Mariana Resources Ltd Mariana Resources Ltd : Renewed Argentinean Focus

 
TIDMMARL 
 
 
 
 
AIM: MARL        Suite 102, 3 Eden Street 
 TSXV: MRA         North Sydney, NSW 2060 
 24 August 2016                 Australia 
 
 
   THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE 
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. 
 
   Renewed Argentinean Focus and Chile Update 
 
   Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM and TSXV 
listed exploration and development company with projects in Turkey and 
South America, is pleased to provide the following update on the 
Company's projects and strategy in Argentina and Chile. 
 
   In Argentina, despite the downturn over the recent years, Mariana has 
continued its exploration efforts albeit on a reduced cost basis. The 
focus of these exploration activities has been on the advancement of 
high grade gold-silver vein/breccia targets on the Company's extensive 
tenement holdings in the highly prospective Santa Cruz Province (Figure 
1). Key works performed include: 
 
 
   1. Eastern Deseado - Las Calandrias District: 
 
          1. At the Las Calandrias Project, field evaluation of 4 high grade 
             gold-silver vein/breccia systems (La Morena, El Nido Norte, Las 
             Calandrias Feeders, and Refugio; Figures 2 & 3), all adjacent to 
             the La Calandria Norte vein (Indicated Mineral Resource of 
             162,000T @ 9.35/t Au at a 3 g/t Au cut-off), has commenced. One 
             scout drill hole (CND 250) from 2011 (drilled prior to the 
             downturn in Argentina) in the La Morena vein returned 0.6m @ 68.1 
             g/t Au + 107 g/t Ag, making it an immediate priority for follow-up 
             exploration activities. 
 
          2. At Bozal, which is located 30 km NW of Calandria Norte, field 
             activities have focused on the evaluation of the Lucia 
             vein/breccia system and the Joaquin vein. Samples from trenches on 
             the Lucia vein have returned assays up to 1.3 m @ 18 g/t Au + 55 
             g/t Ag. The veins at Bozal are NW-SE trending and are only exposed 
             over a total distance of around 800m before disappearing under 
             post mineralisation basalt flows. Five short (473m in total) scout 
             holes were drilled at Bozal in 2015, and these have provided 
             additional vectors to possible high grade shoots on the property. 
 
 
   2. Los Cisnes Project (Figures 4 - 6) 
 
 
   At Los Cisnes, which is located approximately 75km SW of Yamana's Cerro 
Moro project and due E of Anglogold Ashanti's Cerro Vanguardia mine, 
field work has focused on both the high silver grade El Brio 
vein/breccia target and the bulk tonnage El Solar gold-silver 
dome-hosted mineralization. A scout drill program in 2015 returned high 
grade silver values from the Brio vein (up to 2.9m 755 g/t Ag in LCsD09) 
and bulk tonnage style gold mineralization in the El Solar target. 
 
 
 
   1. Western Deseado - Sierra Blanca District (Figures 7-8): 
 
 
   Mariana's focus at the Sierra Blanca Project, which is located adjacent 
to Austral Gold's recently acquired Pinguino project and 44km from the 
Cerro Vanguardia Mine, continues to be the evaluation of 22km strike 
extent of poorly explored, high grade intermediate sulfidation 
epithermal veins. The oxidized central portion of the central Chala vein 
has returned exceptional gold and silver grades from channel sampling 
(up to 25.7 g/t Au and 7,600 g/t Ag), and represents a near term 
opportunity for the delineation of a near surface high grade silver-gold 
resource. 
 
   Significant improvements have occurred in the political and investment 
climate in Argentina since December 2015, and with this increased 
investor sentiment Mariana is well positioned to achieve a re-rating on 
its Santa Cruz portfolio. 
 
   In Chile, scout drilling at the Doña Ines gold prospect yielded no 
significant results and, following discussions with our funding partner 
Asset Chile, it was agreed to adopt a disciplined approach and suspend 
further operations at the Doña Ines and Exploradora projects. The 
Company has significant in-house experience in both Chile and Argentina, 
and will leverage this experience in the evaluation of new 
opportunities. 
 
   Chief Executive Officer Glen Parsons today commented: 
 
   "Mariana is currently valued nearly solely on the significant high grade 
gold and copper Hot Maden project in Turkey; however, it is worth 
recalling that up until 2012 Mariana was solely rated on its existing 
Argentinean portfolio before the political downturn. Despite this 
Mariana has remained committed and active to its strong portfolio in the 
Deseado Massif. 
 
   "New exploration work to date in Argentina, as highlighted, has 
identified potential new target areas for follow up exploration and 
drilling with a particular emphasis on high grade gold and silver. 
 
   "Mariana's continued lower cost exploration approach in Argentina over 
the last three years has positioned its Santa Cruz portfolio favourably, 
especially with the renewed interest in the gold sector and, more 
importantly, the improved investor climate in Argentina.  The positive 
steps made by the new government regarding direct foreign investment and 
business promotion has brought renewed interest into the country where 
we can hopefully see valuations increasing and re-ratings closer to 
levels previously achieved. 
 
   "Recent drilling results in Chile from the Dona Ines project were 
disappointing, however Mariana's strategy is to continue leveraging its 
experience to acquire and explore new opportunities in prospective 
regions like Chile." 
 
   Link to Figures: 
http://marianaresources.com/site/media/August_23_Maps.pdf 
 
   Highlights for Argentina - Paving the way for future exploration with 3 
main focus areas 
 
   Las Calandrias District 
 
   The 100%-owned Las Calandrias Project is currently the Company's most 
advanced exploration asset in Argentina. In 2011, Mariana reported the 
following maiden global Mineral Resource Estimate for the Las Calandrias 
Project: 
 
   Indicated Category: 11.8Mt @ 1.29 g/t Au + 17.4 g/t Ag for 381,000 Oz Au 
+ 6.6Moz Ag 
 
   Inferred Category: 0.87Mt @ 0.93 g/t Au + 5.2 g/t Ag for 25,900 Oz Au + 
144,000 Oz Ag 
 
   This maiden resource consisted of contributions from both the bulk 
tonnage / disseminated Calandria Sur deposit and the high grade 
Calandria Norte vein/breccia system (162,000t @ 9.35 g/t Au).  The 
current focus of field activities at Las Calandrias is on the field 
evaluation of 4 high grade gold-silver vein/breccia systems (La Morena, 
El Nido Norte, Las Calandrias Feeders, and Refugio) located in the 
vicinity of the La Calandria Norte vein.  One scout drill hole (CND 250) 
from 2011 in the La Morena vein returned 0.6m @ 68.1 g/t Au + 107 g/t 
Ag. The remaining three targets are represented on surface by veins with 
strong geochemical signatures - El Nido (surface sampling up to 8.2 g/t 
Au + 2,940 g/t Ag), Refugio (up to 900ppm Mo, anomalous Hg and As - 
similar to Yamana's Cerro Moro gold-silver discovery), and the Las 
Calandrias Feeders. 
 
   At Bozal, which is located 30 km NW of Calandria Norte, field activities 
have focused on the evaluation of the Lucia and Joaquin vein systems. 
Samples from trenches on the Lucia vein have returned assays up to 1.3 m 
@ 18 g/t Au + 55 g/t Ag. The veins at Bozal are NW-SE trending and are 
only exposed over a short distance (total 800m), with possible 
extensions being covered by post mineralization basalt flows. Five short 
(473m in total) scout holes were drilled at Bozal in 2015, and these 
have provided vectors to possible high grade shoots on the property. 
 
   Los Cisnes Project The key Cañadon Porifado concession at Los 
Cisnes covers an area of approximately 3,800 Ha (38 square kilometres) 
and is located approximately 75km SW of Yamana's Cerro Moro Au-Ag 
Project and 120km SSE of Mariana's Las Calandrias projects. To date, a 
total of 200 surface and channel samples have been collected, with 71 
returning anomalous gold assays (27 of which returned between 0.5 g/t Au 
and 11.0 g/t Au).   High grade silver assays were also returned from the 
El Brio target area, with 8 samples returning values between 31 g/t Ag 
and 716 g/t Ag, and one sample assaying 0.8m @ 3,849 g/t Ag.  A short 
follow up scout drill program was performed in 2015 with extremely 
positive results including discovery hole LCsD-09. Key results returned 
included: 
 
 
   -- LCsD-09 EL BRIO: Intersected vein/breccia hosted sulphide mineralization 
      (quartz + pyrite + acanthite), and returned 2.9 m @ 755 g/t Ag (including 
      0.9m @ 1400 g/t Ag) from 32.1m downhole. 
 
   -- LCsD-01 EL BRIO: Intersected vein/breccia hosted sulphide mineralization 
      (quartz + pyrite + Fe-Ox + acanthite) and returned 1.65 m @ 380 g/t of Ag 
      (including 0.85m @ 585 g/t Ag) from 28.5m downhole. 
 
   -- LCsD-12 EL SOLAR: Rhyolite dome-hosted system with bulk tonnage 
      potential. Intersected stockwork hosted sulphide mineralization with 25 m 
      @ 0.5 g/t Au from 13m downhole. 
 
 
   Follow-up work scheduled for the southern summer field season at Los 
Cisnes includes further detailed mapping, channel and rock chip sampling, 
LAG geochemical sampling, and ground geophysics (magnetics and 
pole-dipole IP).  On the basis of results obtained to date, Los Cisnes 
now ranks as a high priority prospect for Mariana. 
 
   Sierra Blanca Project 
 
   Mariana's Sierra Blanca Project is located in the western portion of the 
Deseado Massif. The Company's focus at Sierra Blanca has been on the 
identification and delineation of high grade gold-silver shoots within 
the 22 km strike extent of poorly explored, intermediate sulfidation 
epithermal vein system. Exploration to date has identified bonanza grade 
silver (-gold) in the oxidized / supergene enriched central portion of 
the Chala vein, with assays from channel sampling attaining up to 25.7 
g/t Au and 7,600 g/t Ag.  Further exploration will focus on further 
evaluation of this zone of interpreted secondary enrichment. 
 

 
 
   **ENDS** 
 
   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. 
 
 
 
 
In Australia: 
Glen Parsons (CEO)   Mariana Resources Ltd               [phone] 
Eric Roth (COO)      Mariana Resources Ltd               [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 (MARL) and TSXV (MRA) 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) and rapidly advancing to development. 
An updated mineral resource estimate 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. 
 
   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. 
 
   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. 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 
 
   HUG#2036884 
 
 
  http://www.marianaresources.com/index.php 
 

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August 24, 2016 02:01 ET (06:01 GMT)

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