Mariana Resources Ltd Mariana Resources Ltd : Mariana Commences Drilling At Its 100% Ergama Copper-Gold Project

 
TIDMMARL 
 
 
 
 
 
 
 
 
 
 
AIM: MARL           Granite House, La Grande Rue, 
 TSXV: MARL         St. Martin, Guernsey ,GY1 3RS 
 29 November 2016                 Channel Islands 
 
 
   Mariana Commences Drilling at its 100% 
 
   Ergama Copper-Gold Project, western Turkey 
 
   Mariana Resources Ltd ("Mariana" or the "Company"), the TSX.V and AIM 
listed ("MARL") exploration and development company with projects in 
Turkey, Côte d'Ivoire and South America, is pleased to announce 
that it has commenced the drilling of an initial 7-hole diamond drill 
program at its 100% owned Ergama copper-gold project in Balikesir 
Province, western Turkey (Figure 1). The diamond drilling is being 
undertaken by drill contractor Ortadogu Drilling, and is expected to be 
completed by early-January, 2017 (with assay results expected Q1, 2017). 
The main targets to be tested include near-surface, porphyry-style 
copper-gold mineralisation within the central portion of the Ergama 
claim block, in addition to peripheral high grade vein / fault-hosted 
gold-silver mineralisation. 
 
   Links to Figures: 
http://media.wix.com/ugd/24ee23_28c00e9f71044db287f62460cb3498a1.pdf 
 
   Chief Executive Officer Glen Parsons today commented: 
 
   "Whilst the high grade gold and copper Hot Maden project advances to 
development, Mariana continues to work its diversified portfolio of 
advanced and early stage exploration projects.  Ergama is a 100% owned, 
prospective, copper-gold porphyry target in a region that hosts a number 
of key discoveries, development projects and mines and Turkey's largest 
gold mine Kisladag operated by Eldorado Gold. 
 
   "Mariana's objective is to confirm mineralisation and geological model 
being a mineralised copper gold porphyry system as well as high grade 
gold and silver epithermal mineralisation and, if successful, will lead 
to the next stage of drilling at Ergama. 
 
   "I look forward to updating the market on Hot Maden soon and further 
news from Ergama in the New Year." 
 
   About the Ergama Project 
 
   The Ergama Project licence covers an area of 2,168 Ha (21.6 km(2) ), and 
is located in western Turkey between the well mineralized Biga 
Pensinsula and Eldorado Gold's Kisladag gold mine (currently Turkey's 
largest gold mine with gold production of 280,000 oz in 2015). 
Geological mapping at Ergama has identified extensive zones of both 
porphyry- and epithermal-style hydrothermal alteration assemblages - 
dominated by low temperature chalcedonic silica on hilltops and advanced 
argillic alteration assemblages ("lithocap") elsewhere - within 
Oligocene- to Miocene-age volcanic rocks. Ground geophysics completed in 
2012 confirmed the presence of two strong, near surface IP chargeability 
anomalies, with the largest measuring 1km x 1km and interpreted to 
represent sulphides associated with a "blind" porphyry copper-gold 
deposit; (Figure 2). Geochemical sampling on surface has also returned 
high gold values (up to 16 g/t Au) in vein / fault-hosted systems that 
lie on the periphery of the main porphyry target.  The geological model 
proposed for Ergama is that of a surface "lithocap" overlying a buried 
porphyry copper-gold system, with secondary targets including peripheral 
high grade gold-silver targets (Figure 3). 
 
   Mariana is the 100% beneficial owner of the Ergama property, with 
Sandstorm Gold Ltd ("Sandstorm") owning a 2% NSR on future production 
(the Ergama NSR was part of a package of 55 royalties acquired by 
Sandstorm from Teck Resources in January, 2016). 
 
   For further information on the Ergama Project, please visit Mariana's 
website at   http://www.marianaresources.com/exploration 
 
   **S** 
 
   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. 
 
   For further information please visit website at www.marianaresources.com 
or contact the following. 
 
 
 
 
 
Glen Parsons (CEO)   Mariana Resources Ltd               [phone] 
Eric Roth (COO)      Mariana Resources Ltd               [phone] 
Karen Davies (IR)    Mariana Resources Ltd (Canada)      [phone] 
Rob Adamson          RFC Ambrian Limited (Nomad)         [phone] 
Will Souter          RFC Ambrian Limited (Nomad)         [phone] 
In U.K. 
Oliver Stansfield    Brandon Hill Capital (UK Broker)   [phone] 
Jonathan Evans       Brandon Hill Capital (UK Broker)   [phone] 
Camilla Horsfall     Blytheweigh (Financial PR)         [phone] 
Megan Ray            Blytheweigh (Financial PR)         [phone] 
 
   About Mariana Resources 
 
   Mariana Resources Ltd is an AIM and TSX.V (MARL) quoted exploration and 
development company with an extensive portfolio of gold, silver and 
copper projects in Turkey, South America and Cote d'Ivoire. 
 
   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) and rapidly advancing to development. 
An updated mineral resource estimate (detailed table below) of 3.43 Moz 
gold Equivalent (Indicated Category) and 0.09 Moz gold Equivalent 
(Inferred Category) (100% basis) in the main resource zone as well as a 
maiden 351,000 Moz gold Equivalent (Inferred Category) (100% basis) in 
the new southern discovery zone was reported for Hot Maden on July 25, 
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. 
 
   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 km(2) ) in the Bondoukou area, and ii) 4 licenses under 
application (1,593 km(2) ) 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 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 and Chile, Mariana is focusing on acquiring new opportunities 
which complement its current portfolio. 
 
 
 
 
            Hot Maden Mineral Resource Estimate - 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 
 
               Hot Maden - 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. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Mariana Resources Ltd via Globenewswire 
 
 
  http://www.marianaresources.com/index.php 
 

(END) Dow Jones Newswires

November 29, 2016 02:00 ET (07:00 GMT)

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