AIM:
MARLTSX-V: MARL 14 February 2017 |
Granite House, La Grande Rue,St. Martin, Guernsey,
GY1 3RS Channel Islands |
Initial Drilling at 100%-Owned Ergama Project
Intersects Porphyry-Style Gold-Copper Mineralization
Mariana Resources Limited ('Mariana' or 'the
Company'), the TSX.V and AIM (MARL) listed exploration and
development company with projects in Turkey, South America, and
Côte d'Ivoire, is pleased to provide the following update on the
maiden diamond drill program currently underway at its 100%-owned
Ergama gold-copper project in Balikesir province, western Turkey
(Figure 1).
To date, three of the seven proposed drill holes
(ERD-01 to ERD-03, for a total meterage of 1,522m) have been
completed, with assays having now been received for the first two
holes (Figures 2-4). Targets to be tested in this initial drill
program include the northern margins of two porphyry gold-copper
("Au-Cu") targets (the Main Porphyry Target and Porphyry Target B),
in addition to a high grade, vein / fault-hosted
epithermal gold-silver target.
The Ergama project licence covers an area of
2,168 Ha (21.6 km2), and is located 90km SE of Teck-Pilot Gold's
Halilaga Au-Cu project in the highly mineralised Biga Peninsula,
and 230 km west north west of Eldorado Gold's Kisladag gold mine
(2016 production of 211,000 oz gold).
Highlights
- Drill holes ERD-01 and ERD-02 were collared on
the northern margin of the Main Porphyry Target (Figures 2 & 3)
and successfully intersected long intervals of gold-bearing,
porphyry-style quartz (-pyrite +/- chalcopyrite) stockwork
mineralisation (Figure 5). However, host rock alteration
assemblages are dominantly phyllic and suggest that these drill
holes may be distal to the potassic-altered (and potentially better
mineralised) core of the porphyry system. Increasing Au-Cu grades
at the bottom of ERD-02, which was drilled from north to south,
also suggest that the core of the porphyry system lies to the south
of current drilling. The Main Porphyry Target was originally
defined through a combination of surface hydrothermal alteration
and a >1km long IP Chargeability anomaly which remains open to
the south.
- Drill hole ERD-02 returned a downhole average of
626.4m @ 0.18 g/t Au and terminated in the highest-grade
interval to date (56.4m @ 0.33 g/t Au + 0.12% Cu from
570m downhole). Other better grade intercepts include (Table
1):
- 141m @ 0.23 g/t Au from 57m downhole.
- 56m @ 0.22 g/t Au from 274m downhole.
- 156.4m @ 0.25 g/t Au from 470m downhole,
including 56.4m @ 0.33 g/t Au + 0.12% Cu from 570m
downhole.
- A 1m interval from 621m downhole in ERD-02 close to bottom of
hole at 626.4m assayed 0.79 g/t Au + 0.15% Cu (Figure 5).
- Drill hole ERD-01 returned the following mineralised
intercepts:
- 66m @ 0.22 g/t Au from 43.8 m downhole.
- 88m @ 0.19 g/t Au from 117.8m downhole.
- 22m @ 0.25 g/t Au from 215.8m downhole.
- For reference, Teck-Pilot Gold's Halilaga Project has a
reported Indicated Mineral Resource of 182.7Mt @ 0.30 g/t Au +
0.27% Cu and an Inferred Mineral Resource of 178.7Mt @ 0.24 g/t Au
+ 0.23% Cu.
- Hole ERD-03 was drilled on the far north-western margin
of the Main Porphyry Target and intersected dominantly argillic /
phyllic altered andesite porphyry (with quartz - pyrite stockworks)
and localized blocks of recrystallized carbonate-rich rocks
(probably sourced from basement rock sequences). Assays are
pending.
- Next planned drill holes (ERD-04 and ERD-05) will target the
high grade, vein / fault-hosted epithermal gold-silver system.
Previous surface rock chip sampling from this sector returned gold
values up to 16 g/t.
- Permitting of new drill holes over the central portion of the
Main Porphyry Target is currently being undertaken, with drilling
expected to commence as soon as the permits are granted.
Link to figures:
http://media.wix.com/ugd/24ee23_7c4901e219b143aba053bc3767df0034.pdf
Chief Executive Officer Glen Parsons today
commented:
"The first two holes of the initial scout
drilling program at our 100% Ergama Project in Western Turkey are
encouraging and indicate the presence of a mineralised gold-copper
porphyry system.
"The positive results from holes 1 and,
particularly, 2 show strong stockworking on the margin in the
phyllic zone with grades increasing at depth to the south and
potentially closer to the main potassic zone. This main zone
appears to be further south and close to the centre of the 1km2
chargeability anomaly as shown in Figure 2. Drill permitting
is currently in process to allow testing of this main zone to the
south as can be seen in Figure 3.
"What is encouraging are the initial grades from
our first two holes on the margin of the system are similar to
reported resource grades for other projects in the area and we
still have yet to test the main zone.
"I look forward to updating the market with
assays pending for hole 3 and the high grade gold silver vein
targets currently being drilled, as well as further updates from
Hot Maden and our portfolio in general."
General Discussion
The drilling completed to date at Ergama appears
to confirm our conceptual model of a porphyry-style gold-copper
system underlying, and slightly offset from, an essentially barren
quartz-alunite(+/-clay) "lithocap". Drill holes ERD-01 and ERD-02
are the first holes to test this model and, whilst initial results
have been positive, both the observed hydrothermal alteration
assemblages and general increase in Au-Cu grades towards the south
are suggesting that the key potassic zone (and likely the most
metal-rich part of the system) is located to the south of current
drilling. Permitting of drill holes in this area is currently in
progress, with drilling expected to be undertaken as soon as the
permits are granted.
Previous drilling at the Ergama project by
Newmont in 2004 was restricted to a short (1,140m in 8 holes)
Reverse Circulation (RC) drill program. This RC program focused on
the low temperature chalcedonic silica "caps" found on topographic
highs within the northern part of the Ergama project, and only
returned low level gold values (note that these "caps" form part of
the barren "lithocap"). Newmont's only "deep" drill hole (244m
total depth) was drilled in unmineralised volcanic rocks lying
between our Main Porphyry Target and Porphyry Target B, leaving
Mariana's 2017 drill program to be the first to test the porphyry
gold-copper concept.
Table 1: Significant intercepts from ERD-01
and ERD-02.
Drill Hole |
From (m) |
To (m) |
Intercept (m) |
Au g/t |
Cu % |
Comments |
|
|
|
|
|
|
|
ERD-01 |
43.8 |
109.8 |
66.0 |
0.22 |
<0.1 |
Phyllic altered andesite / diorite porphyry |
|
117.8 |
205.8 |
88.0 |
0.19 |
<0.1 |
|
215.8 |
237.8 |
22.0 |
0.25 |
<0.1 |
|
279.8 |
285.8 |
6.0 |
0.20 |
<0.1 |
|
317.8 |
329.8 |
12.0 |
0.20 |
<0.1 |
|
373.8 |
383.8 |
10.0 |
0.21 |
<0.1 |
|
|
|
|
|
|
|
ERD-02 |
57.0 |
198.0 |
141.0 |
0.23 |
<0.1 |
Phyllic altered andesite / diorite porphyry |
|
226.0 |
244.0 |
18.0 |
0.18 |
<0.1 |
|
274.0 |
330.0 |
56.0 |
0.22 |
<0.1 |
|
340.0 |
378.0 |
38.0 |
0.15 |
<0.1 |
|
470.0 |
626.4 |
156.4 |
0.25 |
<0.1 |
Including |
570.0 |
626.4 |
56.4 |
0.33 |
0.12 |
|
|
|
|
|
|
|
Note- due to the nature of the samples true
widths cannot be
determined.
Quality Control and Assurance
Mineralised intervals presented in Table 1 are
drill intersection widths and may not represent true widths of
mineralisation. Drill core obtained from the diamond drill program
is dominantly HQ-sized core with the remainder being PQ-sized core.
All drill core was photographed and quick logged prior to sampling.
Standard sampling protocol involved the halving of all drill core
and sampling over generally 2 m intervals, with one half of the
core being placed in a sealed sample bag and dispatched to the
analytical laboratory for analysis and the other half remaining on
site in core trays. Samples were analysed at ALS Laboratories'
facility in Izmir, western Turkey. All samples have been analysed
for gold using a 30g Fire Assay with AAS finish, in addition to a
35 element ICP-AES analysis of an aqua regia digest. Samples
in which ICP analyses returned greater than the maximum detection
limit for the elements Ag (10 ppm), Cu (10,000 ppm), Fe (15%), Pb
(10,000 ppm), and Zn (10,000 ppm) are reanalysed using the AAS
analytical technique, Standards and blanks were inserted in to the
analytical sequence on the basis of one standard or blank for every
20 samples and one duplicate sample approximately every 50
samples.
Health, Safety, and Environment (HSE)No
HSE incidents have been reported during the current diamond drill
program.
Ergama Project drill holes - technical data
Table 2: Technical data relating to the
completed diamond drill holes ERD-01 to ERD-03 and proposed drill
holes ERD-04 to ERD-07. Datum is UTM ED50 35S.
Hole ID |
Easting |
Northing |
Azimuth |
Dip(degrees) |
Depth (m) |
Assays |
Target |
ERD-01 |
551,485 |
4,385,060 |
180 |
-75 |
480.0 |
Complete |
Porphyry |
ERD-02 |
551,485 |
4,385,060 |
180 |
-45 |
626.4 |
Complete |
Porphyry |
ERD-03 |
551,240 |
4,385,100 |
180 |
-75 |
416.1 |
Pending |
Porphyry |
ERD-04 |
552,150 |
4,385,800 |
180 |
-70 |
Planned |
Pending |
HG AuAg |
ERD-05 |
552,070 |
4,385,830 |
090 |
-70 |
Planned |
Pending |
HG AuAg |
ERD-06 |
553,170 |
4,385,700 |
000 |
-90 |
Planned |
Pending |
Porphyry |
ERD-07 |
551,500 |
4,385,460 |
180 |
-75 |
Planned |
Pending |
Porphyry |
**ENDS**
Qualified PersonThe 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 and for
the purposes of AIM rules. 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). Dr Roth has 25 years of experience in international
minerals exploration and mining project evaluation.
|
|
|
Glen Parsons (CEO) |
Mariana Resources
Ltd |
+61 2 9437 4588 |
Eric Roth (COO) |
Mariana Resources
Ltd |
+56 9 8818 1243 |
Karen Davies (IR) |
Mariana Resources Ltd
(Canada) |
+1 604 314 6270 |
Rob Adamson |
RFC Ambrian Limited
(Nomad) |
+61 2 9250 0041 |
Will Souter |
RFC Ambrian Limited
(Nomad) |
+61 2 9250 0050 |
In U.K. |
|
|
Oliver Stansfield |
Brandon Hill Capital
(UK Broker) |
+44 20 3463 5061 |
Jonathan Evans |
Brandon Hill Capital
(UK Broker) |
+44 20 3463 5016 |
Camilla Horsfall |
Blytheweigh (Financial
PR) |
+44 20 7138 3224 |
Megan Ray |
Blytheweigh (Financial
PR) |
+44 20 7138 3203 |
About Mariana ResourcesMariana Resources Ltd is a TSX.V
and AIM (MARL) quoted exploration and development company with an
extensive portfolio of gold, silver, and copper projects in South
America, Turkey, and Ivory Coast.
Mariana's most advanced asset is the Hot Maden
gold-copper project in northeast Turkey, which is a joint venture
with Turkish partner Lidya Madencilik (30% Mariana and 70%
Lidya) and which is rapidly advancing to development. On
January 17, 2017, Mariana released the results of a Preliminary
Economic Study ("PEA") which demonstrated exceptional potential
economics for the Hot Maden Project (after-tax NPV and IRR of USD
1.37B and 153%, respectively) based on a development scenario
incorporating a 1Mtpa underground mining / processing operation and
the production of two saleable concentrates (a copper-gold
concentrate and a gold-pyrite concentrate). This PEA was based on
the updated (July 25, 2016) mineral resource estimate of 3.43 Moz
gold equivalent (Indicated Category) and 0.09 Moz gold equivalent
(Inferred Category) (100% basis) in the Main Zone, as well as a
maiden 351,000 Moz gold equivalent (Inferred Category) (100% basis)
resource in the New Southern Discovery. Elsewhere in Turkey,
Mariana holds a 100% interest in the Ergama gold-copper project.
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 km2) in the
Bondoukou area, and ii) 4 licenses under application (1,593 km2) 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 southern Argentina, the Company's core
gold-silver projects are Las Calandrias (100%), Sierra Blanca
(100%), Los Cisnes (100%), and Bozal (100%). These projects are
part of a 100,000+ 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.
|
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.
- *-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.
- **-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 HarbourThis 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.
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