Mariana Resources Ltd : 1st Quarter Results and Management Discussion and Analysis for the Period Ended 31 March 2017
26 5월 2017 - 3:18PM
| AIM:
MARLTSXV: MARL 26 May 2017 |
Granite
House, La Grande Rue,St. Martin, Guernsey, GY1 3RS Channel
Islands |
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES.
Mariana Resources Ltd Releases its 1st Quarter
Results and Management Discussion and Analysis for
the Period Ended 31 March 2017
Mariana Resources Limited has released its unaudited interim
financial statements as well as the Management Discussion and
Analysis for the period ending 31 March 2017.
The following documents may be obtained by clicking the
attachment or on the link below or via the Company's web site
(www.marianaresources.com) and will be filed on SEDAR:
Unaudited interim financial statements Link:
http://docs.wixstatic.com/ugd/24ee23_9c49d41fbfcd472390bf1c8d8ec815a7.pdf
MD&A
Link:http://docs.wixstatic.com/ugd/24ee23_c4251a1edcbb46f5800257ed4a5e06a4.pdf
MARIANA RESOURCES LTD."Glen Parsons"Glen
Parsons, Chief Executive Officer
ENDS
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.
For further information please visit website at
www.marianaresources.com or contact the following.
| |
|
|
| Glen Parsons (CEO) |
Mariana Resources
Ltd |
+61 2 9437 4588 |
| Eric Roth (COO) |
Mariana Resources
Ltd |
+56 9 8818 1243 |
| Karen Davies (IR) |
Mariana Resources Ltd
(Canada) |
+1 604 314 6270 |
| Rob Adamson |
RFC Ambrian Limited
(Nomad) |
+61 2 9250 0041 |
| Will Souter |
RFC Ambrian Limited
(Nomad) |
+61 2 9250 0050 |
| In
U.K. |
|
|
| Oliver Stansfield |
Brandon Hill Capital
(UK Broker) |
+44 20 3463 5061 |
| Jonathan Evans |
Brandon Hill Capital
(UK Broker) |
+44 20 3463 5016 |
| Camilla Horsfall |
Blytheweigh (Financial
PR) |
+44 20 7138 3224 |
| Megan Ray |
Blytheweigh (Financial
PR) |
+44 20 7138 3203 |
About Mariana ResourcesMariana Resources Ltd is a TSX.V
and AIM (MARL) quoted exploration and development company with an
extensive portfolio of gold, silver, and copper projects in South
America, Turkey, and Ivory Coast.
Mariana's most advanced asset is the Hot Maden
gold-copper project in northeast Turkey, which is a joint venture
with Turkish partner Lidya Madencilik (30% Mariana and 70%
Lidya) and which is rapidly advancing to development. On
January 17, 2017, Mariana released the results of a Preliminary
Economic Study ("PEA") which demonstrated exceptional potential
economics for the Hot Maden Project (after-tax NPV and IRR of USD
1.37B and 153%, respectively) based on a development scenario
incorporating a 1Mtpa underground mining / processing operation and
the production of two saleable concentrates (a copper-gold
concentrate and a gold-pyrite concentrate). This PEA was based on
the updated (July 25, 2016) mineral resource estimate of 3.43 Moz
gold equivalent (Indicated Category) and 0.09 Moz gold equivalent
(Inferred Category) (100% basis) in the Main Zone, as well as a
maiden 351,000 Moz gold equivalent (Inferred Category) (100% basis)
resource in the New Southern Discovery. Elsewhere in Turkey,
Mariana holds a 100% interest in the Ergama gold-copper project.
On October 7, 2016, Mariana announced the
signing of a binding Term Sheet to acquire an indirect 80% interest
in Ivory Coast-focused private exploration company Awalé Resources
SARL ("Awalé"). Through the transaction Mariana will gain an
immediate foothold in an established exploration portfolio with
known gold mineralisation and artisanal gold workings, and which
comprises i) 3 granted contiguous licenses (1,191 km2) in the
Bondoukou area, and ii) 4 licenses under application (1,593 km2) in
both the Bondoukou and Abengourou areas. The Boundoukou concessions
lie along the southwestern extension of the Birimian Bole-Nangodi
greenstone belt in adjacent Ghana, host to a number of high grade
orogenic gold deposits.
In southern Argentina, the Company's core
gold-silver projects are Las Calandrias (100%), Sierra Blanca
(100%), Los Cisnes (100%), and Bozal (100%). These projects are
part of a 100,000+ 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.
|
|
Hot Maden Mineral Resource Estimate - Main
Gold-Copper Zone (2 g/t AuEq Cut-off) |
| |
|
Indicated Mineral Resource |
| Domain |
Tonnes |
Au |
Cu |
Zn |
AuEq |
Au |
Cu |
AuEq |
| |
t |
g/t |
% |
% |
g/t* |
Ounces |
Tonnes |
Ounces** |
| Main Zone LG |
463,000 |
1.1 |
1.1 |
0.3 |
2.4 |
17,000 |
5,000 |
36,000 |
| Main Zone HG |
4,501,000 |
3.9 |
1.9 |
0.2 |
6.3 |
570,000 |
87,000 |
908,000 |
| Main Zone UHG |
2,086,000 |
32.7 |
3.5 |
0.1 |
36.9 |
2,195,000 |
73,000 |
2,476,000 |
| Mixed Gold-Zinc |
17,000 |
7.5 |
3.1 |
3.6 |
11.2 |
4,000 |
1,000 |
6,000 |
| Peripheral Lodes |
60,000 |
2.1 |
0.4 |
0.4 |
2.5 |
4,000 |
|
5,000 |
| Total |
7,127,000 |
12.2 |
2.3 |
0.2 |
15.0 |
2,790,000 |
166,000 |
3,431,000 |
| |
|
Inferred Mineral Resource |
| Domain |
Tonnes |
Au |
Cu |
Zn |
AuEq |
Au |
Cu |
AuEq |
| |
t |
g/t |
% |
% |
g/t* |
Ounces |
Tonnes |
Ounces** |
| Main Zone LG |
395,000 |
1.7 |
0.9 |
0.03 |
2.8 |
21,000 |
4,000 |
35,000 |
| Main Zone HG |
31,000 |
3.9 |
1.6 |
0.1 |
5.8 |
4,000 |
|
6,000 |
| Main Zone UHG |
6,000 |
39.1 |
2.1 |
0.01 |
41.6 |
7,000 |
|
8,000 |
| Mixed Gold-Zinc |
4,000 |
1.7 |
0.4 |
2.4 |
2.2 |
|
|
|
| Peripheral Lodes |
282,000 |
3.2 |
0.9 |
0.1 |
4.3 |
29,000 |
2,000 |
38,000 |
| Total |
718,000 |
2.7 |
0.9 |
0.1 |
3.8 |
62,000 |
7,000 |
88,000 |
|
|
Hot Maden - Southern Gold-Copper Zone (2 g/t AuEq
Cut-off) |
| |
|
Inferred Mineral Resource |
| Domain |
Tonnes |
Au |
Cu |
Zn |
AuEq |
Au |
Cu |
AuEq |
| |
t |
g/t |
% |
% |
g/t* |
Ounces |
Tonnes |
Ounces** |
| South Zone LG |
396,000 |
2.8 |
0.7 |
0.0 |
3.6 |
35,000 |
3,000 |
46,000 |
| South Zone HG |
583,000 |
5.3 |
0.7 |
0.0 |
6.1 |
98,000 |
4,000 |
114,000 |
| Main Zone UHG |
224,000 |
22.2 |
1.0 |
0.0 |
23.4 |
160,000 |
2,000 |
169,000 |
| Mixed Gold-Zinc |
44,000 |
9.0 |
1.0 |
3.2 |
10.2 |
13,000 |
|
15,000 |
| Peripheral Lodes |
104,000 |
1.9 |
0.3 |
0.0 |
2.2 |
6,000 |
|
7,000 |
| Total |
1,352,000 |
7.2 |
0.7 |
0.1 |
8.1 |
313,000 |
10,000 |
351,000 |
*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.
- *-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.
- **-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 HarbourThis 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.
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Attachments:
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