
   On August 18, 2015, Mariana reported a maiden mineral resource estimate 
for the Hot Maden project. The Mineral Resource estimate was prepared by 
independent mining consultants RungePincockMinarco Limited ("RPM"), and 
was based on assay results received for drill holes up to, and including, 
HTD-17 completed on 25(th) June, and is reported in accordance with the 
JORC Code 2012 edition and estimated by a Competent Person as defined by 
the JORC Code.  The maiden Mineral Resource estimate comprises: 
 
 
 
 
                       Hot Maden Deposit (100% basis) 
             August 2015 Mineral Resource Estimate (2g/t AuEq* 
                                  Cut-off) 
                                  Indicated Mineral Resource 
     Domain         Tonnes     Au   Cu   AuEq     Au        Cu       AuEq 
                       t      g/t    %   g/t*   Ounces    Tonnes   Ounces** 
  Main Zone LG       481,000   0.9  1.0   2.4     14,000    5,000     37,000 
  Main Zone HG     3,199,000   5.2  1.8   8.0    537,000   56,000    822,000 

(MORE TO FOLLOW) Dow Jones Newswires

September 01, 2015 02:04 ET (06:04 GMT)

  Main Zone UHG    1,031,000  29.2  4.0  35.4    967,000   41,000  1,174,000 
      Total        4,710,000  10.0  2.2  13.4  1,518,000  102,000  2,033,000 
 
                                   Inferred Mineral Resource 
     Domain           Tonnes    Au   Cu  AuEq         Au       Cu       AuEq 
                           t   g/t    %  g/t*     Ounces   Tonnes   Ounces** 
  Main Zone LG       819,000   0.8  1.0   2.4     21,000    8,000     62,000 
  Main Zone HG     2,291,000   3.1  2.0   6.2    228,000   45,000    455,000 
  Main Zone UHG      326,000  36.2  3.3  41.4    379,000   11,000    434,000 
Peripheral Lodes     218,000   1.8  0.4   2.4     13,000    1,000     17,000 
      Total        3,654,000   5.5  1.8   8.2    640,000   65,000    968,000 
 
                                    Total Mineral Resource 
     Domain           Tonnes    Au   Cu  AuEq         Au       Cu       AuEq 
                           t   g/t    %  g/t*     Ounces   Tonnes   Ounces** 
  Main Zone LG     1,299,000   0.8  1.0   2.4     35,000   13,000    100,000 
  Main Zone HG     5,490,000   4.3  1.9   7.2    765,000  101,000  1,277,000 
  Main Zone UHG    1,357,000  30.9  3.8  36.9  1,346,000   52,000  1,608,000 
Peripheral Lodes     218,000   1.8  0.4   2.4     13,000    1,000     17,000 
      Total        8,364,000   8.0  2.0  11.2  2,159,000  167,000  3,001,000 
 
   Note from RPM: 
 
   1.       The Statement of Estimates of Mineral Resources has been 
compiled under the supervision of Mr. Stewart Coates who is a full-time 
employee of RPM and a Member of the Association of Professional 
Engineers and Geoscientists of the Province of British Columbia. Mr. 
Coates has sufficient experience that is relevant to the style of 
mineralisation and type of deposit under consideration and to the 
activity that he has undertaken to qualify as a Qualified Person as 
defined in the CIM Standards of Disclosure and as a Competent Person as 
defined in the JORC Code (2012). 
 
   2.       All Mineral Resources figures reported in the table above 
represent estimates based on drilling completed up to 25 June, 2015. 
Mineral Resource estimates are not precise calculations, being dependent 
on the interpretation of limited information on the location, shape and 
continuity of the occurrence and on the available sampling results. The 
totals contained in the above table have been rounded to reflect the 
relative uncertainty of the estimate. Rounding may cause some 
computational discrepancies. 
 
   3.       Au Equivalence (AuEq) calculated using a 100 day moving average 
of $US1,178/ounce for Au and $US2.70/pound for Cu as of July 29, 2015. 
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. 
 
   *- The formula used for Au equivalent grade is: AuEq g/t = Au + [(Cu% x 
22.0462 x 2.7)/(1178/31.1035)] and assumes 100% metallurgical recovery. 
 
   **- Au equivalent ounces are calculated by multiplying Mineral Resource 
tonnage by Au equivalence grade and converting for ounces. The formula 
used for Au equivalent ounces is: AuEq Oz = [Tonnage x AuEq grade 
(g/t)]/31.1035. 
 
   4.       Mineral Resource grades are estimated in accordance with the 
CIM Standards and reported in accordance with JORC 2012. 
 
   5.       Mineral Resources reported on a dry in-situ basis. 
 
   6.       LG = low grade, HG = high grade and UHG = ultra-high grade. 
 
   7.       Reported at a 2g/t AuEq cut-off. 
 
   Hot Maden Definitive Agreement 
 
   Aegean Metals Group Inc. signed a Definitive Agreement with Lidya 
Madencilik Sanayi ve Ticaret A.S. ("Lidya") on 24 June 2014, through 
which Lidya retains the exclusive right to earn-in to a 70% interest in 
the Hot Maden Project by incurring a total of USD 2.5 million of 
combined exploration expenditures and USD 0.5 million cash payments 
within a 48 month period. Prior to the commencement of the Phase II 
drill program, Lidya had invested approximately USD 700,000 on 
exploration at Hot Maden. 
 
   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 from the Phase II drill program are being analysed at ALS 
Laboratories' facility in Izmir, western Turkey. All samples are 
analysed for gold using a 30g Fire Assay with AAS finish, 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 completed drill holes at Hot Maden are given 
in the following table: 
 
 
 
 
                                   Elevation              Dip      Depth 
Hole ID   Easting      Northing       (m)     Azimuth   (degrees)   (m)    Assays 
Phase I 
HTD-01   740,503.26  4,541,740.88     902.58      245         -60    223  Complete 
HTD-02   740,602.64  4,542,143.24     877.77      222         -60    286  Complete 
HTD-03   740,514.81  4,541,793.26     910.87      270         -60    150  Complete 
HTD-04   740,609.82  4,542,260.07     893.42      090         -60    185  Complete 
HTD-05   740,730.37  4,542,159.99     883.87      270         -60    291  Complete 
HTD-06   740,652.94  4,542,368.64     914.58      105         -60    215  Complete 
HTD-07   740,550.03  4,541,765.20     915.43      245         -60    240  Complete 
 Phase 
  II 
HTD-08   740,581.58  4,542,298.29     877.81      090         -60    274  Complete 
HTD-09   740,562.94  4,542,255.00     873.02      090         -60    361  Complete 
HTD-10   740,578.92  4,542,201.35     862.08      090         -60    245  Complete 
HTD-11   740,776.46  4,542,099.01     866.72      270         -60    450  Complete 
HTD-12   740,774.00  4,542,098.00     867.00      270         -50    360  Complete 
HTD-13   740,795.00  4,542,160.00     873.00      270         -60    369  Complete 
HTD-14   740,692.55  4,542,144.26     868.22      270         -54    234  Complete 
HTD-15   740,493.85  4,542,204.22     855.12      090         -54    375  Complete 
HTD-16   740,852.90  4,542,141.94     872.24      270         -59  498.5  Complete 
HTD-17   740,721.82  4,542,245.80     873.53      270         -50    261  Complete 
HTD-18   740,461.99  4,542,208.64     853.30      090         -57    425  Complete 
HTD-19   740,503.36  4,541,790.50     888.41      090         -60    354  Complete 
HTD-20   740,637.70  4,542,285.21     874.16      080         -60    189  Complete 
HTD-21   740,515.79  4,541,903.49     930.15      090         -60  297.5  Complete 
HTD-22   740,836.68  4,542,100.04     870.73      270         -60    452  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. 
Claire Louise Noyce   Hybridan LLP (UK Broker)           +44 20 3764 2341 
Niall Pearson         Hybridan LLP (UK Broker)           +44 20 3764 2342 
Oliver Stansfield     Brandon Hill Capital (UK Broker)   +44 20 3463 5061 
Jonathan Evans        Brandon Hill Capital (UK Broker)   +44 20 3463 5016 
Tim Blythe            Blytheweigh (Financial PR)         +44 20 7138 3205 
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 currently being 
advanced by our Turkish JV partner Lidya under an earn-in agreement to a 
70% interest. 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 

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