TIDMMARL
AIM: MARL
TSX-V: MARL Suite 102, 3 Eden Street
23 March 2017 North Sydney, NSW 2060
Australia
Additional High Grade Gold-Copper Mineralisation Reported from Infill
and Extension Drilling at the Hot Maden Project, NE Turkey.
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 ongoing diamond drill program at the high grade
Hot Maden gold-copper project in north east Turkey.
Results are reported for a total of 19 new drill holes (HTD-88 to
HTD-106), all of which were completed around the Main Zone resource area
and the "Ridge Area" (the transitional zone between the Main Zone and
new Southern Deposit; Figures 1 & 2). Two of the reported drill holes
(HTD-90 and HTD-106) form part of the 25m x 25m infill drill program
underway in the Main Zone resource area, with the remainder being
step-out holes designed to extend known high grade gold-copper
mineralisation.
Highlights:
-- Two drill rigs currently remain active at Hot Maden, with a third rig
having arrived on site.
-- High grade gold-copper (Au-Cu) mineralisation continues to be intersected
in both infill and step-out drilling on Main Zone sections 4,542,175N and
4,542,225N. Best results include:
Main Zone - Section 4,542,225N
HTD-90: 79.0m @ 8.1 g/t Au + 1.90% Cu from 248m downhole.
(Infill) Including 34m @ 15.2 g/t Au + 1.60% Cu from
256m downhole.
(approximate true width of Au-Cu zone is 55m)
HTD-88: 74m @ 3.0 g/t Au + 1.57% Cu from 326m downhole.
(Step back Including 28m @ 6.3 g/t Au + 1.88% Cu from 326m
downhole.
to HTD-75) and 29m @ 0.3 g/t Au + 1.31% Cu from 422m downhole.
(approximate true width of total Au-Cu zone is 60m)
Main Zone - Section 4,542,175N
HTD-106: 116.5m @ 6.7 g/t Au + 1.70% Cu from 244.5m
downhole.
(Infill) Including 16m @ 35.7 g/t Au + 2.90% Cu from
249m downhole.
(approximate true width of Au-Cu zone is 70m)
HTD-101: 33m @ 4.1 g/t Au + 1.24% Cu from 393m downhole.
(Step back Including 9m @ 13.3 g/t Au + 1.8% Cu from 410m
downhole.
to HTD-78) (approximate true width of Au-Cu zone is 25m)
-- Discovery drilling under the "Ridge Area" (the transitional zone between
the Main Zone resource area and the new Southern Deposit) continues to
return excellent results, with drill holes HTD-92 and HTD-100 both
intersecting significant intervals of high grade gold(-copper)
mineralisation. Host rocks to the Au-Cu mineralization in the Ridge Area
are dominantly dacitic breccias with minor andesites / andesitic
volcaniclastics. Key results include:
HTD-92: 29.0m @ 6.8 g/t Au + 0.49% Cu from 151m downhole.
(Step forward to HTD-80) (approximate true width of Au-Cu zone is 24m)
HTD-100: 32.8m @ 15.5 g/t Au + 1.07% Cu from 311.8m
downhole.
(Step back Including 2m @ 85.3 g/t Au + 0.54% Cu from 321m
downhole.
to HTD-33) (approximate true width of Au-Cu zone is 26m)
-- High grade Au-Cu assays associated with vein / breccia zones continue to
be returned from other scout holes in the "Ridge Area". Highlights
include HTD-93 (2m @ 41.8 g/t Au + 2.47% Cu from 329m downhole; 1m @ 21.7
g/t Au + 0.57% Cu from 339m downhole; and 1m @ 19.2 g/t Au + 3.20% Cu
from 350m downhole) and HTD-102 (2m @ 49.9 g/t Au + 0.14% Cu from 260m
downhole).
-- Including the Ridge Area discovery, multi-phase gold-copper
mineralisation has now been drilled over a strike length of 700m at Hot
Maden.
-- No drilling has yet been undertaken in the southernmost "Russian Mine
Zone", which is located about 1.5 km south of the Main Zone Resource and
where high grade copper-gold mineralisation was extracted prior to 1923
by Russian mining interests. Initial drilling of this prospective zone is
now expected to be undertaken during Q2, 2017 with the 3rd rig having
arrived on site.
-- The Company's cash position as at 1 March 2017 was -US$4.75M
Links to Figures:
http://media.wix.com/ugd/24ee23_652e9ab3db884dcdb6a0a2767aa6be75.pdf
Chief Executive Officer, Glen Parsons, today commented:
"The focus for Mariana and the Joint Venture over the last two months
has been to develop greater confidence in the resource area at Hot Maden
for the purposes of completing the Preliminary Feasibility Study (
"PFS").
"Both infill and step-out drilling has occurred around the Main Zone
resource area, as may be observed in the drill plan in Figure 2.
Results continue to impress and increase our confidence in the high
grade mineralisation and continuity thereof. Furthermore, drilling for
extensions towards the New Southern Discovery zone has yielded
particularly encouraging results with nice intercepts of high grade
Au-Cu complementing the existing mineral resource. If one compares the
mineralisation footprint on the drill plan to that of late last year we
can see the growth and continuity that has been achieved in drill holes
HTD 63 to 106, with a mineralised strike length of now 700m, and which
we are confident will translate into an increased mineral resource for
this developing new zone."
"Drilling is continuing with one rig around the Main Zone for the
completion of PFS-related studies. Meanwhile, the second drill rig is
focused on the New Southern Zone extensions and the third rig which has
now arrived will be deployed over various targets, including the
undrilled Russian Mine Zone."
"Mariana has the ability to comfortably fund its operations well into
the first half of 2018 with its existing cash reserves of US$4.75M; and
expected exercise of "in the money" warrants which would deliver US$1.3M
next month ; and further expected exercise of its remaining warrants
which would provide an additional US$5.0M over the balance of 2017 and
early into 2018."
"Mariana continues to be well positioned to take advantage of
exploration successes in its portfolio and we look forward to updating
the market accordingly."
Hot Maden Gold-Copper Project Update
Approximately 34,000 m of diamond drilling have now been completed by
the Mariana-Lidya JV at Hot Maden since November, 2014 (Figures 1 and
2). Recent drilling activities have dominantly focused on: -
-- Main Zone: Two infill drill holes were completed on sections 4,542,175N
and 4,542,225N, with step-out drilling also being completed around the
margins of the current Main Zone resource area. Selected holes utilised
for geotechnical studies and metallurgical testwork.
-- Deeper step-out drilling continued in the "Ridge Area", which lies in the
transitional zone between the Main Zone and new Southern Deposit.
No significant work has yet been undertaken in the area of the former
Russian mines (Figure 1).
Main Zone Resource Area
The planned 25m infill drill program in the Main Zone resource area
advanced with a further two holes (HTD-90 and HTD-106) being completed
on sections 4,542,225N and 4,542,175N, respectively. To date, this
program has been highly successful in confirming the internal continuity
of the high-grade gold-copper mineralisation within the Main Zone. In
addition, step-out drilling was also advanced along the margins of the
Main Zone resource area.
On cross-section 4,542,225N (Figures 3a and 3b), infill drill hole
HTD-90 returned 79m @ 8.1 g/t Au + 1.90% Cu from 248m downhole in a
multiphase, chalcopyrite-pyrite-hematite-jasper-bearing breccia. A
further two step-back holes on this same section (including HTD-88: 74m
@ 3 g/t Au + 1.57% Cu from 326m downhole and 29m @ 0.3 g/t Au + 1.31%
Cu) succeeded in extending the down dip extension of the Au-Cu
mineralised zone. However, Au-Cu grades decrease significantly at a
vertical depth of 350m from surface (500m RL) as late-stage anhydrite
floods the mineralised multiphase breccia. The source of this
late-stage anhydrite is currently not clear; deeper drilling will be
required to establish what happens to the mineralized breccia below the
500m RL level.
Infill drill hole HTD-106 (cross-section 4,542,175N) successfully
intersected 116.5m @ 6.7 g/t Au + 1.70% Cu from 244.5m downhole, and
confirmed the continuity of high grade Au-Cu mineralisation within the
core of the Main Zone resource. This drill hole also intersected the
"Ultra High Grade" mineral domain (16m @ 35.7 g/t Au + 2.90% Cu from
249m downhole) that typically lies on the eastern margin of the
multiphase breccia system.
New drilling on cross-section 4,542,125N (Figure 4) included holes
HTD-89 and HTD-91. Drill hole HTD-89 (37.6m @ 1.9 g/t Au + 1.34% Cu from
304.4m downhole and 32m @ 1.2 g/t Au + 1.67% Cu from 349m downhole) is
the step-back hole to HTD-82 and has confirmed a down-dip extension to
the main Au-Cu mineralised zone. However, as is the case in adjacent
sections, the tenor of the Au-Cu mineralisation is diminished due to the
presence of late-stage anhydrite at these depths. Hole HTD-91 appears to
lie close to a (fault?) contact which juxtaposes well-mineralised
andesites and andesitic breccias to the E with poorly-mineralised
dacites to the west.
"Ridge Area"
High grade Au-Cu mineralisation continues to be intersected in scout
drilling in the Ridge Area. Best results include HTD-92 (29.0m @ 6.8 g/t
Au + 0.49% Cu from 151m downhole; Section 5,452,200N - Figure 5) and
HTD-100 (32.8m @ 15.5 g/t Au + 1.07% Cu from 311.8m downhole; Section
4,542,75N). In addition, high grade vein / breccia zones were also
intersected in HTD-93 (e.g. 2m @ 41.8 g/t Au + 2.47% Cu) and HTD-102 (2m
@ 49.9 g/t Au + 0.14% Cu).
Gold-copper mineralization in the "Ridge Area" is mostly hosted by
dacites, with the mineralisation tending to occur in discreet,
sub-parallel and sub-vertical vein / breccia zones. These features may
suggest that these dacitic units acted as more rigid blocks in the
deformation history of the Hot Maden Fault Zone (as compared to the
andesite hosted Main Zone to the North); further structural
interpretation will be required in order to connect the main mineralized
trends.
Table 1: Summary of assays for drill holes HTD-88 to HTD-106 (see also
Figures 1 to 5 for drill hole locations and key cross sections).
From To Intercept
Drill Hole (m) (m) (m) Au g/t Cu % Zn % Comments
HTD-88
(Line 2225N) 119.0 161.0 42.0 - - 0.98 Zinc Zone
232.0 242.0 10.0 - - 2.35
274.0 278.0 4.0 - - 7.32
326.0 400.0 74.0 3.0 1.57 - Main Au-Cu Zone
Including 326.0 354.0 28.0 6.3 1.88 -
422.0 451.0 29.0 0.3 1.31 -
HTD-89
(Line 2125N) 233.7 238.4 4.7 0.5 0.55 2.53 Zinc Zone
248.0 252.0 4.0 0.3 - 1.96
304.4 342.0 37.6 1.9 1.34 - Main Au-Cu Zone
Including 311.0 313.0 2.0 16.7 4.72 -
349.0 381.0 32.0 1.2 1.67 -
HTD-90
(Line 2225N) 77.0 85.0 8.5 0.2 - 1.51 Zinc Zone
134.0 154.0 20.0 0.2 - 2.12
164.0 198.0 34.0 0.2 - 3.94
248.0 327.0 79.0 8.1 1.90 - Main Au-Cu Zone
Including 256.0 290.0 34.0 15.2 1.60 -
HTD-91 Ridge Area
(Line 2125N) 175.6 180.0 4.4 0.9 1.82 - (Dacite)
215.6 226.1 10.5 1.8 1.73 -
HTD-92 Ridge Area
(Line 2000N) 33.0 34.0 1.0 6.1 0.92 - (Dacite)
138.0 139.0 1.0 5.4 0.17 -
151.0 180.0 29.0 6.8 0.49 -
HTD-93 Ridge Area
(Line 2000N) 293.0 295.0 2.0 - 4.25 - (Dacite)
329.0 331.0 2.0 41.8 2.47 -
339.0 340.0 1.0 21.7 0.57 -
350.0 351.0 1.0 19.2 3.20 -
353.0 354.0 1.0 6.8 0.26 -
357.0 359.0 2.0 7.3 0.72 -
390.0 391.0 1.0 6.3 0.17
438.0 443.5 5.5 1.0 2.78
HTD-94 140.0 153.0 13.0 0.6 0.26 - QV Zone
(Line 2000N) 169.0 196.0 27.0 - - 2.29 Zinc Zone
HTD-95 Ridge Area
(Line 1950N) 32.0 33.0 1.0 7.8 5.48 - (Dacite)
202.0 203.0 1.0 4.7 0.48 -
210.0 211.0 1.0 7.5 0.47 -
235.0 236.0 1.0 13.2 0.06 -
HTD-96 Ridge Area
(Line 1950N) 26.5 30.0 3.5 1.3 0.44 - (Dacite)
HTD-97 Ridge Area Qtz
(Line 2050N) 251.0 254.0 3.0 - 2.86 - Veins
417.4 421.0 3.6 0.9 3.81 -
423.0 424.0 1.0 4.4 0.20 -
512.0 515.0 3.0 3.4 0.11 -
HTD-98 Ridge Area
(Line 2275N) 154.0 159.0 5.0 - 1.85 - (Dacite)
169.0 177.0 8.0 0.64 0.19 -
HTD-99 81.0 85.0 4.0 1.1 0.19 0.28 Au-Zn Zone
(Line 2250) 107.9 119.2 11.3 0.2 1.02 0.22
125.0 131.5 6.5 0.2 1.00 -
140.0 142.5 2.5 0.2 1.08 0.05
193.0 211.0 18.0 0.8 - 0.15
Main Au Cu Zone
(Northern
237.5 242.0 4.5 0.3 3.14 - Margin)
302.0 317.0 15.0 1.6 0.78 -
333.0 358.0 25.0 0.6 0.78 -
362.0 367.0 5.0 0.9 3.49 -
388.0 400.0 12.0 0.9 1.60 -
410.0 414.0 4.0 3.4 2.22 -
HTD-100 Ridge Area Au-Cu
(Line 2075N) 298.0 300.5 2.5 1.2 4.28 - Zone
311.8 344.6 32.8 15.5 1.07 -
Including 321.0 323.0 2.0 85.3 0.54 -
426.0 445.0 19.0 - - 1.80 Zinc Zone
HTD-101
(Line 2175N) 53.0 60.0 7.0 - - 1.57 Zinc Zone
205.0 210.0 5.0 - 1.24 -
275.0 296.0 21.0 - - 1.39
393.0 426.0 33.0 4.1 1.24 - Main Au-Cu Zone
Including 410.0 419.0 9.0 13.3 1.80 -
HTD-102 Ridge Area Qtz
(Line 2075N) 250.2 251.2 1.0 3.4 5.23 - Veins
260.0 262.0 2.0 49.9 0.14 -
HTD-103 Ridge Area Au-Cu
(Line 2075N) 230.0 235.0 5.0 - 1.30 - Zone
301.0 304.5 3.5 - 0.72 -
329.2 372.0 42.8 1.9 1.37 -
Including 329.2 333.0 3.8 12.8 5.72 -
389.0 390.1 1.1 0.5 4.81 -
391.0 418.0 27.0 0.3 0.64 -
HTD-104 Main Au-Cu Zone,
(Line 2225N) 424.3 439.0 14.7 0.5 - - Anhydrite
448.0 466.0 18.0 0.3 1.58 -
HTD-105
(Line 2300N) 35.0 48.2 13.2 - - 2.10 Au-Zn Zone
109.0 117.0 8.0 0.4 0.65 2.86
125.0 129.0 4.0 0.3 0.87 4.75
HTD-106
(Line 2175N) 244.5 361.0 116.5 6.7 1.70 - Main Au-Cu Zone
Including 249.0 265.0 16.0 35.7 2.90 -
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 was 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 1 m intervals (in
clearly mineralised sections) or 2 m intervals (elsewhere), with one
half of the core being placed in a sealed sample bag and dispatched to
the analytical laboratory for analysis. Samples have been analysed at
ALS Laboratories' facility in Izmir, western Turkey. All samples have
been analysed for gold using a 30g Fire Assay with AAS finish (or Screen
Fire Assay for higher grade samples), in addition to a 32 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) were reanalysed using the AAS analytical technique, Standards and
blanks were inserted in to the analytical sequence on the basis of one
standard for every 20 samples, 2 blanks in every batch, and one
duplicate every 40 samples.
Health, Safety, and Environment (HSE)
No HSE incidents have been reported during the current diamond drill
program.
Hot Maden drill holes - technical data
Technical data relating to Hot Maden diamond drill holes HTD-88 to
HTD-107 are given in the following table.
Elevation Dip Depth
Hole ID Easting Northing (m) Azimuth (degrees) (m) Assays
HTD-88 740,789.1 4,542,217.7 876.3 272 -74 468 Complete
HTD-89 740,813.9 4,542,115.6 869.7 273 -62 447 Complete
HTD-90 740,787.7 4,542,217.5 876.4 270 -63 385 Complete
HTD-91 740,765.9 4,542,126.0 865.9 270 -48 273 Complete
HTD-92 740,495.4 4,542,002.1 922.7 090 -60 264 Complete
HTD-93 740,404.7 4,542,002.2 875.9 090 -60 468 Complete
HTD-94 740,496.3 4,542,003.1 922.6 090 -45 231 Complete
HTD-95 740,444.5 4,541,952.3 913.4 090 -60 330 Complete
HTD-96 740,483.6 4,541,948.0 935.6 090 -60 270 Complete
HTD-97 740,415.6 4,542,049.2 877.2 085 -65 525 Complete
HTD-98 740,527.9 4,542,283.3 877.8 082 -65 345 Complete
HTD-99 740,522.4 4,542,255.1 869.3 090 -65 429 Complete
HTD-100 740,455.9 4,542,078.7 910.7 090 -60 460 Complete
HTD-101 740,787.4 4,542,175.3 874.0 270 -75 516 Complete
HTD-102 740,456.6 4,542,081.1 911.2 090 -51 285 Complete
HTD-103 740,456.1 4,542,081.1 911.1 090 -63 489 Complete
HTD-104 740,789.6 4,542,215.2 876.4 272 -79 483 Complete
HTD-105 740,583.3 4,542,297.3 878.7 090 -40 228 Complete
HTD-106 740,787.4 4,542,174.9 873.8 270 -61 491 Complete
HTD-107 740,619.0 4,542,325.9 885.0 090 -64 300 Pending
Mariana Resources Limited
"Glen Parsons"
Glen Parsons, CEO
**S**
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.
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 Resources
Mariana 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 project
where first drilling was reported on February 14, 2017, to have
intersected porphyry-style gold-copper mineralisation.
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 km(2) ) in the Bondoukou area, and ii) 4 licenses under
application (1,593 km(2) ) 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.
1. *-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.
2. **-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 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.
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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
http://www.marianaresources.com/index.php
(END) Dow Jones Newswires
March 23, 2017 03:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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