Mariana Resources Ltd, the AIM listed exploration and development company with projects in Turkey and South America, has provided DirectorsTalk the following market update on current activities within its key project areas.
Turkey – Hot Maden High Grade Gold Copper Project
Resource Extension Drilling
Diamond drilling resumed at Hot Maden in mid-October, as staff returned from the national (Bayram) holidays and as corporate activities focused on the completion of the binding Shareholders Agreement for Hot Maden. Two drill holes (HTD-27 and HTD-28) ( Figure 2) were completed, with HTD-27 being a “step-out” hole to the high grade gold mineralisation discovered in HTD-25 (Southern Zone; 25.2 m @ 7.3 g/t Au + 0.47% Cu from 42.8 m downhole) and HTD-28 being a “step-back” hole to HTD-22 (Mineral Resource Area) designed primarily for geotechnical work.
Assay results have been received for HTD-27 and include:
39.0m @ 5.8 g/t Au + 0.7% Cu from 88.0m downhole
57.0m @ 0.8 g/t Au + 0.6% Cu + 3.1% Zn from 231.0m downhole
The results from HTD-27 are highly encouraging ( Core Photos per Figure 3) and suggest that the high grade mineralisation intersected previously in HTD-25 could be part of a new mineralized target (Figure 2) located approximately 250m south of the existing Mineral Resource Area. Further drilling will be required to test the potential of this new zone.
Metallurgical/Geotechnical Testwork
Drill hole HTD-28 is a “step-back” hole to HTD-22 (Mineral Resource Area) designed primarily for geotechnical work. In parallel, work continues on the design of a systematic / comprehensive metallurgical testwork program for Hot Maden. This program is also the first stage of technical studies required for a Preliminary Economic Assessment* (“PEA”) for the Hot Maden Project. The Hot Maden PEA is currently expected to be completed by Q3, 2016.
*-A PEA is a study other than a pre-feasibility study or feasibility study which includes an economic analysis of the potential viability of mineral resources” – Canadian Securities Administrators (CSA)
Link to Figures: http://marianaresources.com/site/media/November_12_NR_Maps.pdf
Exploration Portfolio Update – South America
Chile – Doña Ines Gold-Silver Prospect, northern Chile.
Geophysical contractor Southernrock Geophysics initiated data acquisition on a combined Gradient Array IP / Resistivity and Magneto-Telluric survey at the Doña Ines Au-Ag prospect on October 20. Previous exploration activities at Doña Ines had identified strong surface Au-Ag(-Cu-As-Mo) geochemical anomalies which are interpreted to overlie an oxidized, high sulfidation epithermal Au-Ag system. Data from this geophysical survey are expected to be received during November and integrated with existing geochemical data in order to prioritize targets for drill testing in Q1, 2016.
The current work program at Doña Ines is being funded through a joint venture with Asset Chile Exploración Minera Fondo de Inversión Privado (“Asset”) through which Asset has the option to earn-in to a 50% interest in the property in return for a USD 1.65M investment in exploration.
The Doña Ines Au-Ag prospect lies approximately 20 km W of Goldfield’s Salares Norte discovery (May 2014 Inferred Resource of 23.3 MT @ 4.2 g/t Au + 44 g/t Ag for 3.1Moz Au and 34Moz Ag), within a newly-defined, predominantly Miocene-age epithermal gold-silver belt that extends from the northern margin of the Maricunga porphyry-epithermal belt to the Peruvian border.
Suriname- Nassau Gold Project
Exploration activities are progressing at the prospective Nassau concession and are identifying areas of anomalous gold mineralisation through a combination of mapping, duricrust / laterite sampling, and biogeochemical sampling. The Mariana team also continues to locate further artisanal gold workings on the concession, both as alluvial gold workings and as shallow shafts focussing on primary gold mineralisation hosted in quartz veins on and around the Nassau plateau. As a result, drill target generation work continues through an integration of the geochemical/geological data with the geological interpretation derived from the airborne geophysical survey. Priority targets will be followed up in November with trenching and hollow core auger drilling on the plateau, with a view to commencing diamond drilling of priority targets in Q1 2016.
Argentina- Los Cisnes and Las Calandrias Gold-Silver District
Mariana is maintaining a low cost exploration programme in Santa Cruz. Priority properties are well poised for renewed exploration efforts in 2016, pending the outcome of national elections this month.
Peru-New Gold-Silver Property evaluation
Mariana has also adopted a low cost exploration effort in Peru, focussing and following up on new project acquisition opportunities which have been identified.
Corporate
Mariana has decided, from 8 November 2015, to continue with one corporate broker only, Brandon Hill Capital.
Chief Executive Officer Glen Parsons today commented: “Mariana is following through on its strategy of returning optimum value to shareholders through managing its diverse portfolio and driving assets up the project development value curve.
“The growth potential and extent of the Hot Maden discovery remains substantially open with the continuing good results. For example, the 2nd hole in the newly discovered zone, approximately 250m to the south of the reported Mineral Resource Estimate area is indicating a new mineralized body to be tested by ongoing drilling.
“Our strategy remains focused on accruing project value on Mariana’s development curve in all parts of our portfolio by careful management, prioritization and positioning. Notably, the Hot Maden discovery, with exceptional high grade gold ounces reported in record time, has scope to add further value, as exploration and extension drilling continue.
“Mariana remains optimistic about its current portfolio options and the opportunities that are opening up and I look forward to reporting on developments. Accordingly, we anticipate strong news flow for the rest of the year and into 2016.”
Hot Maden drill holes – technical data
Technical data relating to the Hot Maden drill holes being reported are given in the following table:
| Hole ID | Easting | Northing | Elevation (m) | Azimuth | Dip (degrees) |
Depth (m) |
Assays |
| HTD-27 | 740,512.72 | 4,541,869.51 | 918.52 | 090 | -67 | 300 | Complete |
