Mariana Resources : Highest Grade Gold‐Copper Intercept to Date for Hot Maden

Microsoft Word - Hot Maden Update 08022016 - FINAL.doc

AIM: MARL

8 February 2016

Suite 102, 3 Eden Street North Sydney, NSW 2060

Australia

Highest Grade Gold‐Copper Intercept to Date for Hot Maden

Mariana Resources Ltd ("Mariana" or the "Company"), the AIM listed exploration and development company with projects in Turkey and South America, is pleased to report that exceptionally high grade, near‐surface gold‐copper mineralisation continues to be intersected in drilling along extensions to the Hot Maden Mineral Resource. Importantly, the latest results include the best gold‐ copper intersection to date with none of the eight holes reported representing resource infill drilling.

Highlights:

− Exceptional gold‐copper mineralisation intersected in near‐surface Resource Extension Drilling at the Hot Maden Project. Key intercepts include:

HTD‐34: 71.0m @ 32.7 g/t Au + 1.9% Cu from 55m downhole.

Including 22.0m @ 83.9 g/t Au + 1.8% Cu from 89m downhole.

HTD‐35: 63.6m @ 14.5 g/t Au + 3.4% Cu from 46.8m downhole.

Including 21.0m @ 38.9 g/t Au + 5.1% Cu from 85m downhole.

• Resource Extension Drilling at Hot Maden is ongoing with one diamond drill rig and the rate of drilling is now expected to be accelerated shortly with the addition of a second rig.

  
  

• Systematic metallurgical testwork on the Hot Maden gold‐copper mineralisation now underway, with the initial focus being on crushing / grinding studies, gold‐copper recoveries, and flowsheet definition.

  
  

• Completion of a maiden Preliminary Economic Assessment ("PEA") for the Hot Maden Project remains on track for late Q3 2016 / early Q4 2016.

Chief Executive Officer, Glen Parsons, today commented:

"The exceptional drill hole, HTD‐34, represents our best hole to date and, together with HTD‐35, the drilling continues to deliver ounces outside of the reported mineral resource estimate.

"The high grade intercepts have delivered significant mineralisation 100m closer to surface from discovery Hole HTD‐05. Drilling to date is successfully delineating the limits of the resource to the east and west whilst leaving the potential open at depth as well as north and south.

"Importantly, extension and exploration drilling planned for February is expected to ramp up with a second drill rig scheduled to commence drilling soon. This is much anticipated as it will hopefully extend the strike of the resource zone to the south and north.

"In addition, I am pleased that the PEA is on track for completion later this year with studies firmly underway.

"Excitingly, Hot Maden continues to deliver and grow and, with February's planned activity, it will certainly make for an interesting month".

Links to Figures: http://marianaresources.com/site/media/February_8_Maps.pdf

Hot Maden Gold‐Copper Project Update

Exceptionally high grade, near‐surface gold‐copper mineralisation continues to be intersected in the drilling along extensions to the Hot Maden Mineral Resource (Figures 1 to 7). Highlights from the latest drilling include two key intercepts on Section 4,542,150N:

HTD‐34: 71.0m @ 32.7 g/t Au + 1.9% Cu from 55.0m downhole.

Including 22.0m @ 83.9 g/t Au + 1.8% Cu from 89.0m downhole.

HTD‐35: 63.6m @ 14.5 g/t Au + 3.4% Cu from 46.8m downhole.

Including 21.0m @ 38.9 g/t Au + 5.1% Cu from 85.0m downhole.

The high grade gold‐copper zones intersected in drill holes HTD‐34 and HTD‐35 (Figure 5) are associated with multiphase breccia‐style mineralisation and distinctive red‐brown jasper and hematite, typical of the majority of the Hot Maden mineralised body. These two holes effectively extend the known high grade gold‐copper mineralisation on Section 4,542,150N, some 100m vertically from drill hole HTD‐05 to surface. A 6m long void was also intersected in the mineralised zone in HTD‐34 and, whilst Russian interests are known to have mined (prior to 1923) narrow high grade copper‐bearing veins located to the South of the Mineral Resource Area, this could represent the first evidence for older shallow underground mining within the Mineral Resource Area itself.

Two further shallow drill holes, HTD‐31 and HTD‐32 (Section 4,542,200N; Figure 4), were collared on the eastern margin of the Au‐Cu zone and drilled to the East, and directly intersected the adjacent zinc zone. As a result, these drill holes assisted in confirming the eastern limit of the gold‐copper zone. Similarly, HTD‐33 (Section 4,542,100N; Figure 6) represents the step forward hole to HTD‐12,

and whilst both zinc and low grade gold‐copper mineralisation were intersected, the results may confirm a southward plunge to the main mineralised zone.

Deep Extension Drilling

Three deep (>500m downhole) drill holes were also completed during December 2015 and January 2016. Drill hole HTD‐28 (Section 4,542,100N; Figure 6) was a step back hole to HTD‐22, designed primarily for geotechnical work. Drill holes HTD‐29 (Section 4,542,200N; Figure 4) and HTD‐30 (Section 4,542,100N; Figure 5) were step back holes to HTD‐18 and HTD‐16, respectively, to test for down dip extensions to the main Au‐Cu zone. All three holes intersected massive anhydrite "flooding" within the mineralised zone at around 400m vertically below surface, resulting in brecciation of the pre‐existing Au‐Cu mineralisation and therefore dilution of gold‐copper grades. The importance of this anhydrite level has yet to be determined, and potential to extend mineralisation at depth below what might be a deep "anhydrite cap" still remains. However, given the excessive drill metres required to test targets at depths of >500m below surface, the Joint Venture's immediate priority will be to focus on near surface mineralization (and new targets along the Hot Maden Fault Zone).

Upcoming Drill Holes

Drilling at Hot Maden will continue to focus on testing potential near surface extensions to the existing Mineral Resource. Priority holes include testing the southern extension to the existing Mineral Resource (the "Ridge" area south of Section 4,452,100N), in addition to the northern extension around drill hole HTD‐06. Separately, infill and step back holes will be added to the existing drill hole grid with a view to upgrading Mineral Resources in the Inferred Category to the Indicated Category.

Table 1: Summary of drill holes HTD‐28 to HTD‐35

Drill Hole	From (m)	To (m)	Intercept (m)	Au g/t	Cu %	Zn %	Comments
Cross Section	4,542,200N		Figure 4
HTD‐29	74.0	75.2	1.2	‐	1.36	‐	Step back hole to HTD‐18. Late stage anhydrite flooding in Au‐Cu zone at 400m vertically below surface
154.0	155.0	1.0	‐	1.01	‐
401.0	419.0	18.0	‐	0.89	‐
433.0	559.0	126.0	0.3	0.60	‐
Including	445.0	465.0	20.0	‐	1.06	‐
Including	556.9	559.0	2.1	0.3	5.13	3.53
HTD‐31	16.0	19.0	3.0	0.51	‐	‐	Drilled to East of Au‐Cu Zone
45.5	50.0	4.5	‐	‐	2.02

HTD‐32	45.5	47.5	2.0	0.43	0.76	‐	Drilled to East of Au‐Cu Zone
Cross Section	4,542,150N		Figure 5
HTD‐30	164.0	166.0	2.0	‐	‐	2.25	Step back hole to HTD‐16. Late stage anhydrite flooding in Au‐Cu zone at 400m vertically below surface.
185.0	189.0	4.0	‐
354.0	379.0	25.0	‐	‐	1.10
421.0	427.0	6.0	0.8	0.59	‐
436.0	440.0	4.0	0.5	0.27
449.0	452.0	3.0	0.6	1.66
457.0	461.0	4.0	0.8	0.28
468.0	469.0	1.0	3.9	0.36
508.0	525.0	17.0	‐	0.7	‐
552.0	562.0	10.0	‐	0.6	‐
HTD‐34	55.0	126.0	71.0	32.7	1.9	‐	Step forward hole to HTD‐05. Near surface void (6m) may be ancient UG working.
Including	89.0	111.0	22.0	83.9	1.8	‐
HTD‐35	46.8	110.4	63.6	14.5	3.4	‐	Step forward hole to HTD‐34
Including	85.0	106.0	21.0	38.9	5.1	‐
Cross Section	4,542,100N		Figure 6
HTD‐28	330.0	354.0	24.0	‐	‐	1.8	Step back hole to HTD‐22. Late stage anhydrite flooding in Au‐Cu zone at 400m vertically from surface.
408.0	415.0	7.0	1.8	0.48	‐
423.0	425.0	2.0	1.9	0.33	‐
451.0	452.0	1.0	1.2	‐	‐
471.0	472.0	1.0	1.9	0.44	‐
504.0	506.0	2.0	0.6	0.38	1.4
533.0	535.0	2.0	‐	1.13	‐
542.0	550.0	8.0	‐	0.91	‐
566.0	568.0	2.0	‐	1.03	‐
HTD‐33	46.7	81.5	34.8	‐	‐	3.0	Step forward hole to HTD‐12
85.0	88.0	3.0	0.6	1.1	‐
122.0	130.0	8.0	0.3	0.7	‐

Metallurgical/Geotechnical Testwork

A detailed metallurgical testwork schedule has been prepared, with an initial focus on crushing / grinding studies, gold‐copper recoveries, and flowsheet definition work. This program represents the first stage of technical studies required for a Preliminary Economic Assessment* ("PEA") for the Hot