Mariana Resources Ltd : Further High Grade Gold-Copper Intercepts from Infill and Extension Drilling at Hot Maden

Mariana Resources Limited (TSXV:MARL) listed exploration and development company with projects in Turkey, South America, and Ivory Coast, is pleased to provide the following update on the ongoing diamond drill program at the high grade Hot Maden gold-copper project in NE Turkey.

Results are reported for a total of 12 infill and extension drill holes (HTD-75 and HTD-77 to HTD-87), with drill log data provided for a further 6 holes (HTD-88 to HTD-93) for which assays are pending.  The infill drilling in the Main Zone resource area is focused on section lines 4,542,225N, 4,542,175N, and 4,542,125N.  This forms part of a program designed to uniformally reduce drill hole spacings to 25m x 25m and to provide both detailed geotechnical data and metallurgical samples for mine development studies. Only limited drilling was completed in the “Ridge” area (southern limit of the Main Zone resource) and the New  Southern Vein Field discovery (Figures 1 & 2) during this reporting period.

Highlights:

• Exceptional  gold-copper (Au-Cu) grades continue to be returned from drilling along two infill cross sections (4,542,125N and 4,542,225N; Figures 3 & 4). This infill drilling continues to confirm the internal continuity of Au-Cu mineralisation, including the high  grade, within the Main Zone resource area. Best results include:

Infill Section 4,542,125N
HTD-85*:             60.6 m @ 82.2 g/t Au + 1.44% Cu from 209.4m downhole**.
This mineralised zone (approximate true width 35m) is the best intersection to date and includes the following subintervals:
209.4-229m: 19.6m @ 248 g/t Au + 1.90% Cu (“Ultra high grade zone”)
229-248m: 19m @ 3.4 g/t Au + 1.21% Cu (“Medium grade”)
248-270m: 22m @ 1.6 g/t Au + 1.19% (“Low grade zone”)

HTD-82                 31m @ 17.0 g/t Au + 1.70% Cu from 266m downhole.
                                And 37.5m @ 2.1 g/t Au + 1.49% Cu from 317m downhole.
(approximate true width of Au-Cu zone 38m)
Infill Section 4,542,175N
HTD-78:                79.0m @ 14.3 g/t Au +1.59% Cu from 294m downhole.
                                Including 18.0m @ 55.1 g/t Au + 1.58% Cu from 296m downhole.
(approximate true width of Au-Cu zone 30m)

Infill Section 4,542,225N
HTD-77:                90m @ 22.6 g/t Au + 4.39% Cu from 96m downhole.
Including11m @ 30.9 g/t Au + 6.30% Cu from 99m downhole.
(approximate true width of Au-Cu zone 76m)

HTD-75:                62m @ 11.7 g/t Au + 1.43% Cu from 276m downhole.
Including2.0m @ 250 g/t Au + 6.50% Cu from 282m downhole.
And 44.0m @ 1.05 g/t Au +1.46% Cu from 334m downhole.
(approximate true width of Au-Cu zone 40m)

• Potential for the discovery of a deep (>250m), possible fault offset block of Main Zone-type mineralisation beneath the “Ridge” area (southern limit of the Main Zone resource) continues to be tested, with drill hole HTD-80 successfully intersecting multiple zones of high grade Au and Cu mineralisation at depth. Host rocks to this mineralization are brecciated andesites – similar to the host rocks in the Main Zone resource – which lie immediately to the east of the dominant dacitic breccias.  Key results include:

HTD-80:                4.5m @ 16.3 g/t Au + 1.90% Cu from 177.5m downhole.
                                5.0m @ 8.4 g/t Au + 1.30% Cu from 194.0m downhole.

• Encouraging assays continue to be returned from limited discovery drilling in the Southern Vein Field. Highlights include 3m @ 9.6 g/t Au + 1.73% Cu in HTD-79 and 10.5m @ 4.9 g/t Au + 1.9% Cu in HTD-81.
• The Preliminary Economic Assessment( PEA) is in the process of being finalised with an anticipated completion date expected early in the New Year.

* Twin of HTD-71
** Note – all intersections quoted are as metres downhole.

Links to Figures: https://media.wix.com/ugd/24ee23_be0f968ffd40476485eb09220fc8292c.pdf

Chief Executive Officer Glen Parsons today commented:

“The continuity of these additional drill results at Hot Maden add further confidence in the main zone, with the 25m infill holes further support continuity of the high grade gold and copper mineralisation.  These results all build into the Preliminary Feasibility Study model which is due for completion around mid next year, ultimately paving the way for mine development.

“Encouragingly the growth potential for the further extension to the main zone in of the offset block to the south as well as further interesting intercepts in the Sourthern Vein Field discovery area continues to be enhanced.

“Planned budgeted drilling for 2017 of 20,000m will be focussed on the areas that have  been delivering to date, as well as the untested area to the south, the “Russian Mining  area”.

“The much anticipated PEA, although slightly delayed, is nearing completion and is expected to be delivered early in the New Year. I  look forward to updating the market as soon as it is available.”

Hot Maden Gold-Copper Project Update

Approximately 18,500 m of diamond drilling has been completed at the Hot Maden Project during 2016 (Figure 1 and 2).  Recent drilling activities have dominantly focused on: –

• Infill drilling on 25m centres along sections 4,542,125N, 4,542,175N, and 4,542,225N. Selected holes have been utilised for geotechnical studies and metallurgical testwork.

• Deeper “step out” drilling to the east in the so-called “Ridge” area, which is located at the current southern limit of the Main Zone resource, and scout drilling of the Southern Vein Field (the northern extension of the area mined by Russian interests pre-1923).

No significant work has yet been undertaken in the area of the former Russian mines (Figure 1).

Main Resource Area – Infill Drilling

Drilling advanced on 25m centres along infill cross sections 4,542,125N, 4,542,175N and 4,542,225N, within the Main Zone resource area, with the program being designed to confirm internal continuity of the high-grade Au-Cu mineralisation. Certain holes were also selected for further geotechnical logging and metallurgical sampling.

On section 4,542,225N (Figure 3), HTD-77 returned high grade Au-Cu mineralisation (90m @ 22.6 g/t Au + 4.39% Cu from 96m downhole), from an upper massive sulphide (pyrite-chalcopyrite) zone and lower multiphase, chalcopyrite-pyrite-hematite-jasper-bearing breccia. The deeper hole HTD-75 returned two mineralised intervals (62m @ 11.7 g/t Au + 1.43% Cu from 276m downhole and 44m @ 1.0 g/t Au + 1.46% Cu from 344m downhole), both intercepts in multiphase, chalcopyrite-pyrite-hematite-jasper-bearing breccias. On section 4,542,175N, drill hole HTD-78 also intersected an impressive 79m @ 14.3 g/t Au +1.59% Cu from 294m downhole, with mineralisation being associated with multiphase, sulphide-bearing breccias.

Initial drilling along infill section 4,542,125N (Figure 4) included holes HTD-82 and HTD-85. Exceptional Au-Cu grades were returned from HTD-85, which intersected 60.6m of 82.2 g/t Au + 1.44% Cu from 209.4m downhole in multiphase, chalcopyrite-pyrite-hematite-jasper-bearing breccias. This mineralised interval includes an “Ultra high grade zone” of 19.6m @ 248.3 g/t Au + 1.90% Cu from 209.4m downhole, a “Medium grade” zone of 19m @ 3.4 g/t Au + 1.21% Cu for 229m downhole, and a “Low grade zone” of 22.0m @ 1.6 g/t Au + 1.19% Cu from 248m downhole.  This was drilled as a twin of HTD-71 for metallurgical sampling.  Drill hole HTD-82 intersected two main mineralised intervals: 31m @ 17.0 g/t Au + 1.70% Cu from 266m downhole and 37.5m @ 2.1 g/t Au + 1.49% Cu from 317m downhole.

Main Resource Area – Extension Drilling (“Ridge” Area)

Two new drill holes (HTD-80 and HTD-86) were completed in the “Ridge” area, located at the southern limit of the Main Zone resource); HTD-80 successfully intersected high grade Au-Cu mineralization at depth whereas HTD-86 remained in the adjacent zinc zone. High grade Au-Cu intervals returned from HTD-80 include: 4.5m @ 16.3 g/t Au + 1.90% Cu (177.5-182m), 1m @ 6.4 g/t Au + 0.30% Cu (189-190m), and 5m @ 8.4 g/t Au + 1.30% Cu (194-199m). The target here continues to be a block of fault offset, Main Zone-type mineralisation located to the east of the existing drilling, and this hypothesis will be tested as a priority in future drilling.

Southern Vein Field / HTD 27 Area

Only two drill holes were completed in the Southern target area (the northern extension of the area mined by Russian interests prior to 1923) during this reporting period, with encouraging values continuing to be returned from quartz-sulphide veinlet/breccia zones hosted in dacitic breccias and volcanic rocks. Highlights from the current drilling include: 3m @ 9.6 g/t Au + 1.73% Cu (144-147m) and 9m @ 3.6 g/t Au + 0.77% Cu (185-194m) in HTD-79, and 2m @ 5.4 g/t Au (128-130m) and 10.5m @ 4.9 g/t Au + 1.90% Cu (184.5-195m) in HTD-81.

Table 1: Summary of assays for drill holes HTD-75 and HTD-77 to HTD-86, plus sulphide-bearing intercepts in drill holes HTD-88 to HTD-93 (Cross Sections listed from North to South)

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, two 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-75 and HTD-77 to HTD-93 are given in the following tables.

Main Resource Area – Extension, Infill and Metallurgical Drilling

Ridge Area

Southern Discovery / Southern Vein Field

**ENDS**
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.

For further information please visit website at www.marianaresources.com or contact the following.

About Mariana Resources
Mariana Resources Ltd is an AIM (MARL) and TSXV (MRA) 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 north east Turkey, which is a joint venture with its Turkish JV partner Lidya (30% Mariana and 70% Lidya) and rapidly advancing to development.  An updated mineral resource estimate (detailed table below) of 3.43 Moz gold Equivalent (Indicated Category) and 0.09 Moz gold Equivalent (Inferred Category) (100% basis) in the main resource zone as well as a maiden 351,000 Moz gold Equivalent (Inferred Category) (100% basis) in the new southern discovery zone was reported for Hot Maden on July 25, 2015. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama gold-copper project.

In southern Argentina, the Company’s core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal (100%). These projects are part of a 160,000+ 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.

*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.