Mariana Resources : Further High Grade Intercepts Reported from Resource Extension and Exploration Drilling at the Hot Maden Gold‐Copper Project, NE Turkey

Microsoft Word - 2016_05_23 HM Update Final

AIM: MARL 23 May 2016

Suite 102, 3 Eden Street North Sydney, NSW 2060

Australia

Further High Grade Intercepts Reported from Resource Extension and Exploration Drilling at the Hot Maden Gold‐Copper Project, NE Turkey.

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.

Highlights:

• 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.

• Note - all intersections quoted are as metres downhole.

  Links to Figures: http://marianaresources.com/site/media/May_23_Maps.pdf

  Chief Executive Officer Glen Parsons today commented:

  "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."

  Hot Maden Gold‐Copper Project Update

  Recent drilling activities at the Hot Maden project have focused on:‐

  • Testing of potential extensions to the known high grade gold‐copper mineral resource,

  • Scout drilling of the "Ridge Area" (the southerly step out from the current mineral resource),

  • Scout drilling of the Southern Vein Field (the northern extension of the area mined by Russian interests pre‐1923).

Main Resource Area ‐ Extension Drilling

In the northern half of the current mineral resource area, drill hole HTD‐52 intersected a new, down‐dip extension to the high grade gold‐copper resource. A total of 50m of multiphase, chalcopyrite‐pyrite(‐hematite‐jasper)‐bearing breccia was intersected from 262m (assays pending, Figure 3). This intersection lies outside the current mineral resource model and is therefore expected to provide a positive contribution to the next mineral resource update. A further 5 drill holes (HTD‐36‐40) were designed to test the current eastern and northern margins of the gold‐copper resource. This drilling predominantly intersected the flanking zinc envelope except for HTD‐37 intersecting 46m @ 0.8 g/t Au + 0.25% Cu from 62m.

In the southern half of the current mineral resource area, three step forward holes (HTD‐44, HTD‐ 47, and HTD‐48) were completed on section 4,542,100N (Figure 6). These holes were designed to test for nearer‐surface expressons of the gold‐copper mineralisation intersected in holes HTD‐ 11/‐12/‐22, but ultimately intersected zinc and zinc‐gold mineralisation. Particularly noteworthy is that HTD‐44 intersected one of the thickest and highest grade zinc(‐gold) intersections seen to date at Hot Maden: 36.5m @ 7.1% Zn + 1.8 g/t Au from 25.5m downhole.

Ridge Area

Five scout holes were completed in the "Ridge Area", located immediately to the south and southeast of the current mineral resource area. High grade, stockworks/veinlet Au‐Cu mineralisation was successfully intersected in 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), with dominantly zinc being intersected in the remainder. The gold‐copper mineralisation intersected in HTD‐45 appears to differ from that observed in section 4,542,100N: i) monophase (?) quartz‐pyrite(‐chalcopyrite) veinlets in HTD‐45 vs. multiphase pyrite‐chalcopyrite breccia in section 4,542,100N, ii) the mineralisation in HTD‐45 occurs at a higher elevation than in "adjacent" holes HTD‐11/‐12, and

iii) the dominance of dacitic host rocks in the ridge area (vs andesites and andesitic volcanicastics in the main resource area). Based on these observations, a post mineralisation fault is interpreted to lie between the Ridge Area and the mineral resource area; accordingly, a strong possibility exists that the southern extension to the high grade zone may be structurally offset.

Southern Vein Field /HTD 27 Area

Three scout drill holes (HTD‐50, HTD‐51, and HTD‐53) were also completed in the Southern target area (the northern extension of the area mined by Russian interests prior to 1923) with assay received for HTD‐50 (1m @ 13.7 g/t Au from 64m). Assays are pending for the vein/stockworks

zones observed in HTD‐51 (at 117m and 163m) and HTD‐53 (40m from 158m). Further systematic work will be required to develop the exploration potential of this sector; high grade vein targets represent a valid exploration target in their own right and will be evaluated on a priority basis going forward.

Mineral Resource Update

An updated mineral resource estimate for the Hot Maden Project, which will incorporate assay results obtained from drill holes HTD‐18 up to HTD 53 into the existing mineral resource model, is currently expected to be released by June, 2016. The updated mineral resource estimate will be undertaken by RungePincockMinarco, the independent mining consultants which completed the maiden (August, 2015) mineral resource estimate for Hot Maden.

Table 1: Summary of drill holes HTD‐36 to HTD‐53 (Cross Sections from North to South)

Drill Hole	From (m)	To (m)	Intercept (m)	Au g/t	Cu %	Zn %	Comments
Cross Section	4,542,350N	Figure 2
HTD‐37	21.0	27.0	6.0	‐	‐	1.90	Mixed Zinc
44.0	49.0	5.0	‐	‐	2.04
62.0	108.0	46.0	0.8	0.25	0.63
						Zone,
Including	71.0	72.0	1.0	‐	‐		3.43
						Northern
97.0	99.0	2.0	2.69
				Margin of
104.0	110.0	6.0	‐		‐	2.78
				Au‐Cu Zone
187.5	189.5	2.0	‐		‐	4.33
194.0	197.0	3.0	‐		‐	2.25
HTD‐38	69.0	79.0	10.0	‐	‐	1.25	Zinc Zone,
87.0	92.0	5.0	1.0	0.47	0.33	Northern
139.0	145.0	6.0	‐	‐	1.56	Margin of
						Au‐Cu Zone
HTD‐40	6.0	35.0	29.0	‐	‐	1.58	Zinc Zone,
56.6	65.0	8.4	0.7	‐	0.65	Northern
						Margin of
						Au‐Cu Zone
Cross Section	4,542,300N	Figure 2
HTD‐39	12.1	18.0	5.9	0.7	‐	‐	Zinc Zone,
25.1	30.1	5.0	0.6	0.40	‐	Eastern
99.0	102.0	3.0	‐	‐	1.54	Margin of
						Au‐Cu Zone