Hana Mining Finds Strong Copper-Silver Mineralization from New Drill Program at Zone 6
September 24 2012 - 6:00AM
Marketwired Canada
Hana Mining Ltd. ("Hana" or the "Company") (TSX
VENTURE:HMG)(FRANKFURT:4LH)(BOTSWANA:HANA) is pleased to announce strong results
from the completed initial exploration drilling program of Zone 6 at the Ghanzi
sediment hosted Copper-Silver Project in Botswana.
The exploration drilling at Zone 6 is part of an investigation to identify the
potential for higher-grade areas within Hana's licenses beyond the Banana Zone.
While previous drilling at Zone 6 took place in 2008, the results reported today
include 24 all new diamond core holes (5175.37m) that have been drilled since
March 2012. Zone 6 has a one-kilometer strike length of high-grade copper and
silver. Mineralization begins near surface, just below the Kalahari sand cover.
Drilling to date has exhibited high-grade intervals averaging 1.7% copper over
an average width of 6 metres.
Highlights of drilling results from Zone 6:
-- 2.33% CuEq(1) (2.12% Cu and 14.0 g/t Ag) over 8.57 metres in hole HA-
533a-D,
-- 2.18% CuEq(1) (1.98% Cu and 14.0 g/t Ag) over 7.19 metres within a wider
mineralized interval of 1.14% CuEq(1) (1.02% Cu and 8.0 g/t Ag) over
15.29 metres in hole HA-533b-D,
-- 15.07% CuEq(1) (13.72% Cu and 92.4 g/t Ag) over 0.27 metres and 2.02%
CuEq(1) (1.85% Cu and 12.0 g/t Ag) over 8.99 metres within a wider
mineralized interval of 1.12% CuEq(1) (1.02% Cu and 7.0 g/t Ag) over
17.64 metres in hole HA-535-D,
-- 1.52% CuEq(1) (1.32% Cu and 14.0 g/t Ag) over 14.66 metres within a
wider mineralized interval of 1.11% CuEq(1) (0.97% Cu and 10.0 g/t Ag)
over 20.96 metres in hole HA-572-D,
-- 1.57% CuEq(1) (1.41% Cu and 11.0 g/t Ag) over 12.21 metres within a
wider mineralized interval of 1.04% CuEq(1) (0.94% Cu and 7.0 g/t Ag)
over 21.03 metres in hole HA-575-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: CuEq = Cu% +
(Ag g/t x 0.01458).
2. These and other assay results from Zone 6 are listed in Table 1 at the
end of this news release.
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"As our geological model of the Ghanzi project evolves, we have gone back to
Zone 6 which has returned some promising but inconsistent drill results in 2008.
We now know that Zone 6 mineralization is predominantly confined to a siltstone
unit just above the D'Kar and Ngwako Pan contact. Mineralization within this
unit is proving to be consistent over the one kilometre strike length. Its
continuous high-grade nature makes Zone 6 a good potential target to consider
for further deep drilling.
We are pleased to be able to confirm the trend of higher grade copper and silver
which follows through our properties. We are currently continuing work to
understand the nature of the geology and continue to discover more
mineralization."
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 labeled 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 Zone 6, Sections HA1530-D - HA579-D. Interval
indicates down hole interval lengths
----------------------------------------------------------------------------
Est.
Mineral- True
ized From To Interval Width CuEq Cu Ag
Hole # Section Zone (m) (m) (m) (m) (%) (%) (g/t)
----------------------------------------------------------------------------
Zone 6 Diamond Drilling
----------------------------------------------------------------------------
HA-530a-D N153675 Zone 6 222.66 230.00 7.34 7.34 1.83 1.70 9.0
----------------------------------------------------------------------------
HA-530b-D N153675 Zone 6 223.00 231.57 8.57 8.57 1.70 1.54 11.0
----------------------------------------------------------------------------
HA-531-D N153800 Zone 6 222.00 222.90 0.90 0.86 1.47 1.35 8.0
232.00 235.00 3.00 2.85 0.76 0.73 2.0
----------------------------------------------------------------------------
HA-532-D N153800 Zone 6 111.49 113.45 1.96 1.96 0.56 0.54 1.0
122.63 131.00 8.37 8.37 2.03 1.86 12.0
----------------------------------------------------------------------------
HA-533a-D N153575 Zone 6 221.00 229.57 8.57 8.57 2.33 2.12 14.0
----------------------------------------------------------------------------
HA-533b-D N153575 Zone 6 220.94 236.70 15.76 15.29 1.14 1.02 8.0
includes 220.94 228.35 7.41 7.19 2.18 1.98 14.0
----------------------------------------------------------------------------
HA-534-D N153575 Zone 6 154.57 169.66 15.09 14.64 0.34 0.31 2.0
includes 159.00 161.56 2.56 2.48 0.87 0.81 4.0
----------------------------------------------------------------------------
HA-535-D N153475 Zone 6 209.81 228.00 18.19 17.64 1.12 1.02 7.0
includes 212.50 221.77 9.27 8.99 2.02 1.85 12.0
includes 214.95 215.23 0.28 0.27 15.07 13.72 92.4
----------------------------------------------------------------------------
HA-536-D N153475 Zone 6 142.00 146.61 4.61 4.47 1.45 1.34 7.0
includes 142.42 144.59 2.17 2.10 2.26 2.06 14.0
----------------------------------------------------------------------------
HA-537-D N153375 Zone 6 193.57 196.57 3.00 2.85 0.38 0.35 2.00
HA-537-D 203.45 215.19 11.74 11.39 1.25 1.13 8.0
includes 203.45 206.54 3.09 3.00 2.46 2.27 13.0
----------------------------------------------------------------------------
HA-538-D N153375 Zone 6 121.00 125.00 4.00 3.80 1.41 1.30 8.00
131.62 139.57 7.95 7.55 2.02 1.85 12.00
----------------------------------------------------------------------------
HA-539-D N153275 Zone 6 237.90 248.00 10.10 9.80 0.30 0.26 3.0
----------------------------------------------------------------------------
HA-540-D N153275 Zone 6 171.30 175.77 4.47 4.25 1.02 0.91 7.00
181.94 185.00 3.06 2.91 1.03 0.93 7.00
----------------------------------------------------------------------------
HA-571-D N153900 Zone 6 270.50 272.50 2.00 1.90 0.50 0.46 3.00
279.00 283.79 4.79 4.55 1.32 1.24 5.00
----------------------------------------------------------------------------
HA-572-D N154000 Zone 6 208.63 230.69 22.06 20.96 1.11 0.97 10.0
includes 208.63 224.06 15.43 14.66 1.52 1.32 14.0
----------------------------------------------------------------------------
HA-573-D N154000 Zone 6 145.51 161.32 15.81 15.02 1.12 1.02 7.00
includes 145.51 154.52 9.01 8.56 1.77 1.62 10.00
----------------------------------------------------------------------------
HA-574b-D N154100 Zone 6 216.00 234.50 18.50 17.58 0.86 0.78 5.0
includes 221.62 234.50 12.88 12.24 1.08 0.98 7.0
----------------------------------------------------------------------------
HA-575-D N154200 Zone 6 206.86 229.00 22.14 21.03 1.04 0.94 7.0
includes 215.49 228.34 12.85 12.21 1.57 1.41 11.0
----------------------------------------------------------------------------
HA-576-D N154200 Zone 6 132.00 142.47 10.47 9.95 0.61 0.55 4.0
includes 132.00 134.00 2.00 1.90 2.33 2.08 17.0
----------------------------------------------------------------------------
HA-577-D N154200 Zone 6 276.00 277.02 1.02 0.99 2.05 1.86 13.0
includes 276.31 276.61 0.30 0.29 6.04 5.52 36.0
----------------------------------------------------------------------------
HA-577-D 300.00 304.57 4.57 4.43 0.42 0.36 4.0
includes 300.00 301.14 1.14 1.11 0.83 0.74 6.0
----------------------------------------------------------------------------
HA-578b-D N153100 Zone 6 212.36 215.34 2.98 2.89 0.69 0.62 5.0
includes 213.22 213.53 0.31 0.30 5.25 4.71 37.0
----------------------------------------------------------------------------
HA-579-D N152350 Zone 6 246.90 249.60 2.70 2.62 0.33 0.28 3.0
----------------------------------------------------------------------------
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.
To view the figures associated with this Press Release, please visit the
following link: http://media3.marketwire.com/docs/hana0924-figs.pdf.
Hana Mining Ltd. (TSXV:HMG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hana Mining Ltd. (TSXV:HMG)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Hana Mining Ltd. (TSX Venture Exchange): 0 recent articles
More Hana Mining Ltd. News Articles