Mariana Resources Ltd, the AIM listed
exploration and development company with projects in Turkey and South
America, is pleased to report that exceptionally high grade,
near-surface gold-copper mineralisation continues to be intersected in
drilling along extensions to the Hot Maden Mineral Resource.
Importantly, the latest results include the best gold-copper
intersection to date with none of the eight holes reported representing
resource infill drilling.
Highlights:
-- Exceptional gold-copper mineralisation intersected in near-surface
Resource Extension Drilling at the Hot Maden Project. Key intercepts
include:
HTD-34: 71.0m @ 32.7 g/t Au + 1.9% Cu from 55m downhole.
Including 22.0m @ 83.9 g/t Au + 1.8% Cu from 89m downhole.
HTD-35: 63.6m @ 14.5 g/t Au + 3.4% Cu from 46.8m
downhole.
Including 21.0m @ 38.9 g/t Au + 5.1% Cu from 85m downhole.
-- Resource Extension Drilling at Hot Maden is ongoing with one diamond
drill rig and the rate of drilling is now expected to be accelerated
shortly with the addition of a second rig.
-- Systematic metallurgical testwork on the Hot Maden gold-copper
mineralisation now underway, with the initial focus being on crushing /
grinding studies, gold-copper recoveries, and flowsheet definition.
-- Completion of a maiden Preliminary Economic Assessment ("PEA") for the
Hot Maden Project remains on track for late Q3 2016 / early Q4 2016.
Chief Executive Officer, Glen Parsons, today commented:
"The exceptional drill hole, HTD-34, represents our best hole to date
and, together with HTD-35, the drilling continues to deliver ounces
outside of the reported mineral resource estimate.
"The high grade intercepts have delivered significant mineralisation
100m closer to surface from discovery Hole HTD-05. Drilling to date is
successfully delineating the limits of the resource to the east and west
whilst leaving the potential open at depth as well as north and south.
"Importantly, extension and exploration drilling planned for February is
expected to ramp up with a second drill rig scheduled to commence
drilling soon. This is much anticipated as it will hopefully extend the
strike of the resource zone to the south and north.
"In addition, I am pleased that the PEA is on track for completion later
this year with studies firmly underway.
"Excitingly, Hot Maden continues to deliver and grow and, with
February's planned activity, it will certainly make for an interesting
month".
Links to Figures:
http://marianaresources.com/site/media/February_8_Maps.pdf
Hot Maden Gold-Copper Project Update
Exceptionally high grade, near-surface gold-copper mineralisation
continues to be intersected in the drilling along extensions to the Hot
Maden Mineral Resource (Figures 1 to 7). Highlights from the latest
drilling include two key intercepts on Section 4,542,150N:
HTD-34: 71.0m @ 32.7 g/t Au + 1.9% Cu from 55.0m
downhole.
Including 22.0m @ 83.9 g/t Au + 1.8% Cu from 89.0m downhole.
HTD-35: 63.6m @ 14.5 g/t Au + 3.4% Cu from 46.8m
downhole.
Including 21.0m @ 38.9 g/t Au + 5.1% Cu from 85.0m downhole.
The high grade gold-copper zones intersected in drill holes HTD-34 and
HTD-35 (Figure 5) are associated with multiphase breccia-style
mineralisation and distinctive red-brown jasper and hematite, typical of
the majority of the Hot Maden mineralised body. These two holes
effectively extend the known high grade gold-copper mineralisation on
Section 4,542,150N, some 100m vertically from drill hole HTD-05 to
surface. A 6m long void was also intersected in the mineralised zone in
HTD-34 and, whilst Russian interests are known to have mined (prior to
1923) narrow high grade copper-bearing veins located to the South of the
Mineral Resource Area, this could represent the first evidence for older
shallow underground mining within the Mineral Resource Area itself.
Two further shallow drill holes, HTD-31 and HTD-32 (Section 4,542,200N;
Figure 4), were collared on the eastern margin of the Au-Cu zone and
drilled to the East, and directly intersected the adjacent zinc zone.
As a result, these drill holes assisted in confirming the eastern limit
of the gold-copper zone. Similarly, HTD-33 (Section 4,542,100N; Figure
6) represents the step forward hole to HTD-12, and whilst both zinc and
low grade gold-copper mineralisation were intersected, the results may
confirm a southward plunge to the main mineralised zone.
Deep Extension Drilling
Three deep (>500m downhole) drill holes were also completed during
December 2015 and January 2016. Drill hole HTD-28 (Section 4,542,100N;
Figure 6) was a step back hole to HTD-22, designed primarily for
geotechnical work. Drill holes HTD-29 (Section 4,542,200N; Figure 4)
and HTD-30 (Section 4,542,100N; Figure 5) were step back holes to HTD-18
and HTD-16, respectively, to test for down dip extensions to the main
Au-Cu zone. All three holes intersected massive anhydrite "flooding"
within the mineralised zone at around 400m vertically below surface,
resulting in brecciation of the pre-existing Au-Cu mineralisation and
therefore dilution of gold-copper grades. The importance of this
anhydrite level has yet to be determined, and potential to extend
mineralisation at depth below what might be a deep "anhydrite cap" still
remains. However, given the excessive drill metres required to test
targets at depths of >500m below surface, the Joint Venture's immediate
priority will be to focus on near surface mineralization (and new
targets along the Hot Maden Fault Zone).
Upcoming Drill Holes
Drilling at Hot Maden will continue to focus on testing potential near
surface extensions to the existing Mineral Resource. Priority holes
include testing the southern extension to the existing Mineral Resource
(the "Ridge" area south of Section 4,452,100N), in addition to the
northern extension around drill hole HTD-06. Separately, infill and
step back holes will be added to the existing drill hole grid with a
view to upgrading Mineral Resources in the Inferred Category to the
Indicated Category.
Table 1: Summary of drill holes HTD-28 to HTD-35
From To Intercept Au
Drill Hole (m) (m) (m) g/t Cu % Zn % Comments
Cross
Section 4,542,200N Figure 4
Step back hole to HTD-18. Late stage anhydrite flooding
HTD-29 74.0 75.2 1.2 - 1.36 - in Au-Cu zone at 400m vertically below surface
154.0 155.0 1.0 - 1.01 -
401.0 419.0 18.0 - 0.89 -
433.0 559.0 126.0 0.3 0.60 -
Including 445.0 465.0 20.0 - 1.06 -
Including 556.9 559.0 2.1 0.3 5.13 3.53
HTD-31 16.0 19.0 3.0 0.51 - - Drilled to East of Au-Cu Zone
45.5 50.0 4.5 - - 2.02
HTD-32 45.5 47.5 2.0 0.43 0.76 - Drilled to East of Au-Cu Zone
Cross
Section 4,542,150N Figure 5
Step back hole to HTD-16. Late stage anhydrite flooding
HTD-30 164.0 166.0 2.0 - - 2.25 in Au-Cu zone at 400m vertically below surface.
185.0 189.0 4.0 -
354.0 379.0 25.0 - - 1.10
421.0 427.0 6.0 0.8 0.59 -
436.0 440.0 4.0 0.5 0.27
449.0 452.0 3.0 0.6 1.66
457.0 461.0 4.0 0.8 0.28
468.0 469.0 1.0 3.9 0.36
508.0 525.0 17.0 - 0.7 -
552.0 562.0 10.0 - 0.6 -
Step forward hole to HTD-05. Near surface void (6m)
HTD-34 55.0 126.0 71.0 32.7 1.9 - may be ancient UG working.
Including 89.0 111.0 22.0 83.9 1.8 -
HTD-35 46.8 110.4 63.6 14.5 3.4 - Step forward hole to HTD-34
Including 85.0 106.0 21.0 38.9 5.1 -
Cross
Section 4,542,100N Figure 6
Step back hole to HTD-22. Late stage anhydrite flooding
HTD-28 330.0 354.0 24.0 - - 1.8 in Au-Cu zone at 400m vertically from surface.
408.0 415.0 7.0 1.8 0.48 -
423.0 425.0 2.0 1.9 0.33 -
451.0 452.0 1.0 1.2 - -
471.0 472.0 1.0 1.9 0.44 -
504.0 506.0 2.0 0.6 0.38 1.4
533.0 535.0 2.0 - 1.13 -
542.0 550.0 8.0 - 0.91 -
566.0 568.0 2.0 - 1.03 -
HTD-33 46.7 81.5 34.8 - - 3.0 Step forward hole to HTD-12
85.0 88.0 3.0 0.6 1.1 -
122.0 130.0 8.0 0.3 0.7 -
Metallurgical/Geotechnical Testwork
A detailed metallurgical testwork schedule has been prepared, with an
initial focus on crushing / grinding studies, gold-copper recoveries,
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