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Mariana Resources Ltd

Mariana Resources Ltd : Significant Maiden Min...

AIM: MARL

18 August 2015

Suite 102, 3 Eden StreetNorth Sydney, NSW 2060

Australia

Significant Maiden Mineral Resource Estimate for the Hot Maden High Grade Gold Copper Project

Indicated 1.52 Million Oz Gold + 102,000 T Copper (2.03 Million Oz Gold Equivalent**) Inferred 0.64 Million Oz Gold + 65,000 T Copper (0.97 Million Oz Gold Equivalent**) for a

Total Mineral Resource Estimate of 3 Million Oz Gold Equivalent ** (100% basis)

Mariana Resources Ltd ("Mariana" or the "Company") (AIM:MARL) is pleased to announce the results of themaiden Mineral Resource estimate for the high grade gold copper ('AuCu') Hot Maden Project, eastern Turkey(Figure 1). The Mineral Resource estimate was prepared by independent mining consultantsRungePincockMinarco Limited ("RPM"), and was based on assay results received for drill holes up to, andincluding, HTD17 completed on 25th June and is reported in accordance with the JORC Code 2012 edition andestimated by a Competent Person as defined by the JORC Code. Drilling to date has been completed by our JVpartner Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya") earning up to a 70% interest in the Hot Maden Project. The total maiden Mineral Resource estimate comprises:

Indicated Category:

4.71 million tonnes ("Mt") at 10 grammes per tonne ("g/t") gold and 2.2% copper, for a gold equivalentgrade* of 13.4 g/t and a total 2.033 Million Oz Gold Equivalent** ("AuEq") (100% basis)

Inferred Category:

3.65 Mt at 5.5 g/t gold and 1.8% copper, for a gold equivalent grade* of 8.2 g/t and a total 0.968 Million OzAuEq** (100% basis)

Total Mineral Resource Estimate :

3 Million Oz Gold Equivalent ** at a gold equivalent grade* of 11.2g/t (100% basis)

Mariana's Current Attributable Interest in Hot Maden (30%):

900,000 Oz Gold Equivalent** at a gold equivalent grade* of 11.2g/t

This maiden Mineral Resource Estimate above has been compiled by Stewart Coates from RPM who also fallsunder the definition of Qualified Person ("QP") as defined in the National Instrument "NI 43101".

This resource estimate has been estimated in compliance with the CIM Definition Standards on MineralResources and Mineral Reserves and will be included in a NI 43101 Technical Report on Hot Maden, withinappropriate reporting requirements, which is in the process of being compiled. This report when complete will befiled on AIM as well as on SEDAR.

A detailed breakdown of the Total Mineral Resource estimate is given below:

Hot Maden Deposit (100% basis)August 2015 Mineral Resource Estimate (2g/t AuEq* Cutoff) 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 37,000Main Zone HG 3,199,000 5.2 1.8 8.0 537,000 56,000 822,000Main 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 ResourceDomain 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 62,000Main Zone HG 2,291,000 3.1 2.0 6.2 228,000 45,000 455,000Main Zone UHG 326,000 36.2 3.3 41.4 379,000 11,000 434,000Peripheral 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 ResourceDomain 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 13,000 100,000Main Zone HG 5,490,000 4.3 1.9 7.2 765,000 101,000 1,277,000Main Zone UHG 1,357,000 30.9 3.8 36.9 1,346,000 52,000 1,608,000Peripheral 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 fulltime employee of RPM and a Member of the Association of ProfessionalEngineers and Geoscientists of the Province of British Columbia. Mr. Coates has sufficient experiencethat is relevant to the style of mineralisation and type of deposit under consideration and to the activitythat he has undertaken to qualify as a Qualified Person as defined in the CIM Standards of Disclosure andas a Competent Person as defined in the JORC Code (2012).2. All Mineral Resources figures reported in the table above represent estimates based on drillingcompleted up to 25 June, 2015. Mineral Resource estimates are not precise calculations, being dependenton the interpretation of limited information on the location, shape and continuity of the occurrence and onthe available sampling results. The totals contained in the above table have been rounded to reflect therelative 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 netsmelter return as these remain uncertain at this time. Based on grades and contained metal for Au andCu, 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)] andassumes 100% metallurgical recovery. ** Au equivalent ounces are calculated by mulitplying Mineral Resource tonnage by Au equivalencegrade and converting for ounces. The formula used for Au equivalent ounces is: AuEq Oz = [Tonnage xAuEq grade (g/t)]/31.1035.

4. Mineral Resource grades are estimated in accordance with the CIM Standards and reported inaccordance with JORC 2012.5. Mineral Resources reported on a dry insitu basis.6. LG = low grade, HG = high grade and UHG = ultrahigh grade. 7. Reported at a 2g/t AuEq cutoff.

Chief Executive Officer Glen Parsons today commented: "This significant three Million oz Gold Equivalent** resource is truly a defining moment and milestone for Mariana,with just six months passing between the discovery of the Hot Maden mineralisation and the reporting of this



maiden Mineral Resource. The combined efforts of our JV partner Lidya Madencilik Sanayi ve Ticaret A.S.("Lidya")(earning up to 70% of Hot Maden) and Mariana (30% interest) have paved the way for this independentMineral Resource estimate. The close spaced drilling and continuity in the mineralised system allows forapproximately two thirds of the resource to be categorised as Indicated which is a significant upgrade. The inground discovery cost for these ounces, by the time Lidya has completed its earnin, will be aroundUS$0.83/AuEq ounce. The Hot Maden project is certainly remarkable and unprecedented as it continues todeliver and excite the market."

"Further potential exists to extend the known resource to both the north and south, as well as at depth (Figures 2& 3). In adddtion, the potential for new discoveries being made along the highly prospective Hot Madenfault/alteration zone remains high. Drilling is continuing at Hot Maden which will unquestionably increase thecurrent resource whilst the next stages and studies are planned for the advancement and development of thisworld class asset in a sustainable manner."

"The Hot Maden discovery and resource milestone is testament to what can be achieved by Mariana's strategy offocussed and disciplined exploration across its strategic portfolio. We as a board are very excited about the futureand I look forward to updating the market accordingly."

Drilling continues at Hot Maden with two rigs, with Lidya maintaining its consistent high operating standards withthe drill program as it continues to earn into 70% of the project.

A technical report on Hot Maden is in the process of being prepared in accordance to NI 43101. The companyintend to use this maiden Mineral Resource Estimate as the basis for the technical report and release it oncecomplete.

Link to Figures:http://marianaresources.com/site/media/August_18_NR_Maps.pdf

Resource Estimate Authorship and MethodologyThe Mineral Resource Estimate for the Hot Maden Project was compiled under the supervision of Mr StewartCoates, a full time employee of RPM and a Member of the Association of Professional Engineers andGeoscientists of the Province of British Columbia. The Mineral Resource Estimate was completed using thefollowing parameters:

A site visit was conducted by Stewart Coates (RPM) to review the project and deposit geology, drilling,sampling and QAQC procedures. The data, drilling and geological records were found to be wellmaintained by Lidya and comprehensive field procedures had been developed. The site visit reviewconcluded no significant issues were identified with regards to current geological understanding and datainformation.The Hot Maden Mineral Resource area extends over a northsouth strike length of 280m (from4,542,055mN 4,542,335mN), has a maximum width of 105m (740,590mE 740,695mE) and includes the440m vertical interval from 885mRL to 445mRL.Drill holes used in the Mineral Resource estimate included 15 diamond holes for a total of 1,509m withinthe wireframes. The database contained records for 20 drill holes (17 unique holes, 3 partial redrills) for5,205m of drilling.Drill hole spacing is approximately 50m by 50m at the Project. Approximately 60% of current drilling isangled 60 degrees to the west, with the remaining holes angled 60 degrees to the east. Mineralisation isgenerally subvertical.Since the commencement of drilling Lidya has implemented a consistent QAQC system utilising standards,blanks and duplicate samples. The program included the submission of one standard every 20th sample,the submission of two blanks in every assay batch and field duplicates taken every 40th sample. Allstandards and blanks were obtained and certified by Geostats. Duplicates were split to quarter core with acore saw.Monitoring of standards, blanks and duplicates was undertaken by Lidya and Mariana geologists. RawQAQC data was reviewed by RPM and results considered acceptable and suitable for use in MineralResource estimation.The mineralisation was constrained by resource outlines based on mineralisation envelopes preparedusing a nominal 0.5g/t Au Equivalent cutoff grade for lower grade material, 3g/t Au Equivalent for highergrade material and approximately 15g/t Au Equivalent for ultrahigh grade material. All mineralisationintersections were defined with a minimum down hole width of 2m.Samples within the wireframes were composited to even 1m intervals based on analysis of the samplelengths in the database. Topcuts were applied to the data based on statistical analysis of individuallodes. A top cut of 25g/t Au was applied within the higher grade domain, and a top cut of 150g/t Au wasapplied to the ultrahigh grade domain. Top cuts were determined by statistical analysis and applied to the1m composite data, resulting in 12 samples being cut. No top cuts were necessary for other elements.A Surpac block model was used for the estimate with a block size of 25m NS by 25m EW by 10m verticalwith subcells of 3.125m by 3.125m by 1.25m. This was selected as the optimal block size as a result of

http://marianaresources.com/site/media/August_18_NR_Maps.pdf



kriging neighbourhood analysis (KNA).Variography was conducted on the lower grade domain (Surpac Object 1) and the higher grade domain(Surpac Object 101) using a normal scores transformation. Variography parameters were backtransformed and exported for use in ordinary kriging (OK) grade interpolation. Search neighbourhoodparameters were derived from KNA. Grades were estimated into the block model using OK, with thewireframes being used as hard boundaries. Three passes were used to estimate the blocks in the blockmodel.Bulk densities within the wireframes were calculated based on a linear regression equation between Fegrade and density measurements obtained from drill core. A bulk density of 2.85t/m3 was assigned towaste material as a result of average core densities outside the wireframes. A bulk density of 2.20t/m3 wasassigned to overburden.The Mineral Resource was classified as Indicated and Inferred Mineral Resource based on data quality,sample spacing, and lode continuity. The Indicated Mineral Resource was defined within areas of closespaced diamond drilling of less than 50m by 50m, and where the continuity and predictability of the lodepositions was good. The Inferred Mineral Resource was assigned to areas of the deposit where drill holespacing was greater than 50m by 50m, where small isolated pods of mineralisation occur outside the mainmineralised zones, and to geologically complex zones. The high grade nature of the mineralisation and the substantial thickness and size of the deposit suggestthat the project has potential for eventual economic extraction using open pit and underground miningtechniques.

Hot Maden Definitive AgreementAegean 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 earnin to a 70% interest in the Hot MadenProject by incurring a total of USD 2.5 million of combined exploration expenditures and USD 0.5 million cashpayments within a 48 month period. Prior to the commencement of the Phase II drill program, Lidya had investedapproximately USD 700,000 on exploration at Hot Maden.

**ENDS**

Competent Persons 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 Geoscientistsof the Province of British Columbia. Mr. Coates has sufficient experience that is relevant to the style ofmineralization and type of deposit under consideration and to the activity that he has undertaken to qualify as aQualified Person as defined in the CIM Standrads of Disclosure and as a Competent Person as defined in theJORC code (2012). Stewart Coates has consented to the inclusion in this release of the matters based on hisinformation in the form and context in which it appears. All information relating to exploration activities has beenreviewed by Eric Roth, Chief Operating Officer and Executive Director of Mariana Resources. Mr Roth holds aPh.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute ofMining and Metallurgy (AusIMM), and is a Fellow of the Society of Economic Geologists (SEG). Mr Roth has 25years 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 4588Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243Rob Adamson RFC Ambrian Limited (Nomad) +61 2 9250 0041Will Souter RFC Ambrian Limited (Nomad) +61 2 9250 0050In U.K. Claire Louise Noyce Hybridan LLP (UK Broker) +44 20 3764 2341Niall Pearson Hybridan LLP (UK Broker) +44 20 3764 2342Oliver Stansfield Brandon Hill Capital (UK Broker) +44 20 3463 5061Jonathan Evans Brandon Hill Capital (UK Broker) +44 20 3463 5016Tim Blythe Blytheweigh (Financial PR) +44 20 7138 3205Megan 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 ofgold, silver and copper projects in South America and Turkey. In Peru, Mariana holds options to earn up to 70%interests in the highly prospective Soledad CuAuAg prospect in Central Peru. In Suriname, Mariana has anoption to earn up to a 50.01% interest in Nassau Gold Limited, a JV company between Mariana and SuminResources Limited ("Sumin") which in turn holds an option to earn up to 80% of the Nassau Gold Project. TheNassau Gold Project is a 28,000 Ha exploration concession located approximately 125 km SE of the capitalParamaribo and immediately adjacent to Newmont Mining's 4.2Moz Au Merian project. In southern Argentina, theCompany's core goldsilver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal(100%). These projects are part of a 200,000+ Ha land package in the Deseado Massif epithermal goldsilverdistrict in miningfriendly Santa Cruz Province. On January 16, 2015, Mariana completed the acquisition ofTSX.Vlisted Aegean Metals Group Inc. ("Aegean"), which holds 100% interests in the Hot Maden AuCu andErgama AuAg prospects in Turkey. Hot Maden is currently being advanced by Lidya our Turkish JV partnerearning 70%. In addition, Mariana also acquired 100% interests in the Doña Ines AuAg and Exploradora East Cuprospects in northern Chile through the Aegean transaction with Mariana exploration being funded by Asset Chileby providing $1.65m for a total 50% interest.

About Lidya Madencilik Sanayi ve Ticaret A.S. Lidya is a metal mining exploration company that has been operating in Turkey since 2009. Lidya is part of theCalik Group, one of Turkey's largest private conglomerates with activities in the areas of mining, energy, finance,construction, textiles, telecom and media. Lidya established a strategic partnership with Canadian TSX listedmining company Alacer Gold Corp in August 2009. This was the first major international partnership in the Turkishmining sector with the primary goal of discovering and developing new gold and copper mines throughout Turkey. Alacer and Lidya are 80:20 Joint Venture partners at the Cöpler Gold Mine in centraleastern Turkey, whichproduced 227,000 ounces of gold during 2014 at allin cash costs of USD 695/oz.

About RungePincockMinarcoRungePincockMinarco Limited (ASX: RUL) is the world's largest publicly traded independent group of miningtechnical experts, with history stretching back to 1968. RPM has local expertise in all mining regions and areexperienced across all commodities and mining methods. Listed on the Australian Securities Exchange on 27 May2008, RPM is a global leader in the provision of advisory consulting, technology and professional developmentsolutions to the mining industry. RPM has global expertise achieved through their work in over 118 countries andtheir approach to the business of mining is strongly grounded in economic principles. RPM operates offices in 18locations across 12 countries.

Safe HarbourThis press release contains certain statements which may be deemed to be forwardlooking statements. Theseforwardlooking 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 resourceestimates, 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 similarexpressions or variations of such words are intended to identify forwardlooking statements. Forwardlookingstatements are subject to known and unknown risks, uncertainties, assumptions and other factors that may causeactual results to vary materially from those expressed or implied by such forwardlooking statements, including,but not limited to: the effects of general economic conditions; the price of gold, silver and copper; misjudgementsin the course of preparing forwardlooking statements; risks associated with international operations; the need foradditional financing; risks inherent in exploration results; conclusions of economic evaluations; changes in projectparameters; currency and commodity price fluctuations; title matters; environmental liability claims; unanticipatedoperational risks; accidents, labour disputes and other risks of the mining industry; delays in obtaininggovernmental approvals or in the completion of development or construction activities; political risk; and otherrisks and uncertainties described in the Company's annual financial statements for the most recently completedfinancial year which is available on the Company's website at www.marianaresources.com . Although we believethat the expectations reflected in such forwardlooking statements are based upon reasonable assumptions andhave attempted to identify important factors that could cause actual results to differ materially from thosecontained in forwardlooking 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 actualresults and future events could differ materially from those anticipated in such forwardlooking statements. Accordingly, readers are cautioned not to place undue reliance on forwardlooking statements. We do notundertake to update any forwardlooking statements, except in accordance with applicable securities laws.

A. JORC Code (2012) Table 1, Sections 1 and 2

http://www.marianaresources.com/



Exploration results at Hot Maden were reported by MARL and released to the AIM between 2014 and 2015. MrEric Roth, Chief Operating Officer of MARL compiled the information in Section 1 and Section 2 of JORC Table 1and is the Qualified Person or Competent Person for those sections. These sections are included in their entiretyto ensure that all relevant sections of Table 1 are included in this release.

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation CommentarySamplingtechniques Nature and quality of sampling (eg cut

channels, random chips, or specificspecialised industry standardmeasurement tools appropriate to theminerals under investigation, such asdown hole gamma sondes, or handheldXRF instruments, etc). These examplesshould not be taken as limiting thebroad meaning of sampling.Include reference to measures taken toensure sample representivity and theappropriate calibration of anymeasurement tools or systems used.Aspects of the determination ofmineralisation that are Material to thePublic Report. In cases where 'industrystandard' work has been done thiswould be relatively simple (eg 'reversecirculation drilling was used to obtain 1m samples from which 3 kg waspulverised to produce a 30 g charge forfire assay'). In other cases moreexplanation may be required, such aswhere there is coarse gold that hasinherent sampling problems. Unusualcommodities or mineralisation types(eg submarine nodules) may warrantdisclosure of detailed information.

Lidya and MARL utilised diamond drilling.Approximately 60% of drilling is angled60degrees to the west, with the remainingholes angled 60degrees to the east tooptimally intersect the targeted mineralisedzones.Diamond core was sampled as half core at1m intervals or to geological contacts withinmineralisation and to 2m outside ofmineralisation in the earlier holes.To ensure representative sampling, halfcore samples were always taken from thesame side of the core and the full length ofeach hole sampled.Core samples were submitted to a contractlaboratory for crushing and pulverising toproduce a 50g charge for fire assay for Au,in addition to a 33 element four aciddigestion with ICPAES analysis.

Drillingtechniques Drill type (eg core, reverse circulation,

openhole hammer, rotary air blast,auger, Bangka, sonic, etc) and details(eg core diameter, triple or standardtube, depth of diamond tails, facesampling bit or other type, whether coreis oriented and if so, by what method,etc).

Diamond drilling was carried out with HQsized equipment with standard tube, withminor amounts of PQ size.

Drillsamplerecovery

Method of recording and assessingcore and chip sample recoveries andresults assessed.Measures taken to maximise samplerecovery and ensure representativenature of the samples.Whether a relationship exists betweensample recovery and grade andwhether sample bias may haveoccurred due to preferential loss/gain offine/coarse material.

Core recoveries were measured andrecorded in the database and recovery wasgenerally between 90 to 100% in fresh rock.No relationship exists between samplerecovery and grade.



LoggingWhether core and chip samples havebeen geologically and geotechnicallylogged to a level of detail to supportappropriate Mineral Resourceestimation, mining studies andmetallurgical studies.Whether logging is qualitative orquantitative in nature. Core (or costean,channel, etc) photography.The total length and percentage of therelevant intersections logged.

All diamond drill holes were logged forrecovery, geology and structure. All diamond core was photographed.All drill holes were logged in full.

Subsamplingtechniquesand samplepreparation

If core, whether cut or sawn andwhether quarter, half or all core taken. If noncore, whether riffled, tubesampled, rotary split, etc and whethersampled wet or dry.For all sample types, the nature, qualityand appropriateness of the samplepreparation technique.Quality control procedures adopted forall subsampling stages to maximiserepresentivity of samples.Measures taken to ensure that thesampling is representative of the in situmaterial collected, including forinstance results for fieldduplicate/secondhalf sampling.Whether sample sizes are appropriateto the grain size of the material beingsampled.

Core was cut in half using a core saw ateither 1m intervals or to geological contactswithin mineralisation and to 2m outside ofmineralisation in the earlier holes.To ensure representivity, all core sampleswere collected from the same side of thecore.Field duplicates were taken at 1 in 40 usinga core saw to split into quarter core.Sample preparation was conducted by acontract laboratory. After drying, thesample is subject to a primary crush, thenpulverised to that 85% passing 75um.Sample sizes are considered appropriate tocorrectly represent the gold and coppermineralisation based on: the style ofmineralisation, the thickness andconsistency of the intersections, thesampling methodology and assay valueranges for Au and Cu.

Quality ofassay dataandlaboratorytests

The nature, quality andappropriateness of the assaying andlaboratory procedures used andwhether the technique is consideredpartial or total.For geophysical tools, spectrometers,handheld XRF instruments, etc, theparameters used in determining theanalysis including instrument make andmodel, reading times, calibrationsfactors applied and their derivation, etc.Nature of quality control proceduresadopted (eg standards, blanks,duplicates, external laboratory checks)and whether acceptable levels ofaccuracy (ie lack of bias) and precisionhave been established.

After the sample had been prepared by thelaboratory a 50g split of each sample wasthen subject to fire assay with AAS finish forAu. If the sample contained more than500ppb Au, the sample was reanalysedusing fire assay with a gravimetric finish. Asand Sb were analysed using AAS, inaddition to a 33 element four acid digestionwith ICPAES analysis. Samples in whichICP analyses returned greater than themaximum detection limit for the elementsAg (10 ppm), Cu (10,000 ppm), Fe (15%),Pb (10,000 ppm), and Zn (10,000 ppm)were reanalysed using the AAS analyticaltechnique.Samples from Phase I (HTD001 to HTD007) drilling were sent to the SGSLaboratory in Ankara, Turkey. Samplesfrom Phase II (HTD008 to HTD017A) weresent to the ALS Laboratory in Izmir, westernTurkey.Sieve analysis was carried out by thelaboratory to ensure the grind size of 85%passing 75um was being attained.QAQC procedures involved the use ofcertified reference materials (1 in 20) andblanks (2 inserted in each assay batch).Results were assessed as each laboratory



batch was received and were acceptable inall cases.Laboratory QAQC includes the use ofinternal standards using certified referencematerial, blanks, splits and replicates.Certified reference materials demonstratethat sample assay values are accurate.Umpire laboratory testwork was completedin 2015 over mineralised intersections withgood correlation of results.

Verificationofsamplingandassaying

The verification of significantintersections by either independent oralternative company personnel.The use of twinned holes.Documentation of primary data, dataentry procedures, data verification, datastorage (physical and electronic)protocols.Discuss any adjustment to assay data.

Significant intersections were visually fieldverified by company geologists and byStewart Coates of RPM during the 2015 sitevisit.The upper (mineralised) part of HTD017was redrilled with similar results asrecoveries in the first attempt were belowrequirements. No other twin holes weredrilled, however infill drilling by Lidya andMARL has confirmed mineralisationthickness and tenor.Primary data was collected into either anExcel spread sheet and then imported intoan Access database.Assay values that were below detectionlimit were adjusted to equal half of thedetection limit value.

Location ofdata points Accuracy and quality of surveys used

to locate drill holes (collar and downhole surveys), trenches, mine workingsand other locations used in MineralResource estimation.Specification of the grid system used.Quality and adequacy of topographiccontrol.

All drill hole collars were surveyed in UTMEuropean Datum 1950 Zone 37 North gridsystem using differential GPS.Phase II of the drilling program (HTD008 toHTD017A) were down hole surveyed at40m intervals using a Devico survey tool.Holes drilled in Phase I (HTD001 to HTD007) were not down hole surveyed. RPMobserves that there is little dip movementand minor amounts of azimuth movement inthe surveyed holes.Topographic surface prepared from detailed1m contour data.

Dataspacinganddistribution

Data spacing for reporting ofExploration Results.Whether the data spacing anddistribution is sufficient to establish thedegree of geological and gradecontinuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classificationsapplied.Whether sample compositing has beenapplied.

Nominal hole spacing of drilling isapproximately 50m by 50m.The mineralised domains have sufficientcontinuity in both geology and grade to beconsidered appropriate for the MineralResource and Ore Reserve estimationprocedures and classification in accordancewith the CIM Definition Standards onMineral Resources and Mineral Reservesand the 2012 JORC Code.Samples have been composited to 1mlengths using fixed length techniques foruse in Mineral Resource estimation.

Orientationof data inrelation togeological

Whether the orientation of samplingachieves unbiased sampling ofpossible structures and the extent to

Approximately 60% of current drilling isangled 60degrees to the west, with theremaining holes angled 60degrees to the



structure which this is known, considering thedeposit type.If the relationship between the drillingorientation and the orientation of keymineralised structures is considered tohave introduced a sampling bias, thisshould be assessed and reported ifmaterial.

east. Mineralisation is generally subvertical.No orientation based sampling bias hasbeen identified in the data.

Samplesecurity The measures taken to ensure sample

security.Chain of custody is managed by Lidya andMARL. Samples were stored on site untilcollected for transport to SGS Laboratory inAnkara (Phase I drill program) or ALSLaboratory in Izmir (Phase II drill program). Lidya and MARL personnel have no contactwith the samples once they are picked upfor transport. Tracking sheets have beenset up to track the progress of samples.

Audits orreviews The results of any audits or reviews of

sampling techniques and data.Stewart Coates of RPM reviewed drillingand sampling procedures during the 2015site visit and found that all procedures andpractices conform to industry standards.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation CommentaryMineraltenement andland tenurestatus

Type, referencename/number,location andownership includingagreements ormaterial issues withthird parties such asjoint ventures,partnerships,overriding royalties,native title interests,historical sites,wilderness ornational park andenvironmentalsettings.The security of thetenure held at thetime of reportingalong with anyknown impedimentsto obtaining alicense to operate inthe area.

The Hot Maden Project is located within Turkish OperatingLicence 20050853 and Exploration Licences 201200321,201201059 and 201201058. The licences are owned byAMG Mineral Madencilik AS, a subsidiary of MarianaResources, and are subject to an earnin agreement inwhich Lidya Madencilik has an option to earn in to a 70%interest in the concessions.The tenements are in good standing with no knownimpediment to future grant of a mining permit.

Explorationdone by otherparties

Acknowledgmentand appraisal ofexploration by otherparties.

Historical mining at Hot Maden occurred in Ottoman timesbefore any official records were kept. Russian miningoccurred in the late 1800's and early 1900's prior to thearea coming back within Turkish borders in 1921. Variousgeological surveys and reports completed prior to the



1990's.Anglo Tur (subsidiary of Anglo American) drilled six holes in1992. Data is not available.

GeologyDeposit type,geological settingand style ofmineralisation.

The Hot Maden Project is located within the EasternPontides tectonic belt of northeastern Turkey, and is hostedwithin a Late Cretaceous age, island arc volcanicsedimentary sequence. Goldcopper mineralisation isbroadly associated within a subvertical, northnortheasttrending fault zone (the "Hot Maden Fault Zone"), withmineralisation occurring in andesitic breccias and dacitictuffaceous sediments as quartzsulphide (pyritechalcopyrite) +/ hematite/jasperoid breccias and locallymassive sulphides (pyritechalcopyrite). The highest gradeAuCu mineralisation appears to lie along the easternmargin of the AuCu mineralised zone. StrataboundstyleZnPb (sphaleritegalena) anomalism flanks the AuCuzone to the east and locally to the west. Hydrothermalalteration adjacent to the AuCu zone is dominated byargillic and phyllic assemblages.

Drill holeinformation A summary of all

information materialto the understanding of theexploration resultsincluding atabulation of thefollowing informationfor all Material drillholes:

easting andnorthing ofthe drill holecollarelevation orRL (ReducedLevel elevationabove sealevel inmetres) of thedrill holecollardip andazimuth of theholedown holelength andinterceptiondepthhole length

If the exclusion ofthis information isjustified on the basisthat the informationis not Material andthis exclusion doesnot detract from theunderstanding of thereport, theCompetent Person

Exploration results are not being reported.All information has been included in the appendices. Nodrill hole information has been excluded.



should clearlyexplain why this isthe case.

Dataaggregationmethods

In reportingExploration Results,weighting averagingtechniques,maximum and/orminimum gradetruncations (e.g.cutting of highgrades) and cutoffgrades are usuallyMaterial and shouldbe stated.Where aggregateinterceptsincorporate shortlengths of high graderesults and longerlengths of low graderesults, theprocedure used forsuch aggregationshould be stated andsome typicalexamples of suchaggregations shouldbe shown in detail.The assumptionsused for anyreporting of metalequivalent valuesshould be clearlystated.

Exploration results are not being reported.Not applicable as a Mineral Resource is being reported.Metal Au Equivalence (AuEq) calculated using a 100 daymoving average of $US1,178/ounce for Au and$US2.70/pound for Cu as of July 29, 2015. No adjustmenthas been made for metallurgical recovery or net smelterreturn as these remain uncertain at this time. Based ongrades and contained metal for Au and Cu, it is assumedthat both commodities have reasonable potential to berecovered and sold. The formula used for Au equivalenceis: AuEq g/t = Au + [(Cu% x 22.0462 x 2.7)/(1178/31.1035)].Au equivalent ounces are calculated by mulitplying MineralResource tonnage by Au equivalence grade and convertingfor ounces. The formula used for Au equivalent ounces is:AuEq Oz = [Tonnage x AuEq grade (g/t)]/31.1035.

Relationshipbetweenmineralisationwidths andinterceptlengths

These relationshipsare particularlyimportant in thereporting ofExploration Results.If the geometry ofthe mineralisationwith respect to thedrill hole angle isknown, its natureshould be reported.If it is not known andonly the down holelengths are reported,there should be aclear statement tothis effect (e.g.'down hole length,true width notknown').

Approximately 60% of current drilling is angled 60degreesto the west, with the remaining holes angled 60degrees tothe east. Mineralisation is generally subvertical.

DiagramsAppropriate mapsand sections (withscales) and

Relevant diagrams have been included within the mainbody of text.



tabulations ofintercepts should beincluded for anysignificant discoverybeing reported.These shouldinclude, but not belimited to a plan viewof drill hole collarlocations andappropriate sectionalviews.

BalancedReporting Accuracy and quality

of surveys used tolocate drill holes(collar and downhole surveys),trenches, mineworkings and otherlocations used inMineral Resourceestimation.Wherecomprehensivereporting of allExploration Resultsis not practicable,representativereporting of both lowand high gradesand/or widths shouldbe practiced to avoidmisleading reportingof ExplorationResults.

All collar positions have been surveyed with a DGPSsystem using the UTM European Datum 1950 Zone 37North system. Phase II of the drilling program (HTD008 toHTD017A) were down hole surveyed at 40m intervalsusing a Devico survey tool. Holes drilled in Phase I (HTD001 to HTD007) were not down hole surveyed. RPMobserves that there is little dip movement and minoramounts of azimuth movement in the surveyed holes.

Exploration results are not being reported.

Othersubstantiveexplorationdata

Other explorationdata, if meaningfuland material, shouldbe reported including(but not limited to):geologicalobservations;geophysical surveyresults; geochemicalsurvey results; bulksamples size andmethod of treatment;metallurgical testresults; bulk density,groundwater,geotechnical androck characteristics;potential deleteriousor contaminatingsubstances.

All interpretations for Hot Maden mineralisation areconsistent with observations made and information gainedduring drilling at the project.

Further workThe nature andscale of plannedfurther work (e.g.

Infill and extensional drilling is planned at selected areas ofthe Hot Maden Mineral Resource.Refer to diagrams in the body of text.



tests for lateralextensions or depthextensions or largescale stepoutdrilling).Diagrams clearlyhighlighting theareas of possibleextensions, includingthe main geologicalinterpretations andfuture drilling areas,provided thisinformation is notcommerciallysensitive.

A. JORC Code (2012) Table 1, Section 3

Section 3 Estimation and Reporting of Mineral Resources

Criteria JORC Code explanation CommentaryDatabaseintegrity Measures taken to ensure that data has

not been corrupted by, for example,transcription or keying errors, between itsinitial collection and its use for MineralResource estimation purposes.Data validation procedures used.

The database has beensystematically validated by companygeologists. Original drilling recordswere compared to the equivalentrecords in the data base (whereoriginal records were available). Anydiscrepancies were noted andrectified.All drilling data has been verified aspart of a continuous validationprocedure. Once a drill hole isimported into the data base a reportof the collar, downhole survey,geology, and assay data isproduced. This is then checked by acompany geologist and anycorrections are completed.

Site visitsComment on any site visits undertaken bythe Competent Person and the outcome ofthose visits.If no site visits have been undertakenindicate why this is the case.

A site visit was conducted by StewartCoates of RPM during June 2015. Stewart inspected the deposit area,drill core, outcrop and the corelogging and sampling facility. Duringthis time, notes and photos weretaken. Discussions were held withsite personnel regarding drilling andsampling procedures. No majorissues were encountered.A site visit was conducted, thereforenot applicable.

Geologicalinterpretation Confidence in (or conversely, the The confidence in the geological



uncertainty of) the geological interpretationof the mineral deposit.Nature of the data used and of anyassumptions made.The effect, if any, of alternativeinterpretations on Mineral Resourceestimation.The use of geology in guiding andcontrolling Mineral Resource estimation.The factors affecting continuity both ofgrade and geology.

interpretation is considered to begood and is based on high qualitydiamond core drilling.Geochemistry and geological logginghas been used to assist identificationof lithology and mineralisation.The deposit consists of subverticalto steeply dipping, highsulphidationalteration zones within a fault zone. Infill drilling has supported andrefined the model and the currentinterpretation is considered robust.Outcrops of mineralisation and hostrocks within the Project confirm thegeometry of the mineralisation.Infill drilling has confirmed geologicaland grade continuity.

DimensionsThe extent and variability of the MineralResource expressed as length (alongstrike or otherwise), plan width, and depthbelow surface to the upper and lower limitsof the Mineral Resource.

The Hot Maden Mineral Resourcearea extends over a northsouthstrike length of 280m (from4,542,055mN 4,542,335mN), has amaximum width of 105m (740,590mE 740,695mE) and includes the 440mvertical interval from 885mRL to445mRL.

Estimationand modellingtechniques

The nature and appropriateness of theestimation technique(s) applied and keyassumptions, including treatment ofextreme grade values, domaining,interpolation parameters and maximumdistance of extrapolation from data points.If a computer assisted estimation methodwas chosen include a description ofcomputer software and parameters used.The availability of check estimates,previous estimates and/or mine productionrecords and whether the Mineral Resourceestimate takes appropriate account of suchdata.The assumptions made regarding recoveryof byproducts.Estimation of deleterious elements or othernongrade variables of economicsignificance (eg sulphur for acid minedrainage characterisation).In the case of block model interpolation,the block size in relation to the averagesample spacing and the search employed.Any assumptions behind modelling ofselective mining units.Any assumptions about correlationbetween variables.Description of how the geologicalinterpretation was used to control theresource estimates.Discussion of basis for using or not usinggrade cutting or capping.The process of validation, the checkingprocess used, the comparison of modeldata to drill hole data, and use of

Using parameters derived frommodelled variograms, OrdinaryKriging (OK) was used to estimateaverage block grades in threepasses using Surpac software. Linear grade estimation was deemedsuitable for the Hot Maden MineralResource due to the geologicalcontrol on mineralisation. Maximumextrapolation of wireframes fromdrilling was 50m downdip and 50malong strike. This was equal to onedrill hole spacing. Maximumextrapolation between drill sectionswas half drill hole spacing. Downdipand along strike extrapolations wereclassified as Inferred MineralResource.This is a maiden Mineral Resource,therefore reconciliation is notpossible.There is little As observed ingeochemical analysis of drilling,therefore not expected to occur intailings. The deposit is highsulphidation, so S is expected tooccur as a result of processingwaste.Au (g/t), Cu (%), Ag (g/t) and Fe (%)were interpolated into the blockmodel.The parent block dimensions usedwere 25m NS by 25m EW by 10mvertical with subcells of 3.125m by3.125m by 1.25m. The parent block



reconciliation data if available. size dimension was selected on theresults obtained from KrigingNeighbourhood Analysis thatsuggested this was the optimal blocksize for the Hot Maden dataset. An orientated 'ellipsoid' search wasused to select data and adjusted toaccount for the variations in lodeorientations, however all otherparameters were taken from thevariography derived from Objects 1and 101. Three passes were used foreach domain. First pass had a rangeof 50m, with a minimum of 10samples. For the second pass, therange was kept at 50m, with aminimum of 6 samples. For the finalpass, the range was extended to150m, with a minimum of 2 samples. A maximum of 30 samples was usedfor all 3 passes.No assumptions were made onselective mining units.Strong positive correlations wereobserved in the composite data forCuAg, FeAg, CuFe and PbZn.Moderate positive correlations wereobserved in the composite data forAuAg, AuCu and AuFe.The mineralisation was constrainedby resource outlines based onmineralisation envelopes preparedusing a nominal 0.5g/t Au Equivalentcutoff grade for lower gradematerial, 3g/t Au Equivalent forhigher grade material andapproximately 15g/t Au Equivalentfor ultrahigh grade material. Allmineralisation intersections weredefined with a minimum down holewidth of 2m. The wireframes wereapplied as hard boundaries in theestimate.Top cuts were applied to the databased on statistical analysis ofindividual lodes. A top cut of 25g/tAu was applied within the highergrade domain, and a top cut of150g/t Au was applied to the ultrahigh grade domain. Top cuts weredetermined by statistical analysis andapplied to the 1m composite data,resulting in 12 samples being cut. Notop cuts were necessary for otherelements.Validation of the model includeddetailed comparison of compositegrades and block grades by northingand elevation. Validation plotsshowed good correlation betweenthe composite grades and the blockmodel grades.

Moisture



Whether the tonnages are estimated on adry basis or with natural moisture, and themethod of determination of the moisturecontent.

Tonnages and grades wereestimated on a dry in situ basis.

Cutoffparameters The basis of the adopted cutoff grade(s)

or quality parameters applied.The Mineral Resource has beenreported at a 2g/t Au Equivalencecutoff based on assumptions abouteconomic cutoff grades forunderground mining. Reportedmining grades at this cutoff aresuccessfully mined usingunderground methods at othersimilar deposits in the region. Furthermining studies are planned and aneconomic cutoff grade will bequantified at that time.

Mining factorsorassumptions

Assumptions made regarding possiblemining methods, minimum miningdimensions and internal (or, if applicable,external) mining dilution. It is alwaysnecessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential mining methods, but theassumptions made regarding miningmethods and parameters when estimatingMineral Resources may not always berigorous. Where this is the case, thisshould be reported with an explanation ofthe basis of the mining assumptions made.

RPM has assumed that the depositcould be mined using mostlyunderground techniques.Mineralisation grade and thicknessare deemed appropriate forunderground mining.

Metallurgicalfactors orassumptions

The basis for assumptions or predictionsregarding metallurgical amenability. It isalways necessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential metallurgical methods, but theassumptions regarding metallurgicaltreatment processes and parametersmade when reporting Mineral Resourcesmay not always be rigorous. Where this isthe case, this should be reported with anexplanation of the basis of themetallurgical assumptions made.

Preliminary metallurgical testing hasbeen conducted on the Hot Madenmineralisation. It is likely thatprocessing would entail gravityseparation of Au followed by flotationto produce a concentrate withexpected recoveries greater than90% for Au and Cu based on theseresults.Further metallurgical studies areplanned.

Environmentalfactors orassumptions

Assumptions made regarding possiblewaste and process residue disposaloptions. It is always necessary as part ofthe process of determining reasonableprospects for eventual economic extractionto consider the potential environmentalimpacts of the mining and processingoperation. While at this stage thedetermination of potential environmentalimpacts, particularly for a greenfieldsproject, may not always be well advanced,the status of early consideration of these

No assumptions have been maderegarding environmental factors. Lidya and MARL will work to mitigateenvironmental impacts as a result ofany future mining or mineralprocessing.



potential environmental impacts should bereported. Where these aspects have notbeen considered this should be reportedwith an explanation of the environmentalassumptions made.

Bulk densityWhether assumed or determined. Ifassumed, the basis for the assumptions. Ifdetermined, the method used, whether wetor dry, the frequency of themeasurements, the nature, size andrepresentativeness of the samples.The bulk density for bulk material musthave been measured by methods thatadequately account for void spaces (vugs,porosity, etc), moisture and differencesbetween rock and alteration zones withinthe deposit.Discuss assumptions for bulk densityestimates used in the evaluation processof the different materials.

A total of 381 specific gravitymeasurements were collected duringthe 201415 drilling program usingthe water immersion technique. Allsamples were in fresh rock. RPMextracted the specific gravitymeasurements and determinedwhether the measurements were inwaste or mineralisation.Bulk densities within the wireframeswere calculated based on a linearregression equation between Fegrade and specific gravitymeasurements. A bulk density of2.85t/m3 was assigned to wastematerial as a result of average coredensities outside the wireframes. Abulk density of 2.20t/m3 wasassigned to overburden.Bulk density is measured. Moistureis accounted for in the measuringprocess and measurements wereseparated for lithology andmineralisation.It is assumed there are minimal voidspaces in the rocks at Hot Maden. The Hot Maden Mineral Resourcecontains minor amounts ofoverburden above fresh bedrock. The value for this zone was derivedfrom known bulk densities of similargeological terrains.

ClassificationThe basis for the classification of theMineral Resources into varying confidencecategories.Whether appropriate account has beentaken of all relevant factors (ie relativeconfidence in tonnage/grade estimations,reliability of input data, confidence incontinuity of geology and metal values,quality, quantity and distribution of thedata).Whether the result appropriately reflectsthe Competent Person's view of thedeposit.

The Mineral Resource estimate ismade in accordance with therequirements of CIM DefinitionStandards on Mineral Resources andMineral Reserves; and in accordancewith the 2012 Edition of the'Australasian Code for Reporting ofExploration Results, MineralResources and Ore Reserves'prepared by the Joint Ore ReservesCommittee of The AustralasianInstitute of Mining and Metallurgy,Australian Geoscientists andMinerals Council of Australia (TheJORC Code 2012).The Mineral Resource was classifiedas Indicated, and Inferred MineralResource based on data quality,sample spacing, and lode continuity. The Indicated Mineral Resource wasdefined within areas of close spaceddiamond drilling of less than 50m by50m, and where the continuity and



predictability of the lode positionswas good. The Inferred MineralResource was assigned to areas ofthe deposit where drill hole spacingwas greater than 50m by 50m, wheresmall isolated pods of mineralisationoccur outside the main mineralisedzones, and to geologically complexzones. The input data is comprehensive inits coverage of the mineralisation anddoes not favour or misrepresent insitu mineralisation. The definition ofmineralised zones is based on highlevel geological understandingproducing a robust model ofmineralised domains. This modelhas been confirmed by infill drillingwhich supported the interpretation. Validation of the block model showsgood correlation of the input data tothe estimated grades.The Mineral Resource estimateappropriately reflects the view of theQualified Person and the CompetentPerson.

Audits orreviews The results of any audits or reviews of

Mineral Resource estimates.Internal audits have been completedby RPM which verified the technicalinputs, methodology, parameters andresults of the estimate.

Discussion ofrelativeaccuracy/confidence

Where appropriate a statement of therelative accuracy and confidence level inthe Mineral Resource estimate using anapproach or procedure deemedappropriate by the Competent Person. Forexample, the application of statistical orgeostatistical procedures to quantify therelative accuracy of the resource withinstated confidence limits, or, if such anapproach is not deemed appropriate, aqualitative discussion of the factors thatcould affect the relative accuracy andconfidence of the estimate.The statement should specify whether itrelates to global or local estimates, and, iflocal, state the relevant tonnages, whichshould be relevant to technical andeconomic evaluation. Documentationshould include assumptions made and theprocedures used.These statements of relative accuracy andconfidence of the estimate should becompared with production data, whereavailable.

The lode geometry and continuityhas been adequately interpreted toreflect the applied level of Indicatedand Inferred Mineral Resource. Thedata quality is good and the drillholes have detailed logs produced byqualified geologists. A recognisedlaboratory has been used for allanalyses.The Mineral Resource statementrelates to global estimates of tonnesand grade.This is a maiden Mineral Resource;therefore reconciliation could not beconducted.

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.



The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information containedtherein.Source: Mariana Resources Ltd via GlobenewswireHUG#1946200

mariana resources ltd : significant maiden min file8/18/2015 mariana resources ltd : significant...

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