Mariana Resources Ltd

Condor de Oro Project, Peru: Mariana Enters Second Year of Option Following the Positive Results from CDOYE-5

Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM quoted exploration and development company focused in Peru and southern Argentina, announces further positive results from its scout drilling programme at its 102 sq km Condor de Oro copper-gold-molybdenum project ('the Project' or 'Condor de Oro'), located along the prolific Cordillera del Condor gold-copper belt in Northern Peru (Fig 1).  The latest drill hole CDOYE-5 has yielded the strongest porphyry-style copper-molybdenum mineralisation to date.

Highlights

?         The results of CDOYE 5 and the other four Initial scout holes (totalling 1,641m) confirm the size and intensity of the multi-phase mineralised system at Pucayacu   

?         Based on the drill results and scale of mineralisation identified Mariana has elected to continue with the Condor de Oro option into the second anniversary period 

?         Copper and molybdenum in CDOYE 5 are the strongest of the five scout holes drilled to date (Fig 2), and consist of wall rock style porphyry copper mineralisation hosted by intense potassic-altered andesite volcanics 

o    Best copper intervals are 22.4m @ 0.17% Cu from 63.2m and 102.8m @ 0.19% Cu from 277.9m (including 19..2m @ 0.26% Cu from 347.8m) 

o    Molybdenum mineralisation is widespread with 192.5m @ 132ppm Mo from 277.9m (including 30.5m @ 167ppm from 352.7m and 15.1m @ 175ppm from 419.8m) 

?         Evaluation of the drilling results to date, together with both new and previous geochemistry and mapping has assisted in further vectoring towards the potential mineralised core of the system, as a prime target. 

?         The 800m diameter Core Zone, as defined by an inner circle of anomalous multi-element rock geochemistry, is centred approximately 500m N of CDOYE 5 

?         Other highly prospective target areas include the Northern and South Western Zones 

?         Scout drilling is to be extended to test these priority target areas next month 

Mariana Resources Chief Executive Officer Glen Parsons said, "The extent of mineralisation over all our scout drill holes and the increasing intensity of alteration specifically in Hole 5, further confirms Pucayacu as a large copper-gold-molybdenum system with considerable exploration upside potential as we vector towards the "core zone".  The positive aspect for Mariana, following the systematic field work from our team, as well as the development of the geological model, is the identification of a highly prospective central "core zone" as well as areas to the north and south west, which compel us to test these new targets.  This is in addition to the high-grade gold mineralization identified in CDOYE-04 (2m @ 61.5 g/t Au from 118.5m) which remains open in all directions.  Therefore our decision to continue earning into our option is taken with enthusiasm for 2014..  

Furthermore, our advancing of the exciting Soledad gold-silver-copper project in Central Peru, is allowing us to define drill targets for the impending drill campaign which we envisage will commence in Q2 2014.  Importantly, we are fully funded for these next two phases and we look forward to busy months ahead in Peru, hopefully concomitant rewards as well as continual assessment of new opportunities which fit our investment strategy."

Summary CDOYE 5 Drilling Results  

Drill hole CDOYE 5 (596.3m) intersected a thick package of intensely veined and potassic altered andesite volcanics hosting "wall rock style" porphyry copper/molybdenum mineralisation (quartz/magnetite/molybdenum/copper sulphide veins).  The andesites are cut by diorite, dacitic porphyry dykes, phreatic breccia dykes and later molybdenum sulphide quartz veins. Copper and molybdenum mineralisation is the strongest of the four targets drilled to date but is not regarded by the Mariana team to represent the core zone of the system.  Highest copper values (>0.4% Cu) were actually in diorite at approximately 485m in the form of disseminated chalcopyrite and quartz sulphide/sulphide veins.  Anomalous gold is present with 20.0m @ 0.31 g/t Au from 190.2m.   A summary of intersections is shown in Table 1 below with assay histograms are in Fig 3.   The comparison with Holes 1 to 4 in Figs 4a and 4b shows just how significant CDOYE 5 is in terms of contained metal, albeit on the flank of the Core Zone.

Exploration Model
Wide spaced drilling confirms that mineralisation at the Pucayacu Intrusive Complex at the Condor del Oro project relates to a large porphyry system with multiple diorite and more central dacite porphyry intrusives emplaced into andesite volcanic wall rocks with evidence of better grading copper mineralisation associated with phreatic breccias in hole 5. Drilling data together with mapping and geochemical sampling provide the basis for a working geological model.

An updated geological map (Fig 5a) shows the perimeter of the intrusive complex with surrounding andesite volcanics wall rocks, the extent of diorite, later dacite porphyry intrusives and major faults.  

A conceptual cross section through the complex (Fig 5b) models the culmination of a deep phase of low-grade wall rock porphyry copper mineralisation hosted in volcanics (Hole 5), followed by diorite and then dacite dome intrusions (potassic alteration, silicification, quartz/molybdenum/chalcopyrite veins) in an intermediate porphyry/epithermal setting.  Development of phreatic breccias, epithermal quartz and quartz/molybdenum veins characterize the later stages.  The inferred position of the Core Zone is shown on the model.

In summary, copper mineralisation encountered to date is outside the core zone and is hosted by wall rock andesites (ranging from 0.1 to 0.5% Cu), early diorite intrusives (up to 0.45% Cu in CDOYE 5) and later dacite porphyries (background ~ 0.1% Cu, CDOYE 2-4)).  Strongest molybdenum is found in quartz veins associated with structures cutting dacites but also extending into the volcanic wall rocks. Highest gold grades are found in late structures with associated phyllic alteration and strong chalcopyrite (CDOYE 4). A schematic SW-NE section through drill holes 1 -5 showing selected intersections is shown in Fig 6.

Target Areas
The scout drilling has so far tested a more accessible NE-SW trending corridor on the SE flank of the Core Zone target, but not the Core Zone.  The current focus is on testing the copper prospective diorite phases and the phreatic breccias within the Core Zone.  So far, only the dacite porphyry (CDOYE 1-5) and the wall rock volcanic porphyry (Holes 1/4/5) targets have been tested in the scout drilling.  

The new target areas (Fig 7) and rock chip anomaly patterns for Cu-Mo-Au-Ag-Pb-Zn (Fig 8) are summarised below.

Core Zone - The 800m diameter Core Zone is defined by an inner circle of anomalous Mo-(Cu-Ba-Sb)-Al-K-Na, centred approximately 500m N of CDOYE 5.  Recognition of the core of the complex is an important breakthrough as is a prime target with greatest grade/tonnage potential, particularly for diorite-hosted copper mineralisation concealed beneath the flanks of dacite domes.  The Core Zone is open to the north.

Northern Zone - The Northern Zone is a high elevation target area immediately north of the Core Zone and has potential for diorite (Cu) and phreatic breccias (Cu-Au).  It includes a prominent ridge trending west from Holes 2/3 with strong Cu + or - Pb/Zn in soils.

Western Zone - This area has potential for copper mineralised diorite concealed under the dacite porphyry dome margins.  It includes the South Western Zone with a magnetic feature on the margin of dacite porphyry where mapping has identified the most intense alteration and sampling the strongest Cu-Mo grades.   

Contouring of rock chip multi-element data highlights the prospective core zone of the system and shows a concentric pattern around a Mo-(Cu-Ba-Sb)-Al-K-Na core, an inner ring of elevated Au-Ag-Cu-Mo-Fe-Ca and an outer ring of higher Pb-Zn and Al-K-Na-Ti .

Ongoing Programme
Geological mapping and geochemical sampling are continuing in the target areas to assist in prioritising additional scout drilling targets.  It is expected that drilling will resume during the month of February.

Condor Option - 2^nd Anniversary
Follow Mariana's election to continue on at CDO the option anniversary, US$200,000 will be paid to Condor with an expenditure commitment of US$1.5 million.  A large portion of this expenditure commitment has already been spent to date.

Exploraciones Aguila Dorada S.A.C. ('EAD')
Drilling was undertaken by Exploraciones Aguila Dorada S.A.C. ('EAD') and the exploration programme has been under the management of Mariana with currently 5 holes for 1,641m completed. (Mariana was required to complete a minimum 1,500m of drilling before 31 January 2014).  Drill contractor Energold is utilising a portable Diamond drill rig.

Links to figures 1-8: http://www.marianaresources.com/pdf/release/Mariana_140128.pdf

Table 1 - Summary CDOYE 5

ADDITIONAL INFORMATION

CDOYE 1-4 Summary
CDOYE-001 (282.3m) - 62m @ 0.41 g/t Au from 0m, 5m @ 0.52 g/t Au from 201m and 8m @ 0.79 g/t Au & 0.10% Cu from 240m
CDOYE-002 (152.8m) - 26.8m @ 110 ppm Mo from 126m
CDOYE-003 (252.8m) - 63m @ 90ppm Mo from 180m & 25m from 205m @ 116 ppm Mo.  Multiple anomalous gold zones from 8-28m @ 0.11-0.18 g/t Au
CDOYE-004 (355.5m) - 2m @ 61.5 g/t Au from 118.5m, 6.6m @ 0.47 from 18m, 19.1m @ 0.42, 9.8m @ 0.46, 19.1m @ 0.42, and 5m @ 0.50 g/t Au

Qualified Person
The information in this release has been reviewed by John Horsburgh who is a Fellow of the Australasian Institute of Mining and Metallurgy.  Mr Horsburgh holds a B.Sc in Mining Geology and an M.Sc in Applied Geophysics from the Royal School of Mines, Imperial College, London and has over 40 years experience in mineral exploration and project development worldwide.

Quality Assurance/Quality Control
All technical information for the CDO project is obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are shipped to and assayed by the ALS Chemex Laboratory in Lima, Peru, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion with 33 element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being re-analyzed with atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. Systematic assaying of sample duplicates and commercially prepared standards and blanks is performed for analytical reliability.  A secure chain of custody is maintained in transporting and storing of all samples.
Background
The 102 sq km Condor de Oro project in northern Peru consists of two separate areas: the 34 sq km Pucayacu (Area 1) in the south-west of the Project, and the 68 sq km Yuracyacu target which lies northeast of Pucayacu.  In September 2013 EAD received Ministerial approval for initiation of Exploration Activities, including up to 20 drill holes, on three of EAD's twelve concessions at the Condor de Oro project comprising Area 1.  Condor Resources Inc. ('Condor') has an option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor's interest, being an overall 51% interest.  Mariana is required to complete a minimum 1,500m of drilling on Area 1 before 31 January 2013 which is now complete.  The second year expenditure commitment is for US$1.5 million.
**ENDS**
For further information please visit website at www.marianaresources.com or contact the following.

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. In Peru, Mariana has an option to earn a 51% interest in highly prospective copper-gold and copper silver porphyry targets in the Cordillera del Condor of northern Peru as well as an option to earn a 70% interest in the Soledad copper-gold and silver project in Central Peru. In southern Argentina, the Company's core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal (100%) and Los Amigos JV (30%). These projects are part of a 200,000+ Ha land package in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz Province.
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.

Lottie Brocklehurst

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