Mariana Resources: Further High Grade Intercepts from Resource Extension
OREANDA-NEWS. Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM listed exploration and development company with projects in Turkey and South America, is pleased to provide the following update on the ongoing diamond drill program at the high grade Hot Maden project (Figures 1 and 2). Results are reported for drill holes HTD-36 to HTD-50, with assays for drill holes HTD-51 to HTD-53 expected shortly
- Assays are pending for a down-dip extension to the high grade gold-copper resource which has been intersected in hole HTD-52, below discovery hole HTD-4, with a chalcopyrite-pyrite-bearing breccia extending over 50m downhole.
- Some of the highest grade zinc intervals to date have been intersected in holes drilled around the northern and eastern margins of the high grade gold-copper resource, including HTD-44: 36.5m @ 7.1% Zinc ("Zn") + 1.8 g/t Gold ("Au") + 0.51% Copper ("Cu") from 25.5m.
- Exploration drilling in the southern target area, 400m south of the existing resource area and within the northern extension to the pre-1923 vein mining area, has returned high grade vein / stockwork type gold mineralisation in HTD-50: 1.0m @ 13.7 g/t Au from 64m with assays pending for multiple sulfide-bearing vein/stockwork zones in HTD-51 and HTD-53.
- High grade, stockwork/veinlet gold-copper mineralisation was intersected in scout drill hole HTD-45: 5m @ 5.0 g/t Au from 11m, 15m @ 3.2 g/t Au + 1.22% Cu from 24m, and 5m @ 9.1 g/t Au + 1.4% Cu from 46m, one of five holes in the untested "Ridge Area" to the south and southeast of the high grade gold-copper resource. A possible structural offset to the high grade zone between the Ridge Area and Main Zone is a target for future drilling.
- An updated mineral resource estimate for Hot Maden will incorporate assay results from drill holes HTD-18 to HTD-53 into the existing resource model, and is expected to be completed in June 2016.
- Exploration activities (geological / structural mapping, geochemical sampling) continue to focus on the generation of new high-grade gold-copper targets for drill testing. A geophysical program designed to search for a mineralized porphryry gold-copper system underlying the high grade mineral resource (and beneath the anhydrite breccias at 400m vertically) is expected to be undertaken during H2, 2016.
"Results from drill holes HTD-36 to HTD-50 continue to enhance our geological understanding of the Hot Maden project, with exploration and resource extension drilling continuing to intersect new gold-copper and zinc mineralisation in addition to providing further geotechnical data for use in development studies. Drilling on the southern extension of the reported resource area indicates a structural offset with a new targeted area developing as well as further to the south in the new discovery area with assays pending for mineralised zones observed in drill core.
"Exploration drilling in the southern target area has returned high grade vein / stockworks type gold mineralisation in HTD-50 with significant visual sulfide-bearing vein / stockwork zones also in holes HTD-51 and HTD-53.
Furthermore, HTD-44 is showing one of the highest grade zinc intervals returned to date, currently Zn is not factored into any of our reported resource estimates.
"2016 has been a strong year for Mariana, in February we announced the best gold-copper intersection to date with HTD 34 intersecting 71.0m @ 32.7 g/t Au + 1.9% Cu. Following the fundraise, announced earlier this month, we have secured a stronger investor base mitigating the short term funding risk going forward and demonstrating the huge support for the Hot Maden project. The Company also now has funds secured to take it comfortably through the next 12-18 months.
"An updated mineral resource estimate for the Hot Maden Project is expected to be completed next month and I look forward to updating the market of our progress in due course."