Hana Mining Ltd.: Diamond Drilling Extends Down Dip Extension and Confirms Thick Intervals of High-Grade Copper-Silver Minera...
July 24 2012 - 6:00AM
Marketwired Canada
Hana Mining Ltd. ("Hana" or the "Company") (TSX
VENTURE:HMG)(FRANKFURT:4LH)(BOTSWANA:HANA) is pleased to announce its most
recent drilling results from the completion of six infill and down-dip
extensional diamond-drill holes at the Banana Zone at its Ghanzi sediment hosted
Copper-Silver Project in Botswana.
Infill and extensional drilling was carried out on Northeast Fold area ("NEF")
(between sections 70200 to 70925; Figures 1 and 2) to convert a substantial
amount of the NI 43- 101 compliant resources within this area into the Indicated
category from the Inferred category.
These results are from new holes and are in addition to those used in the most
recent NI 43-101 compliant Indicated and Inferred mineral resource calculation
(see Table 1 at the end of this press release for the results from all six drill
holes). The mineralization remains open at depth and along strike.
Highlights of recent drilling results:
The latest results demonstrate that Banana Zone contains areas which host
high-grade copper-silver mineralization.
-- Core lengths intercepts of:
-- 2.69% CuEq(1)(2.22% Cu and 32.0 g/t Ag) over 4.0 metres and
1.69% CuEq(1)(1.28% Cu and 28.0 g/t Ag) over 7.4 metres within a
wider mineralized interval of 0.64% CuEq(1)(0.53% Cu and 8.0 g/t
Ag) over 49.5. metres in hole HA-511-D,
-- 1.90% CuEq(1)(1.77% Cu and 9.0 g/t Ag) over 2.4 metres within a
wider mineralized interval of 0.55% CuEq(1)(0.50% Cu and 3.0 g/t
Ag) over 12.5 metres in hole HA- 519-D,
-- 2.01% CuEq(1)(1.40% Cu and 42.0 g/t Ag) over 2.5 metres within a
wider mineralized interval of 0.91% CuEq(1)(0.67% Cu and 16.0
g/t Ag) over 8.0 metres in hole HA-513-D.
1. Copper equivalent calculated using US$3.00/lb Cu, US$30/oz Ag and is not
adjusted for metallurgical recoveries. The formula used is as follows:
CuEq = Cu% + (Ag g/t x 0.01458).
Discussion of Results:
The NEF area consists of a plunging anticline where up to four intervals of
high-grade copper mineralization within a broader low grade mineralized envelope
were encountered within the hanging siltstones and mudstones and footwall
sandstones (Figure 3). The latest drilling results from the NEF infill drilling
program continue to add significant high-grade copper over thick intervals
within the NEF area and cover additional extensions along the fold plunge axis.
This zone is still open along strike and at depth.
Drilling at the Northeast Fold will continue, focusing on extending
mineralization along plunge and infill drilling so as to convert more resources
to the Indicated category. Drilling is also continuing at Zone 5 and Zone 6. In
all there are five drills operating at the Ghanzi project. The number of drills
is expected to increase by the end of August.
To view Figures 1, 2 and 3, click on the following link:
http://media3.marketwire.com/docs/h723m.pdf
The Company also announces that Pat Donnelly, Vice President of Corporate
Development, will be resigning his position, effective August 1, 2012. Mr.
Donnelly has chosen to pursue other opportunities within the mining industry.
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"Drilling at the Northeast Fold continues to identify thick intersections of
copper-silver mineralization. We will continue to drill at this area to convert
more material into the Indicated category and we will also carry out more
extensional drilling so as to identify more high-grade material down plunge to
the northeast.
"I also want to thank Pat Donnelly for his commitment to the Company and wish
him the best success in his future endeavors."
Qualified Person and Quality Assurance/Quality Control
The drilling program and results are reviewed and approved by Marek Kreczmer,
Chief Executive Officer for Hana. He is the qualified person as defined in NI
43-101 and has reviewed the technical information in this press release.
Drill core is logged and photographed. Mineralized intervals are split in half
by sawing and sampled at site. The remainder of the core is kept as a permanent
record. Samples are placed into labelled bags, closed and packed into sealed
bags that are shipped to Scientific Services Laboratory in Cape Town, South
Africa. Hana has implemented an industry-standard QA/QC program that includes
the blind insertion of certified standards, duplicates and blanks into the
sample stream.
About Hana Mining's Ghanzi Copper-Silver Project in Botswana:
The Ghanzi Project is located in the center of the Kalahari Copper Belt in
northwestern Botswana. The Ghanzi property covers 2,149 square kilometres, and
contains sediment- hosted copper-silver deposits with a demonstrated cumulative
tested strike length of 70 kilometres. This favorable geology extends over an
estimated strike length of 600 kilometres.
On May 14, 2012 Hana Mining released results of its most recent NI 43-101
compliant Preliminary Economic Assessment ("PEA") for the Ghanzi Project. The
PEA details a 10,000 tonne per day open-pit mining and milling operation at the
Banana Zone and Zone 5 at an initial capital expenditure of US$285.5 million.
This operation is expected to produce approximately 66.4 million pounds of
copper and 878,000 ounces of silver annually over a minimum 13-year mine life.
The project will benefit from proposed rail and power infrastructure expansions,
along with proximity to local population centers and workforce. A feasibility
study was carried out (funded by the World Bank and the governments of Botswana
and Namibia) to support completion of a rail line link that would connect
Botswana with the Namibian port of Walvis Bay, on the Atlantic coast. The
closest existing railhead to port is at Gobabis, in Namibia, approximately 550
km from our property. Construction is well advanced on the 600MW expansion of
the government-owned Moropule Power Plant, having secured US$825 million project
funding in May 2009. The Ghanzi Copper-Silver Project is currently accessed by
the paved Trans-Kalahari highway, which passes within 40 km of the property.
The Ghanzi property is one of Africa's premier future copper-silver resources.
Table 1: Drill Results from Northeast Fold, Banana Zone, Sections 70200 -
70925 - Interval indicates down hole interval
----------------------------------------------------------------------------
Est.
Inter- True Cu
Mineralized From To val Width Eq Cu Ag
Hole # Section Zone (m) (m) (m) (m) (%) (%) (g/t)
----------------------------------------------------------------------------
Northeast Fold Diamond Drilling
----------------------------------------------------------------------------
HA-511-D NF70525 Northeast 145.80 202.00 56.20 49.46 0.64 0.53 8.0
Fold
includes 147.41 151.70 4.29 3.78 0.56 0.51 3.0
includes 163.26 167.82 4.56 4.01 2.69 2.22 32.0
includes 171.19 179.55 8.36 7.36 1.69 1.28 28.0
includes 194.75 198.21 3.46 3.04 0.62 0.58 3.0
----------------------------------------------------------------------------
HA-512b-DNF70200 Northeast 235.32 239.40 4.08 3.39 0.55 0.47 5.0
Fold
----------------------------------------------------------------------------
HA-513-D NF70325 Northeast 192.49 202.00 9.51 7.99 0.91 0.67 16.0
Fold
includes 197.00 200.00 3.00 2.52 2.01 1.40 42.0
----------------------------------------------------------------------------
HA-514-D NF70925 Northeast 273.69 276.46 2.77 2.77 0.58 0.49 6.0
Fold
HA-514-D 288.38 299.00 10.62 10.62 0.28 0.21 5.0
includes 294.48 296.18 1.70 1.70 0.62 0.43 13.0
----------------------------------------------------------------------------
HA-519-D NE70925 Northeast 224.00 236.45 12.45 12.45 0.55 0.50 3.0
Fold
includes 224.00 226.35 2.35 2.35 1.90 1.77 9.0
includes 234.33 236.45 2.12 2.12 0.70 0.62 5.0
HA-519-D 242.00 245.39 3.39 3.39 0.53 0.47 4.0
includes 243.78 245.00 1.22 1.22 1.19 1.07 8.0
----------------------------------------------------------------------------
HA-522-D NE70525 Northeast 198.98 225.59 26.61 24.75 0.30 0.26 3.0
Fold
includes 205.00 209.44 4.44 4.13 0.30 0.29 1.0
includes 220.00 225.59 5.59 5.20 0.56 0.47 6.0
includes 240.70 246.91 6.21 5.78 0.17 0.14 2.0
280.00 282.49 2.49 2.32 0.15 0.12 2.0
----------------------------------------------------------------------------
Copper equivalent calculated using US$3.00/lb Cu, US$30/oz Ag and is not
adjusted for metallurgical recoveries. The formula used is as follows: CuEq
= Cu% + (Ag g/t x 0.01458).
Statements in this press release, other than purely historical information,
including statements relating to the Company's future plans and objectives or
expected results, may include forward-looking statements. Forward-looking
statements are based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in resource exploration and development. As a result,
actual results may vary materially from those described in the forward-looking
statements.
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