TIDMMARL
AIM: MARL Suite 102, 3 Eden Street
1 September 2015 North Sydney, NSW 2060
Australia
High Grade Gold-Copper Mineralisation Extends Outside the Reported
Mineral Resource at Hot Maden Project, Turkey
Mariana Resources Ltd ("Mariana" or the "Company") (AIM:MARL) reports
further high grade gold-copper (Au-Cu) intercepts from ongoing drilling
at the Hot Maden Project, north east Turkey. Following the initial
mineral resource estimate published by Mariana on the 18th August 2015
further new complementary assays (Figure 2) have been received from JV
partner Lidya Madencilik Sanayi ve Ticarte S.A. ("Lidya") for three
drill holes (HTD-18, HTD-20, and HTD-22) (Figure 3,4 & 6) which extend
known Au-Cu mineralisation both down-dip and to the north. Assays are
also reported for two exploration holes (HTD-19 and HTD-21), the first
drill testing of the southern extension of the Hot Maden system.
Highlights from the 5 drill holes include:
Resource Extension Drilling:
HTD-18: 108.2m @ 3.0 g/t Au + 1.3% Cu from 292.0m
downhole
Including 12m @ 6.4 g/t Au + 2.8% Cu (330.0m - 342.0m) and
9m @ 12.4 g/t Au + 0.8% Cu (384.0m - 393.0m)
HTD-20: 88.5m @ 1.8 g/t Au + 2.3% Cu + 1.9% Zn from 1.5m
downhole
Including 3.5m @ 12.5 g/t Au + 5.7% Cu (48.5m - 52.0m)
HTD-22: 43.8m @ 7.7 g/t Au + 1.2% Cu from 342.2m downhole
Including 13.8m @ 23.3 g/t Au + 1.6% Cu (98.0 - 114.0m)
Exploration Drilling (Southern Area - Hot Maden Fault Zone)
HTD-19: 12.1m @ 2.1 g/t Au + 0.7% Cu from 209.3 m
downhole, and 36m @ 4.3% Zn and 13.3m @ 7.75% Zn from 271.0 m and 312.0m
downhole, respectively.
HTD-21: 64.1m @ 0.8 g/t Au + 0.3% Cu + 140ppm Mo from
103.4m downhole Including 0.8m @ 9.6 g/t Au + 0.4% Cu (157.9m - 158.7m).
Chief Executive Officer Glen Parsons today commented:
"Drilling continues to extend the high grade gold and copper
mineralisation at Hot Maden to beyond the current limits of our 3.0M oz
Gold Equivalent mineral resource. In particular, drill holes HTD-18, 20
and 22 will ultimately add positive inventory to this existing mineral
resource, including the continuity of the high grade core zone. A key
point to note is the northern end where we considered it to be closed
off, has now added further mineralisation with compelling Au-Cu grade at
surface with potential remaining at depth.
"Encouragingly the exploration holes to the south have also intercepted
high grade gold in narrower structures. As drilling unfolds, this area
could have additional resource potential should further economic
mineralisation be discovered.
"One fact that is starting to build interest for the team is the
development of the higher grade zinc zones, which to date have not been
considered in the mineral resource estimate at all. The increase in
zinc grades we are seeing in the north and at depth as well as the
emergence of elevated molybdenum assays could add to the scope of the
project, if greater tonnage can be achieved. The potential for a
mineralised intrusive at depth also adds to the upside at Hot Maden.
This could be a bonus to the project, as it is outside the current high
grade Au-Cu zone.
"With drilling continuing by Lidya I look forward to updating the market
with progress at Hot Maden."
Links to Figures:
http://marianaresources.com/site/media/September_1_NR_Maps.pdf
Resource Extension Drilling: Drill holes HTD-18 and HTD-22 represent
"step back holes" to holes HTD-15 and HTD-11/12 (which were included in
the August 18, 2015 Mineral Resource Estimate), and confirm extensions
at depth to the high grade Au-Cu mineralisation identified in sections
4,542,200N and 4,542,100N, respectively. Drill hole HTD-20 was equally
successful in confirming a near surface, northern extension to the
massive sulphide mineralisation intersected in discovery drill hole
HTD-04 and scissor hole HTD-17. Drill hole HTD-20 is also the first
high grade Au-Cu interval to report significant Zn mineralisation, and
may represent a marginal zone to the overall southerly-plunging Au-Cu
mineralised zone.
Exploration Drilling: Drill holes HTD-19 and HTD-21 were exploration
holes designed to test for Au-Cu mineralization along the southern
extension of the Hot Maden Fault Zone. Both drill holes intersected
limited, near surface zones of quartz-sulfide veining and associated
silicification, with extensive intervals of high grade Zn(-Pb)
mineralisation being intersected at depth in HTD-19. Elevated molybdenum
values in drill hole HTD-21 (average 140 ppm, one assay of 0.6% Mo) also
indicate the presence of a potential mineralised intrusive
(porphyry-type?) system at depth.
Drill Holes in Progress
The drilling of diamond drill holes HTD-23 and HTD-24 has commenced.
-- Drill hole HTD-23 (Figure 2) is an exploration hole located in the
Southern Area (Hot Maden Fault Zone), and will test for Au-Cu and Zn
mineralisation to the East of HTD-19.
-- Drill hole HTD-24 (Figures 2) is a "step forward" hole designed to test
for near-surface extensions to the high grade Au-Cu mineralisation
intersected in drill holes HTD-10/-15/-18 (section 4,542,200N).
Table 1: Summary of significant intercepts in drill holes HTD-18 to
HTD-22 (Figure 7 Histograms)
Intercept
Drill Hole From (m) To (m) (m) Au g/t Cu % Zn % Zone
HTD-18 207.0 215.0 8.0 - - 1.29 Zinc Zone
226.0 231.0 5.0 - - 1.14
Au-Cu
270.3 273.0 2.7 0.2 2.74 - Zone
292.0 400.2 108.2 3.0 1.35 -
Including 330.0 342.0 12.0 6.4 2.84 -
373.0 375.0 2.0 8.6 5.40 -
384.0 393.0 9.0 12.4 0.80 -
Au-Cu
HTD-19 193.0 194.0 1.0 0.93 1.02 - Veins
209.3 221.4 12.1 2.10 0.70 -
Zinc
271.0 307.0 36.0 - - 4.29 Zone
Including 300.0 305.0 5.0 2.5 0.18 6.34
312.0 325.3 13.3 - - 7.75
329.0 344.0 15.0 - - 3.53
Mixed
Au-Cu Zn
HTD-20 1.5 90.0 88.5 1.8 2.34 1.96 Zone
Including 13.0 19.0 6.0 1.5 2.06 6.87
27.0 31.0 4.0 0.8 1.53 7.72
42.0 45.0 3.0 1.3 3.05 9.31
48.5 52.0 3.5 12.5 5.68 0.14
53.0 61.0 8.0 1.1 1.35 5.76
Au-Cu
HTD-21 16.0 19.0 3.0 2.2 0.05 - Veins
21.0 24.0 3.0 1.9 0.11 -
63.0 64.0 1.0 6.3 0.21 -
67.0 69.9 2.9 1.3 1.59 -
85.0 86.0 1.0 3.6 0.59
Plus 140
103.4 167.5 64.1 0.79 0.32 ppm Mo
Including 129.1 130.1 1.0 4.4 0.65
157.9 158.7 0.8 9.6 0.45
179.0 181.0 2.0 1.2 0.97
183.0 188.0 5.0 0.8 0.25 2.36 Zn Zone
202.0 224.9 22.9 0.5 0.08 3.01
230.0 242.0 12.0 0.1 0.10 1.70
254.0 261.0 7.0 1.44
HTD-22 155.5 161.5 6.0 - - 2.25 Zn Zone
186.0 188.0 2.0 - - 3.57
261.9 266.0 4.1 - - 2.60
285.0 293.0 8.0 2.11
Au-Cu
342.2 386.0 43.8 7.7 1.20 - Zone
Including 342.2 356.0 13.8 23.3 1.58 -
Hot Maden Mineral Resource Estimate
On August 18, 2015, Mariana reported a maiden mineral resource estimate
for the Hot Maden project. The Mineral Resource estimate was prepared by
independent mining consultants RungePincockMinarco Limited ("RPM"), and
was based on assay results received for drill holes up to, and including,
HTD-17 completed on 25(th) 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 maiden Mineral Resource estimate comprises:
Hot Maden Deposit (100% basis)
August 2015 Mineral Resource Estimate (2g/t AuEq*
Cut-off)
Indicated Mineral Resource
Domain Tonnes Au Cu AuEq Au Cu AuEq
t g/t % g/t* Ounces Tonnes Ounces**
Main Zone LG 481,000 0.9 1.0 2.4 14,000 5,000 37,000
Main Zone HG 3,199,000 5.2 1.8 8.0 537,000 56,000 822,000
(MORE TO FOLLOW) Dow Jones Newswires
September 01, 2015 02:04 ET (06:04 GMT)
Main Zone UHG 1,031,000 29.2 4.0 35.4 967,000 41,000 1,174,000
Total 4,710,000 10.0 2.2 13.4 1,518,000 102,000 2,033,000
Inferred Mineral Resource
Domain Tonnes Au Cu AuEq Au Cu AuEq
t g/t % g/t* Ounces Tonnes Ounces**
Main Zone LG 819,000 0.8 1.0 2.4 21,000 8,000 62,000
Main Zone HG 2,291,000 3.1 2.0 6.2 228,000 45,000 455,000
Main Zone UHG 326,000 36.2 3.3 41.4 379,000 11,000 434,000
Peripheral Lodes 218,000 1.8 0.4 2.4 13,000 1,000 17,000
Total 3,654,000 5.5 1.8 8.2 640,000 65,000 968,000
Total Mineral Resource
Domain Tonnes Au Cu AuEq Au Cu AuEq
t g/t % g/t* Ounces Tonnes Ounces**
Main Zone LG 1,299,000 0.8 1.0 2.4 35,000 13,000 100,000
Main Zone HG 5,490,000 4.3 1.9 7.2 765,000 101,000 1,277,000
Main Zone UHG 1,357,000 30.9 3.8 36.9 1,346,000 52,000 1,608,000
Peripheral Lodes 218,000 1.8 0.4 2.4 13,000 1,000 17,000
Total 8,364,000 8.0 2.0 11.2 2,159,000 167,000 3,001,000
Note from RPM:
1. The Statement of Estimates of Mineral Resources has been
compiled under the supervision of Mr. Stewart Coates who is a full-time
employee of RPM and a Member of the Association of Professional
Engineers and Geoscientists of the Province of British Columbia. Mr.
Coates has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity that he has undertaken to qualify as a Qualified Person as
defined in the CIM Standards of Disclosure and as a Competent Person as
defined in the JORC Code (2012).
2. All Mineral Resources figures reported in the table above
represent estimates based on drilling completed up to 25 June, 2015.
Mineral Resource estimates are not precise calculations, being dependent
on the interpretation of limited information on the location, shape and
continuity of the occurrence and on the available sampling results. The
totals contained in the above table have been rounded to reflect the
relative uncertainty of the estimate. Rounding may cause some
computational discrepancies.
3. 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.
4. Mineral Resource grades are estimated in accordance with the
CIM Standards and reported in accordance with JORC 2012.
5. Mineral Resources reported on a dry in-situ basis.
6. LG = low grade, HG = high grade and UHG = ultra-high grade.
7. Reported at a 2g/t AuEq cut-off.
Hot Maden Definitive Agreement
Aegean Metals Group Inc. signed a Definitive Agreement with Lidya
Madencilik Sanayi ve Ticaret A.S. ("Lidya") on 24 June 2014, through
which Lidya retains the exclusive right to earn-in to a 70% interest in
the Hot Maden Project by incurring a total of USD 2.5 million of
combined exploration expenditures and USD 0.5 million cash payments
within a 48 month period. Prior to the commencement of the Phase II
drill program, Lidya had invested approximately USD 700,000 on
exploration at Hot Maden.
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 from the Phase II drill program are being analysed at ALS
Laboratories' facility in Izmir, western Turkey. All samples are
analysed for gold using a 30g Fire Assay with AAS finish, 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 completed drill holes at Hot Maden are given
in the following table:
Elevation Dip Depth
Hole ID Easting Northing (m) Azimuth (degrees) (m) Assays
Phase I
HTD-01 740,503.26 4,541,740.88 902.58 245 -60 223 Complete
HTD-02 740,602.64 4,542,143.24 877.77 222 -60 286 Complete
HTD-03 740,514.81 4,541,793.26 910.87 270 -60 150 Complete
HTD-04 740,609.82 4,542,260.07 893.42 090 -60 185 Complete
HTD-05 740,730.37 4,542,159.99 883.87 270 -60 291 Complete
HTD-06 740,652.94 4,542,368.64 914.58 105 -60 215 Complete
HTD-07 740,550.03 4,541,765.20 915.43 245 -60 240 Complete
Phase
II
HTD-08 740,581.58 4,542,298.29 877.81 090 -60 274 Complete
HTD-09 740,562.94 4,542,255.00 873.02 090 -60 361 Complete
HTD-10 740,578.92 4,542,201.35 862.08 090 -60 245 Complete
HTD-11 740,776.46 4,542,099.01 866.72 270 -60 450 Complete
HTD-12 740,774.00 4,542,098.00 867.00 270 -50 360 Complete
HTD-13 740,795.00 4,542,160.00 873.00 270 -60 369 Complete
HTD-14 740,692.55 4,542,144.26 868.22 270 -54 234 Complete
HTD-15 740,493.85 4,542,204.22 855.12 090 -54 375 Complete
HTD-16 740,852.90 4,542,141.94 872.24 270 -59 498.5 Complete
HTD-17 740,721.82 4,542,245.80 873.53 270 -50 261 Complete
HTD-18 740,461.99 4,542,208.64 853.30 090 -57 425 Complete
HTD-19 740,503.36 4,541,790.50 888.41 090 -60 354 Complete
HTD-20 740,637.70 4,542,285.21 874.16 080 -60 189 Complete
HTD-21 740,515.79 4,541,903.49 930.15 090 -60 297.5 Complete
HTD-22 740,836.68 4,542,100.04 870.73 270 -60 452 Complete
**ENDS**
Qualified Person
The information in this release has been reviewed by Eric Roth, Chief
Operating Officer and Executive Director of Mariana Resources. Mr Roth
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.
For further information please visit website at www.marianaresources.com
or contact the following.
In Australia:
Glen Parsons (CEO) Mariana Resources Ltd +61 2 9437 4588
Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243
Rob Adamson RFC Ambrian Limited (Nomad) +61 2 9250 0041
Will Souter RFC Ambrian Limited (Nomad) +61 2 9250 0050
In U.K.
Claire Louise Noyce Hybridan LLP (UK Broker) +44 20 3764 2341
Niall Pearson Hybridan LLP (UK Broker) +44 20 3764 2342
Oliver Stansfield Brandon Hill Capital (UK Broker) +44 20 3463 5061
Jonathan Evans Brandon Hill Capital (UK Broker) +44 20 3463 5016
Tim Blythe Blytheweigh (Financial PR) +44 20 7138 3205
Megan Ray Blytheweigh (Financial PR) +44 20 7138 3203
About Mariana Resources
Mariana Resources Ltd is an AIM quoted exploration and development
company with an extensive portfolio of gold, silver and copper projects
in South America and Turkey. Mariana's most advanced asset is the Hot
Maden gold-copper project in NE Turkey, which is currently being
advanced by our Turkish JV partner Lidya under an earn-in agreement to a
70% interest. A maiden mineral resource estimate of 2.03 Moz Gold
Equivalent (Indicated Category) and 0.97 Moz Gold Equivalent (Inferred
Category) (100% basis) was reported for Hot Maden on August 18, 2015.
Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama
gold-copper project. In Suriname, Mariana has an option to earn up to a
50.01% interest in Nassau Gold Limited, a JV company between Mariana and
Sumin Resources Limited ("Sumin") which in turn holds an option to earn
(MORE TO FOLLOW) Dow Jones Newswires
September 01, 2015 02:04 ET (06:04 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Mariana (LSE:MARL)
Historical Stock Chart
From Apr 2024 to May 2024
Mariana (LSE:MARL)
Historical Stock Chart
From May 2023 to May 2024