Mariana Reports Increased High Grade Gold-Copper Resource and Maiden Zinc Resource at the Hot Maden Project, NE Turkey.

AIM: MARL

25 July 2016

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Mariana Reports Increased High Grade Gold-Copper Resource and Maiden

Zinc Resource at the Hot Maden Project, NE Turkey.

Indicated (100% basis): 2.79 Million Oz Gold + 166,000 Tonnes Cu (3.43 Million Oz Au equivalent**)

Inferred (100% basis): 375,000 Oz Gold + 17,000 Tonnes Cu (439,000 Oz Gold Equivalent**), and

Zinc Zone- Indicated (100% basis): 11,600 Tonnes Zinc

Inferred (100% basis): 114,000 Tonnes Zinc

Mariana Resources Ltd (‘Mariana’ or ‘the Company’), the AIM listed exploration and development

company with projects in Turkey and South America, is pleased to announce the results of an

Updated Mineral Resource estimate for the high grade gold-copper (‘Au-Cu’) Hot Maden Project

(“HM”), eastern Turkey (Figure 1). The Updated Mineral Resource estimate has been prepared by

independent mining consultants RungePincockMinarco Limited (“RPM”), and was based on assay

results received for drill holes up to, and including HTD-62 as of June 22, 2016, and is reported in

accordance with the JORC Code 2012 edition and estimated by a Competent Person as defined by

the JORC Code. Drilling to date has been completed by our 70% JV partner Lidya Madencilik Sanayi

ve Ticaret A.S. (“Lidya”).

Highlights:

 Significant increase in the global gold-copper resource at HM (Figures 2 & 3), with the higher

confidence level Indicated Category resources rising to 3.43 Million Oz Au equivalent** and

Inferred Category resources now reported at 439,000 Oz Au equivalent**. Overall resource

growth has been derived from both step out drilling around main gold-copper zone together

with a maiden contribution from initial drilling in the southern zone.

 The Main Zone’s Ultra High Grade Domain reports an impressive 2.08 Million Tonnes at an

average grade of 32.7 g/t Au and 3.5% Cu (or 36.9 g/t Au equivalent*) for 2.47 Million Oz

Au equivalent** in the Indicated Category.

 Maiden Resource for the New Southern Zone discovery, located 300m south of the Main

Zone, in the Inferred Category is 1.35 Million Tonnes at an average grade of 7.2 g/t Au and

0.7% Cu for 351,000 Oz Au equivalent** from just 17 holes to date.

 Overall tonnage and grade of the Main Zone gold-copper resource (Indicated Category) has

increased to 7.12 Million Tonnes and 15 g/t Au equivalent**, respectively.

 A maiden resource estimate is also reported for the zinc-(lead)- only zone in the hangingwall

to the Main Zone Au-Cu resource (Figure 4). At a cut-off grade of 2% Zn, Indicated and

Inferred Resources of 11,600 Tonnes Zinc and 114,000 Tonnes Zinc, respectively, are

reported.

Chief Executive Officer Glen Parsons today commented:

“The confidence and growth in the high grade gold-copper Hot Maden project continues to excite

the Board, as well as capture market attention. Drilling to date on the project has delivered a

significant increase in the Indicated Category resource at the Main Zone Au-Cu deposit, in addition

to two maiden Inferred category resources at the new Southern Zone and the hangingwall zinc-

(lead)-only zone.

“The upgrade in the Indicated Category resource represents a 69% increase from the August 2015

Mineral Resource estimate, and now includes an impressive 2.47 Million gold equivalent ounces with

an average grade in excess of an ounce Au (and Au equivalent) per tonne. This mineralisation

commences just 20m below surface. In addition, the newly discovered Southern zone has delivered

a further maiden inferred resource of some 351,000 Oz gold equivalent from just 17 holes.

“To better grasp this increase, the table below compares the Main Zone Indicated Category

Resource from the maiden (August 2015) Resource Estimate against this newly reported upgrade

where we can see the phenomenal increase in the ounces and the confidence in category especially

in the Ultra High Grade Zone:

COMPARISON OF INDICATED CATEGORY FOR THE MAIN ZONE AT HOT MADEN (2 g/t AuEq* Cut-

off) (This Updated Resource Estimate to Maiden Resource estimate)

PREVIOUSLY REPORTED- Hot Maden Deposit (100% basis) August 2015 Mineral Resource Estimate

Domain Tonnes Au Cu AuEq Au Cu AuEq

Main Zone LG 481,000 0.9 1.0 2.4 14,000 5,000 37,000

Main Zone HG 3,199,000 5.2 1.8 8.0 537,000 56,000 822,000

Main 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

THIS ANNOUNCEMENT Hot Maden Deposit (100% basis)

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

t g/t % g/t* Ounces Tonnes Ounces**

“In addition, we have been consistently hitting reportable intercepts of zinc and, based on drilling to

date, we now have a maiden metal inventory of 11,600T in Indicated and 114,000T in Inferred

Resource categories. Whilst the focus of the JV remains on the high grade gold-copper zone, these

zinc tonnages could also contribute to the overall economics of the project.

“The continuing planned drilling in the resource and southern areas represent a small portion of the

5 km long Hot Maden alteration zone (Figure 5), which displays prospective exploration and

potential growth opportunity. Promisingly, further evidence of exploration potential to the north

and south continues along this alteration zone with new priority areas being targeted, specifically

the Old Russian Mining zone some further 500m to the south as well as up to 1.5km to the North of

the main zone.”

The exciting milestones ahead, focussing on the rapid advancement and development of this world

class asset, include:

 Continued drilling at Hot Maden to include both exploration and infill drilling,

 The Preliminary Economic Assessment (PEA), which is due end September/ early October

2016.

 The Pre-Feasibility Study (PFS), to be completed during the first half 2017.

“The Hot Maden discovery, resource milestones and defined path to ultimate production reinforces

Mariana’s strategy of focussed and disciplined exploration across its strategic portfolio development

curve and I look forward to updating the market accordingly.

“On an operational note, at both the Hot Maden and Ergama projects, there is no impact due to

recent disturbances in Turkey. Operations are continuing normally without interruption at the

project with all rigs turning in order to meet the joint ventures planned milestones.”

An updated technical report on Hot Maden is in the process of being prepared in accordance with

Canadian National Instrument 43-101 (“NI 43-101”) standards.

Link to Figures: http://marianaresources.com/site/media/July_25_Maps.pdf

The July 2016 Mineral Resource Estimate in the applicable zones comprises:

Hot Maden Gold-Copper Project Update

Hot Maden – 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

Hot Maden – Hangingwall Zinc Zone (2% Zn Cut-off)

Indicated Mineral Resource

Tonnes t Zn% Pb% Zinc t

Total 398,000 2.9 0.6 11,600

Inferred Mineral Resource

Tonnes t Zn% Pb% Zinc t

Total 2,871,000 4.0 0.5 114,000

This Updated Mineral Resource Estimate above has been compiled by Stewart Coates from RPM

who also falls under the definition of Qualified Person (“QP”) as defined in the Canadian National

Instrument “NI 43-101”. This resource estimate has been estimated in compliance with the CIM

Definition Standards on Mineral Resources and Mineral Reserves and will be included in an updated

NI 43-101 Technical Report on Hot Maden, within appropriate reporting requirements, which is in

the process of being compiled. This report when complete will be filed on AIM as well as on SEDAR.

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

Note:

1. The Statement of Estimates of Mineral Resources has been compiled under the supervision of Mr. Stewart Coates who is a part-time

employee of RPM and a Member of the the Association of Professional Engineers and Geoscientists of the Province of British

Columbia. Mr. Coates has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration

and to the activity that he has undertaken to qualify as a Competent Person as defined under the JORC Code which is accepted as a

Foreign Code by CIM and NI 43-101.There are no material differences between the definitions of Measured, Indicated and Inferred

Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code. The Resource would report

the same quantities to the same classifications under both the CIM Definition Standards and the JORC Code.

2. All Mineral Resources figures reported in the table above represent estimates based on drilling completed up to 22 nd June, 2016.

Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the

location, shape and continuity of the occurrence and on the available sampling results. The totals contained in the above table have

been rounded to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.

3. *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.

a. *-The formula used for Au equivalent grade is: AuEq g/t = Au + [(Cu % x 22.0462 x 2.13)/(1215/31.1035)] and assumes

b. **-Au equivalent ounces are calculated by mulitplying Mineral Resource tonnage by Au equivalent grade and converting

4. Mineral Resource grades are estimated in accordance with the JORC Code.

5. Mineral Resources are reported on a dry in-situ basis.

6. LG = low grade, HG = high grade and UHG = ultra-high grade.

7. Reported at a 2 g/t AuEq cut-off.

8. Mineral Resources referred to above, have not been subject to detailed economic analysis and therefore, have not been

demonstrated to have actual economic viability.

100 % metallurgical recovery.

for ounces. The formula used for Au equivalent ounces is: AuEq Oz = [Tonnage x AuEq grade (g/t)]/31.1035.

Resource Estimate Authorship and Methodology

The Mineral Resource Estimate for the Hot Maden Project was compiled under the supervision of Mr

Stewart Coates, a full time employee of RPM and a Member of the Association of Professional

Engineers and Geoscientists of the Province of British Columbia. The Mineral Resource Estimate was

completed using the following 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 well maintained by Lidya and comprehensive field procedures had been developed. The site

visit review concluded no significant issues were identified with regards to current geological

understanding and data information.

 The Hot Maden Mineral Resource area extends over a north-south strike length of 670m (from

4,541,710mN – 4,542,380mN), has a maximum width of 105m (740,590mE – 740,695mE) and

includes the 495m vertical interval from 885mRL to 390mRL.

 Drill holes used in the Mineral Resource estimate included 52 diamond holes for a total of

3,748m within the wireframes. The database contained records for 65 drill holes for 16,455m of

drilling.

 Drill hole spacing is approximately 50m by 50m at the Project. Approximately 55% of current

drilling is angled -60˚ to the east, with the remaining holes angled -60˚ to the west.

Mineralisation is generally sub-vertical.

 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. All standards and blanks were obtained and certified by Geostats. Duplicates

were split to quarter core with a core saw.

 Monitoring of standards, blanks and duplicates was undertaken by Lidya and Mariana geologists.

Raw QAQC data was reviewed by RPM and results considered acceptable and suitable for use in

Mineral Resource estimation.

 The mineralisation was constrained by resource outlines based on mineralisation envelopes

prepared using a nominal 0.5g/t Au Equivalent cut-off grade for lower grade material, 3g/t Au

Equivalent for higher grade material and approximately 15g/t Au Equivalent for ultra-high grade

material. All mineralisation intersections 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

sample lengths in the database. Top cuts were applied to the data based on statistical analysis

of individual lodes. A top cut of 35g/t Au was applied within the higher grade domain (Object

101), a top cut of 175g/t Au was applied to the ultra-high grade domain (Object 102), a top cut

of 20g/t Au was applied to Object 103 and a top cut of 10g/t Au was applied to Objects 2 and 3,

resulting in a total of 10 samples being cut. Top cuts for the remaining elements were not

required; no Au top cut was applied to the remaining lodes.

 A Surpac block model was used for the estimate with a block size of 25m NS by 25m EW by 10m

vertical with sub-cells of 3.125m by 3.125m by 1.25m. This was selected as the optimal block size

as a result of kriging neighbourhood analysis (KNA).

 Using parameters derived from modelled variograms, Ordinary Kriging (OK) was used to

estimate average block grades in three passes using Surpac software. Linear grade estimation

was deemed suitable for the Hot Maden Mineral Resource due to the geological control on

mineralisation. Maximum extrapolation of wireframes from drilling was 50m down-dip and 50m

along strike. This was equal to one drill hole spacing. Maximum extrapolation between drill

sections was half drill hole spacing. Down-dip and along strike extrapolations were classified as

Inferred Mineral Resource.

 Bulk densities within the wireframes were calculated based on a linear regression equation

between Fe grade and density measurements obtained from drill core. A bulk density of

2.85t/m 3 was assigned to waste material as a result of average core densities outside the

wireframes. A bulk density of 2.20t/m 3 was assigned 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 close spaced diamond drilling of less than 50m by 50m, and where the continuity and

predictability of the lode positions was good. The Inferred Mineral Resource was assigned to

areas of the deposit where drill hole spacing was greater than 50m by 50m, where small isolated

pods of mineralisation occur outside the main mineralised zones, and to geologically complex

zones.

 The high grade nature of the mineralisation and the substantial thickness and size of the deposit

suggest that the project has potential for eventual economic extraction using open pit and

underground mining techniques.

**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 Geoscientists of the Province of British Columbia. Mr. Coates has sufficient experience

that is relevant to the style of mineralization and type of deposit under consideration and to the

activity that he has undertaken to qualify as a Qualified Person as defined in the CIM Standards of

Disclosure and as a Competent Person as defined in the JORC code (2012). Stewart Coates has

consented to the inclusion in this release of the matters based on his information in the form and

context in which it appears. All information relating to exploration activities has been reviewed by

Eric Roth, Chief Operating Officer and Executive Director of Mariana Resources. Mr Roth 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.

**ENDS**

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 4588

Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243

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 Resources

Mariana Resources Ltd is an AIM 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) rapidly advancing to development . A

maiden mineral resource estimate of 2.03 Moz gold Equivalent (Indicated Category) and 0.97 Moz gold

Equivalent (Inferred Category) (100% basis) was reported for Hot Maden on August 18, 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.

Mariana acquired 100% interests in the Doña Ines gold-silver and Exploradora East copper prospects in

northern Chile through the Aegean Metals Group transaction which closed in January, 2015, with Mariana

exploration now being funded by Asset Chile through the provision of $1.65m for a total 50% interest.

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, Mariana is focusing on acquiring new opportunities which complement its current portfolio.

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 the

Ҫalik 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

listed mining company Alacer Gold Corp in August 2009. This was the first major international partnership in

the Turkish mining 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 Ҫöpler Gold Mine in central-

eastern Turkey, which produced 227,000 ounces of gold during 2014 at all-in cash costs of USD 695/oz.

About RungePincockMinarco

RungePincockMinarco Limited (ASX: RUL) is the world’s largest publicly traded independent group of mining

technical experts, with history stretching back to 1968. RPM has local expertise in all mining regions and are

experienced across all commodities and mining methods. Listed on the Australian Securities Exchange on 27

May 2008, RPM is a global leader in the provision of advisory consulting, technology and professional

development solutions to the mining industry. RPM has global expertise achieved through their work in over

118 countries and their approach to the business of mining is strongly grounded in economic principles. RPM

operates offices in 18 locations across 12 countries.

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.

A. : JORC Code (2012) Table 1, Sections 1, 2 and 3

Exploration results at Hot Maden were reported by MARL and released to the AIM between 2014

and 2016. Mr Eric Roth, Chief Operating Officer of MARL compiled the information in Section 1 and

Section 2 of JORC Table 1 in this Mineral Resource report and is the Competent Person for those

sections. RPM has included these sections in their entirety to ensure that all relevant sections of

Table 1 are included in this report.

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary

Sampling

techniques

Drilling

techniques

Drill sample

recovery

Logging  Whether core and chip samples have been

 Nature and quality of sampling (eg cut

channels, random chips, or specific

specialised industry standard

measurement tools appropriate to the

minerals under investigation, such as down

hole gamma sondes, or handheld XRF

instruments, etc). These examples should

not be taken as limiting the broad meaning

of sampling.

 Include reference to measures taken to

ensure sample representivity and the

appropriate calibration of any

measurement tools or systems used.

 Aspects of the determination of

mineralisation that are Material to the

Public Report. In cases where ‘industry

standard’ work has been done this would

be relatively simple (eg ‘reverse circulation

drilling was used to obtain 1 m samples

from which 3 kg was pulverised to produce

a 30 g charge for fire assay’). In other

cases more explanation may be required,

such as where there is coarse gold that

has inherent sampling problems. Unusual

commodities or mineralisation types (eg

submarine nodules) may warrant

disclosure of detailed information.

 Drill type (eg core, reverse circulation,

open-hole hammer, rotary air blast, auger,

Bangka, sonic, etc) and details (eg core

diameter, triple or standard tube, depth of

diamond tails, face-sampling bit or other

type, whether core is oriented and if so, by

what method, etc).

 Method of recording and assessing core

and chip sample recoveries and results

assessed.

 Measures taken to maximise sample

recovery and ensure representative nature

of the samples.

 Whether a relationship exists between

sample recovery and grade and whether

sample bias may have occurred due to

preferential loss/gain of fine/coarse

material.

geologically and geotechnically logged to a

level of detail to support appropriate

Mineral Resource estimation, mining

studies and metallurgical studies.

 Whether logging is qualitative or

quantitative in nature. Core (or costean,

 Lidya and MARL utilised diamond drilling.

Approximately 55% of drilling is

angled -60˚ to the east, with the

remaining holes angled -60˚ to the

west to optimally intersect the targeted

mineralised zones.

 Diamond core was sampled as half core

at 1m intervals or to geological contacts

within mineralisation and to 2m outside of

mineralisation in the earlier holes.

 To ensure representative sampling, half

core samples were always taken from

the same side of the core and the full

length of each hole sampled.

 Core samples were submitted to a

contract laboratory for crushing and

pulverising to produce a 50g charge for

fire assay for Au, in addition to a 33

element four acid digestion with ICP-AES

analysis.

 Diamond drilling was carried out with HQ

sized equipment with standard tube, with

minor amounts of PQ size.

 Core recoveries were measured and

recorded in the database and recovery

was generally between 90 to 100% in

fresh rock.

 No relationship exists between sample

recovery and grade.

 All diamond drill holes were logged for

recovery, geology and structure.

 All diamond core was photographed.

 All drill holes were logged in full.

sampling

techniques

and sample

preparation

Quality of

assay data

laboratory

channel, etc) photography.

 The total length and percentage of the

relevant intersections logged.

 If core, whether cut or sawn and whether

quarter, half or all core taken.

 If non-core, whether riffled, tube sampled,

rotary split, etc and whether sampled wet

or dry.

 For all sample types, the nature, quality

and appropriateness of the sample

preparation technique.

 Quality control procedures adopted for all

sub-sampling stages to maximise

representivity of samples.

 Measures taken to ensure that the

sampling is representative of the in situ

material collected, including for instance

results for field duplicate/second-half

sampling.

 Whether sample sizes are appropriate to

the grain size of the material being

sampled.

 The nature, quality and appropriateness of

the assaying and laboratory procedures

used and whether the technique is

considered partial or total.

 For geophysical tools, spectrometers,

handheld XRF instruments, etc, the

parameters used in determining the

analysis including instrument make and

model, reading times, calibrations factors

applied and their derivation, etc.

 Nature of quality control procedures

adopted (eg standards, blanks, duplicates,

external laboratory checks) and whether

acceptable levels of accuracy (ie lack of

bias) and precision have been established.

Verification

of sampling

 The verification of significant intersections

by either independent or alternative

 Core was cut in half using a core saw at

either 1m intervals or to geological

contacts within mineralisation and to 2m

outside of mineralisation in the earlier

holes.

 To ensure representivity, all core

samples were collected from the same

side of the core.

 Sample preparation was conducted by a

contract laboratory. After drying, the

sample is subject to a primary crush,

then pulverised to that 85% passing

75μm.

 Sample sizes are considered appropriate

to correctly represent the gold and

copper mineralisation based on: the style

of mineralisation, the thickness and

consistency of the intersections, the

sampling methodology and assay value

ranges for Au and Cu.

 After the sample had been prepared by

the laboratory a 50g split of each sample

was then subject to fire assay with AAS

finish for Au. If the sample contained

more than 500ppb Au, the sample was

re-analysed using fire assay with a

gravimetric finish. As and Sb were

analysed using AAS, in addition to a 33

element four acid digestion with ICP-AES

analysis. 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.

 Samples from Phase I (HTD-001 to HTD-

007) drilling were sent to the SGS

Laboratory in Ankara, Turkey. Samples

from Phase II (HTD-008 to HTD-017A)

were sent to the ALS Laboratory in Izmir,

western Turkey.

 Sieve analysis was carried out by the

laboratory to ensure the grind size of

85% passing 75μm was being attained.

 QAQC procedures involved the use of

certified reference materials (1 in 20) and

blanks (2 inserted in each assay batch).

 Results were assessed as each

laboratory batch was received and were

acceptable in all cases.

 Laboratory QAQC includes the use of

internal standards using certified

reference material, blanks, splits and

replicates.

 Certified reference materials

demonstrate that sample assay values

are accurate.

 Umpire laboratory test-work was

completed in 2015 over mineralised

intersections with good correlation of

results.

 Significant intersections were visually

assaying

company personnel.

 The use of twinned holes.

 Documentation of primary data, data entry

procedures, data verification, data storage

(physical and electronic) protocols.

 Discuss any adjustment to assay data.

Location of

data points

 Accuracy and quality of surveys used to

locate drill holes (collar and down-hole

surveys), trenches, mine workings and

other locations used in Mineral Resource

estimation.

 Specification of the grid system used.

 Quality and adequacy of topographic

control.

Data spacing

distribution

Orientation

of data in

relation to

geological

structure

Sample

security

 Data spacing for reporting of Exploration

Results.

 Whether the data spacing and distribution

is sufficient to establish the degree of

geological and grade continuity appropriate

for the Mineral Resource and Ore Reserve

estimation procedure(s) and classifications

applied.

 Whether sample compositing has been

applied.

 Whether the orientation of sampling

achieves unbiased sampling of possible

structures and the extent to which this is

known, considering the deposit type.

 If the relationship between the drilling

orientation and the orientation of key

mineralised structures is considered to

have introduced a sampling bias, this

should be assessed and reported if

material.

 The measures taken to ensure sample

security.

field verified by company geologists and

by Stewart Coates of RPM during the

2015 site visit.

 The upper (mineralised) part of HTD-017

was redrilled with similar results as

recoveries in the first attempt were below

requirements. No other twin holes were

drilled, however infill drilling by Lidya and

MARL has confirmed mineralisation

thickness and tenor.

 Primary data was collected into either an

Excel spread sheet and then imported

into an Access database.

 Assay values that were below detection

limit were adjusted to equal half of the

detection limit value.

 All drill hole collars were surveyed in

UTM European Datum 1950 Zone 37

North grid system using differential GPS.

 Phase II of the drilling program (HTD-008

to HTD-059) were down hole surveyed at

40m intervals using a Devico survey tool.

Holes drilled in Phase I (HTD-001 to

HTD-007) were not down hole surveyed.

RPM observes that there is little dip

movement and minor amounts of

azimuth movement in the surveyed

holes.

 Topographic surface prepared from

detailed 1m contour data.

 Nominal hole spacing of drilling is

approximately 50m by 50m.

 The mineralised domains have sufficient

continuity in both geology and grade to

be considered appropriate for the Mineral

Resource and Ore Reserve estimation

procedures and classification applied

under NI 43-101 and the 2012 JORC

Code.

 Samples have been composited to 1m

lengths using fixed length techniques for

use in Mineral Resource estimation.

 Approximately 60% of current drilling is

angled -60˚ to the west, with the

remaining holes angled -60˚ to the east.

Mineralisation is generally sub-vertical.

 No orientation based sampling bias has

been identified in the data.

Audits or

reviews

 The results of any audits or reviews of

sampling techniques and data.

 Chain of custody is managed by Lidya

and MARL. Samples were stored on site

until collected for transport to SGS

Laboratory in Ankara (Phase I drill

program) or ALS Laboratory in Izmir

(Phase II drill program). Lidya and

MARL personnel have no contact with

the samples once they are picked up for

transport. Tracking sheets have been

set up to track the progress of samples.

 Stewart Coates of RPM reviewed drilling

and sampling procedures during the

2015 site visit and found that all

procedures and practices conform to

industry standards.

Section 2 Reporting of Exploration Results

Criteria JORC Code explanation Commentary

Mineral

tenement and

land tenure

Exploration

done by other

parties

 Type, reference name/number, location

and ownership including agreements or

material issues with third parties such as

joint ventures, partnerships, overriding

royalties, native title interests, historical

sites, wilderness or national park and

environmental settings.

 The security of the tenure held at the time

of reporting along with any known

impediments to obtaining a license to

operate in the area.

 Acknowledgment and appraisal of

exploration by other parties.

Geology  Deposit type, geological setting and style

of mineralisation.

Drill hole

information

 The Hot Maden Project is located within

Turkish Operating Licence 20050853

and Exploration Licences 201200321,

201201059 and 201201058. The

licences are owned by AMG Mineral

Madencilik AS, a subsidiary of Mariana

Resources, and are subject to an earn-in

agreement in which Lidya Madencilik

has an option to earn in to a 70%

interest in the concessions.

 The tenements are in good standing with

no known impediment to future grant of

a mining permit.

 Historical mining at Hot Maden occurred

in Ottoman times before any official

records were kept. Russian mining

occurred in the late 1800’s and early

1900’s prior to the area coming back

within Turkish borders in 1921. Various

geological surveys and reports

completed prior to the 1990’s.

 Anglo Tur (subsidiary of Anglo

American) drilled six holes in 1992. Data

is not available.

 The Hot Maden Project is located within

the Eastern Pontides tectonic belt of

northeastern Turkey, and is hosted

within a Late Cretaceous age, island arc

volcanic-sedimentary sequence. Gold-

copper mineralisation is broadly

associated within a sub-vertical, north-

northeast trending fault zone (the “Hot

Maden Fault Zone”), with mineralisation

occurring in andesitic breccias and

dacitic tuffaceous sediments as quartz-

sulphide (pyrite-chalcopyrite) +/-

hematite/jasperoid breccias and locally

massive sulphides (pyrite-chalcopyrite).

The highest grade Au-Cu mineralisation

appears to lie along the eastern margin

of the Au-Cu mineralised zone.

Stratabound-style Zn-Pb (sphalerite-

galena) anomalism flanks the Au-Cu

zone to the east and locally to the west.

Hydrothermal alteration adjacent to the

Au-Cu zone is dominated by argillic and

phyllic assemblages.

 Exploration results are not being

reported. A table of all drill hole collars

with all the listed information is shown in

the Appendices.

 All information has been included in the

appendices. No drill hole information

has been excluded.

 A summary of all information material to

the under-standing of the exploration

results including a tabulation of the

following information for all Material drill

holes:

 easting and northing of the drill hole

collar

 elevation or RL (Reduced Level –

elevation above sea level in metres) of

the drill hole collar

 dip and azimuth of the hole

 down hole length and interception

depth

 hole length

aggregation

methods

 If the exclusion of this information is

justified on the basis that the information is

not Material and this exclusion does not

detract from the understanding of the

report, the Competent Person should

clearly explain why this is the case.

 In reporting Exploration Results, weighting

averaging techniques, maximum and/or

minimum grade truncations (e.g. cutting of

high grades) and cut-off grades are usually

Material and should be stated.

 Where aggregate intercepts incorporate

short lengths of high grade results and

longer lengths of low grade results, the

procedure used for such aggregation

should be stated and some typical

examples of such aggregations should be

shown in detail.

 The assumptions used for any reporting of

metal equivalent values should be clearly

stated.

Relationship

between

mineralisation

widths and

intercept

lengths

 Exploration results are not being

reported.

 Not applicable as a Mineral Resource is

being reported.

 Metal 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.

 Approximately 55% of current drilling is

angled -60˚ to the east, with the

remaining holes angled -60˚ to the west.

Mineralisation is generally sub-vertical.

Diagrams  Appropriate maps and sections (with

Balanced

Reporting

substantive

exploration

 These relationships are particularly

important in the reporting of Exploration

Results.

 If the geometry of the mineralisation with

respect to the drill hole angle is known, its

nature should be reported.

 If it is not known and only the down hole

lengths are reported, there should be a

clear statement to this effect (e.g. ‘down

hole length, true width not known’).

scales) and tabulations of intercepts should

be included for any significant discovery

being reported. These should include, but

not be limited to a plan view of drill hole

collar locations and appropriate sectional

views.

 Accuracy and quality of surveys used to

locate drill holes (collar and down-hole

surveys), trenches, mine workings and

other locations used in Mineral Resource

estimation.

 Where comprehensive reporting of all

Exploration Results is not practicable,

representative reporting of both low and

high grades and/or widths should be

practiced to avoid misleading reporting of

Exploration Results.

 Other exploration data, if meaningful and

material, should be reported including (but

not limited to): geological observations;

geophysical survey results; geochemical

survey results; bulk samples – size and

 Relevant diagrams have been included

within the Mineral Resource report main

body of text.

 All collar positions have been surveyed

with a DGPS system using the UTM

European Datum 1950 Zone 37 North

system. Half of the drilling was down

hole surveyed at 40m intervals using a

Devico survey tool. Holes drilled in the

first portion of the drilling program were

not down hole surveyed. RPM observes

that there is little dip movement and

minor amounts of azimuth movement in

the surveyed holes.

 Exploration results are not being

reported.

 All interpretations for Hot Maden

mineralisation are consistent with

observations made and information

gained during drilling at the Project.

Further work  The nature and scale of planned further

method of treatment; metallurgical test

results; bulk density, groundwater,

geotechnical and rock characteristics;

potential deleterious or contaminating

substances.

work (e.g. tests for lateral extensions or

depth extensions or large- scale step-out

drilling).

 Diagrams clearly highlighting the areas of

possible extensions, including the main

geological interpretations and future

drilling areas, provided this information is

not commercially sensitive.

 Infill and extensional drilling is planned

at selected areas of the Hot Maden

Mineral Resource.

 Refer to diagrams in the body of text

within the Mineral Resource report.

Section 3 Estimation and Reporting of Mineral Resources

Criteria JORC Code explanation Commentary

Database

integrity

 Measures taken to ensure that data has

not been corrupted by, for example,

transcription or keying errors, between its

initial collection and its use for Mineral

Resource estimation purposes.

 Data validation procedures used.

Site visits  Comment on any site visits undertaken by

the Competent Person and the outcome

of those visits.

 If no site visits have been undertaken

indicate why this is the case.

Geological

interpretation

 Confidence in (or conversely, the

uncertainty of) the geological

interpretation of the mineral deposit.

 Nature of the data used and of any

assumptions made.

 The effect, if any, of alternative

interpretations on Mineral Resource

estimation.

 The use of geology in guiding and

controlling Mineral Resource estimation.

 The factors affecting continuity both of

grade and geology.

Dimensions  The extent and variability of the Mineral

 The database has been systematically

validated by company geologists.

Original drilling records were compared

to the equivalent records in the data

base (where original records were

available). Any discrepancies were

noted and rectified.

 All drilling data has been verified as part

of a continuous validation procedure.

Once a drill hole is imported into the

data base a report of the collar, down-

hole survey, geology, and assay data is

produced. This is then checked by a

company geologist and any corrections

are completed.

 A site visit was conducted by Stewart

Coates of RPM during June 2015.

Stewart inspected the deposit area, drill

core, outcrop and the core logging and

sampling facility. During this time, notes

and photos were taken. Discussions

were held with site personnel regarding

drilling and sampling procedures. No

major issues were encountered.

 A site visit was conducted, therefore not

applicable.

 The confidence in the geological

interpretation is considered to be good

and is based on high quality diamond

core drilling.

 Geochemistry and geological logging

has been used to assist identification of

lithology and mineralisation.

 The deposit consists of sub-vertical to

steeply dipping, high-sulphidation

alteration zones within a fault zone. Infill

drilling has supported and refined the

model and the current interpretation is

considered robust.

 Outcrops of mineralisation and host

rocks within the Project confirm the

geometry of the mineralisation.

 Infill drilling has confirmed geological

and grade continuity.

 The Hot Maden Mineral Resource area

Resource expressed as length (along

Estimation

and modelling

techniques

strike or otherwise), plan width, and depth

below surface to the upper and lower

limits of the Mineral Resource.

 The nature and appropriateness of the

estimation technique(s) applied and key

assumptions, including treatment of

extreme grade values, domaining,

interpolation parameters and maximum

distance of extrapolation from data points.

If a computer assisted estimation method

was chosen include a description of

computer software and parameters used.

 The availability of check estimates,

previous estimates and/or mine

production records and whether the

Mineral Resource estimate takes

appropriate account of such data.

 The assumptions made regarding

recovery of by-products.

 Estimation of deleterious elements or

other non-grade variables of economic

significance (eg sulphur for acid mine

drainage characterisation).

 In the case of block model interpolation,

the block size in relation to the average

sample spacing and the search employed.

 Any assumptions behind modelling of

selective mining units.

 Any assumptions about correlation

between variables.

 Description of how the geological

interpretation was used to control the

resource estimates.

 Discussion of basis for using or not using

grade cutting or capping.

 The process of validation, the checking

process used, the comparison of model

data to drill hole data, and use of

reconciliation data if available.

extends over a north-south strike length

of 670m (from 4,541,710mN –

4,542,380mN), has a maximum width of

105m (740,590mE – 740,695mE) and

includes the 495m vertical interval from

885mRL to 390mRL.

 Using parameters derived from

modelled variograms, Ordinary Kriging

(OK) was used to estimate average

block grades in three passes using

Surpac software. Linear grade

estimation was deemed suitable for the

Hot Maden Mineral Resource due to the

geological control on mineralisation.

Maximum extrapolation of wireframes

from drilling was 50m down-dip and 50m

along strike. This was equal to one drill

hole spacing. Maximum extrapolation

between drill sections was half drill hole

spacing. Down-dip and along strike

extrapolations were classified as

Inferred Mineral Resource.

 No mining has occurred, therefore

reconciliation is not possible.

 There is little As observed in

geochemical analysis of drilling,

therefore not expected to occur in

tailings. The deposit is high-sulphidation,

so S is expected to occur as a result of

processing waste.

 Au (g/t), Cu (%), Ag (g/t), Fe (%), Pb (%)

and Zn (%) were interpolated into the

block model.

 The parent block dimensions used were

25m NS by 25m EW by 10m vertical

with sub-cells of 3.125m by 3.125m by

1.25m. The parent block size

dimension was selected on the results

obtained from Kriging Neighbourhood

Analysis that suggested this was the

optimal block size for the Hot Maden

dataset.

 An orientated ‘ellipsoid’ search was

used to select data and adjusted to

account for the variations in lode

orientations, however all other

parameters were taken from the

variography derived from Objects 1 and

101. Three passes were used for each

domain. First pass had a range of 50m,

with a minimum of 10 samples. For the

second pass, the range was kept at

50m, with a minimum of 6 samples. For

the final pass, the range was extended

to 150m, with a minimum of 2 samples.

A maximum of 30 samples was used for

all 3 passes.

 No assumptions were made on selective

mining units.

 Strong positive correlations were

observed in the composite data for Cu-

Ag, Fe-Ag, Cu-Fe and Pb-Zn. Moderate

positive correlations were observed in

the composite data for Au-Ag, Au-Cu

and Au-Fe.

 The mineralisation was constrained by

resource outlines based on

Moisture  Whether the tonnages are estimated on a

Cut-off

parameters

dry basis or with natural moisture, and the

method of determination of the moisture

content.

 The basis of the adopted cut-off grade(s)

or quality parameters applied.

Mining factors

or

assumptions

mineralisation envelopes prepared using

a nominal 0.5g/t Au Equivalent cut-off

grade for lower grade material, 3g/t Au

Equivalent for higher grade material and

approximately 15g/t Au Equivalent for

ultra-high grade material. All

mineralisation intersections were

defined with a minimum down hole width

of 2m. The wireframes were applied as

hard boundaries in the estimate.

 Top cuts were applied to the data based

on statistical analysis of individual lodes.

A top cut of 35g/t Au was applied within

the higher grade domain (Object 101), a

top cut of 175g/t Au was applied to the

ultra-high grade domain (Object 102), a

top cut of 20g/t Au was applied to Object

103 and a top cut of 10g/t Au was

applied to Objects 2 and 3, resulting in a

total of 10 samples being cut. Top cuts

for the remaining elements were not

required; no Au top cut was applied to

the remaining lodes.

 Validation of the model included detailed

comparison of composite grades and

block grades by northing and elevation.

Validation plots showed good correlation

between the composite grades and the

block model grades.

 Tonnages and grades were estimated

on a dry in situ basis.

 The Mineral Resource has been

reported at a 2g/t Au Equivalence cut-off

based on assumptions about economic

cut-off grades for underground mining.

Reported mining grades at this cut-off

are successfully mined using

underground methods at other similar

deposits in the region. Further mining

studies are planned and an economic

cut-off grade will be quantified at that

time.

 RPM has assumed that the deposit could

be mined using mostly underground

techniques. Mineralisation grade and

thickness are deemed appropriate for

underground mining.

Metallurgical

factors or

assumptions

 Assumptions made regarding possible

mining methods, minimum mining

dimensions and internal (or, if applicable,

external) mining dilution. It is always

necessary as part of the process of

determining reasonable prospects for

eventual economic extraction to consider

potential mining methods, but the

assumptions made regarding mining

methods and parameters when estimating

Mineral Resources may not always be

rigorous. Where this is the case, this

should be reported with an explanation of

the basis of the mining assumptions

made.

 The basis for assumptions or predictions

regarding metallurgical amenability. It is

always necessary as part of the process

of determining reasonable prospects for

eventual economic extraction to consider

potential metallurgical methods, but the

assumptions regarding metallurgical

treatment processes and parameters

made when reporting Mineral Resources

 Preliminary metallurgical testing has

been conducted on the Hot Maden

mineralisation. It is likely that processing

would entail gravity separation of Au

followed by flotation to produce a

concentrate with expected recoveries

greater than 90% for Au and Cu based

on these results.

 Further metallurgical studies are

planned.

Environmental

factors or

assumptions

Bulk density  Whether assumed or determined. If

may not always be rigorous. Where this is

the case, this should be reported with an

explanation of the basis of the

metallurgical assumptions made.

 Assumptions made regarding possible

waste and process residue disposal

options. It is always necessary as part of

the process of determining reasonable

prospects for eventual economic

extraction to consider the potential

environmental impacts of the mining and

processing operation. While at this stage

the determination of potential

environmental impacts, particularly for a

greenfields project, may not always be

well advanced, the status of early

consideration of these potential

environmental impacts should be

reported. Where these aspects have not

been considered this should be reported

with an explanation of the environmental

assumptions made.

assumed, the basis for the assumptions. If

determined, the method used, whether

wet or dry, the frequency of the

measurements, the nature, size and

representativeness of the samples.

 The bulk density for bulk material must

have been measured by methods that

adequately account for void spaces (vugs,

porosity, etc), moisture and differences

between rock and alteration zones within

the deposit.

 Discuss assumptions for bulk density

estimates used in the evaluation process

of the different materials.

 No assumptions have been made

regarding environmental factors. Lidya

and MARL will work to mitigate

environmental impacts as a result of any

future mining or mineral processing.

Classification  The basis for the classification of the

Mineral Resources into varying

confidence categories.

 Whether appropriate account has been

taken of all relevant factors (ie relative

confidence in tonnage/grade estimations,

reliability of input data, confidence in

continuity of geology and metal values,

quality, quantity and distribution of the

data).

 Whether the result appropriately reflects

the Competent Person’s view of the

deposit.

 A total of 1,526 density measurements

were collected during the 2014-16

drilling program using the water

immersion technique. All samples were

in fresh rock. RPM extracted the density

records and determined whether the

measurements were in waste or

mineralisation.

 Bulk densities within the wireframes

were calculated based on a linear

regression equation between Fe grade

and specific gravity measurements. A

bulk density of 2.85t/m 3 was assigned to

waste material as a result of average

core densities outside the wireframes. A

bulk density of 2.20t/m 3 was assigned to

overburden.

 Bulk density is measured. Moisture is

accounted for in the measuring process

and measurements were separated for

lithology and mineralisation.

 It is assumed there are minimal void

spaces in the rocks at Hot Maden. The

Hot Maden Mineral Resource contains

minor amounts of overburden above

fresh bedrock. The value for this zone

was derived from known bulk densities

of similar geological terrains.

 The Mineral Resource is estimated here

in accordance with the requirements of

‘Canadian National Instrument 43-101’

(NI 43-101) of the Canadian Securities

Administrators; and in accordance with

the 2012 Edition of the ‘Australasian

Code for Reporting of Exploration

Results, Mineral Resources and Ore

Reserves’ prepared by the Joint Ore

Reserves Committee of The

Australasian Institute of Mining and

Metallurgy, Australian Geoscientists and

Minerals Council of Australia (The JORC

Code 2012).

 The Mineral Resource was classified as

Indicated and Inferred Mineral Resource

Audits or

reviews

Discussion of

relative

accuracy/

confidence

 The results of any audits or reviews of

Mineral Resource estimates.

 Where appropriate a statement of the

relative accuracy and confidence level in

the Mineral Resource estimate using an

approach or procedure deemed

appropriate by the Competent Person. For

example, the application of statistical or

geostatistical procedures to quantify the

relative accuracy of the resource within

stated confidence limits, or, if such an

approach is not deemed appropriate, a

qualitative discussion of the factors that

could affect the relative accuracy and

confidence of the estimate.

 The statement should specify whether it

relates to global or local estimates, and, if

local, state the relevant tonnages, which

should be relevant to technical and

economic evaluation. Documentation

should include assumptions made and the

procedures used.

 These statements of relative accuracy

and confidence of the estimate should be

compared with production data, where

available.

based on data quality, sample spacing,

and lode continuity. The Indicated

Mineral Resource was defined within

areas of close spaced diamond drilling

of less than 50m by 50m, and where the

continuity and predictability of the lode

positions was good. The Inferred

Mineral Resource was assigned to

areas of the deposit where drill hole

spacing was greater than 50m by 50m,

where small isolated pods of

mineralisation occur outside the main

mineralised zones, and to geologically

complex zones.

 The input data is comprehensive in its

coverage of the mineralisation and does

not favour or misrepresent in-situ

mineralisation. The definition of

mineralised zones is based on high level

geological understanding producing a

robust model of mineralised domains.

This model has been confirmed by infill

drilling which supported the

interpretation. Validation of the block

model shows good correlation of the

input data to the estimated grades.

 The Mineral Resource estimate

appropriately reflects the view of the

Competent Person.

 Internal audits have been completed by

RPM which verified the technical inputs,

methodology, parameters and results of

the estimate.

 The lode geometry and continuity has

been adequately interpreted to reflect

the applied level of Indicated and

Inferred Mineral Resource. The data

quality is good and the drill holes have

detailed logs produced by qualified

geologists. A recognised laboratory has

been used for all analyses.

 The Mineral Resource statement relates

to global estimates of tonnes and grade.

 This is a maiden Mineral Resource;

therefore reconciliation could not be

conducted.

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