Mariana Resources Ltd (AIM:MARL) has told DirectorsTalk it will be filing on SEDAR* a Technical Report prepared in accordance with National Instrument 43-101, the Canadian National Instrument for the Standards of Disclosure for Mineral Projects, (‘the Technical Report’). The Technical Report was written and compiled by RungePincockMinarco Limited (“RPM”), globally recognized independent resource specialists.
The Technical Report is focused on the rapidly advancing high grade gold-copper Hot Maden project, north eastern Turkey. The project has gone from the significant gold-copper mineralisation discovery in early 2015 to a maiden Mineral Resource Estimate with high grade gold and copper in both the Indicated and Inferred Resource categories.
* SEDAR is the System for Electronic Document Analysis and Retrieval, administered by the Canadian Securities Administrators.
Chief Executive Officer Glen Parsons today commented: “For Mariana, this level of independent disclosure is an absolute requirement as we move forward with our strategy. We are deemed to be a foreign reporting issuer in Canada and following our recent capital raising with the introduction of further new resource based institutions as major shareholders, it is imperative for Mariana to maintain the highest degree of disclosure that meets globally accepted standards on its significant high grade Gold and Copper Hot Maden project.”
The Technical Report is available on the Company’s website at:http://marianaresources.com/site/media/151028_MarianaReport_news.pdf
Hot Maden Mineral Resource Estimate
On August 18, 2015, Mariana announced its maiden mineral resource estimate for the Hot Maden project. The Mineral Resource estimate was prepared by independent mining consultants RPM, and was based on assay results received for drill holes up to, and including, HTD-17 completed on 25th 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 total maiden Mineral Resource estimate comprises (Mariana has an attributable interest of 30% of this total):
Indicated Category (100%):
2.033 Million Oz Gold Equivalent** (“AuEq”) – (4.71 million tonnes (“Mt”) at 10 grammes per tonne (“g/t”) gold and 102,000 Tonnes (“t”) copper at 2.2% copper, for a gold equivalent grade* of 13.4 g/t)
Inferred Category (100%):
0.968 Million Oz AuEq** – (3.65 Mt at 5.5 g/t gold + 65,000 tonnes copper at 1.8% copper, for a gold equivalent grade* of 8.2 g/t)
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.
