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09.12.2009
Hana Mining RC Drilling Intersects 1.84% Cu and 23.6 g/t Ag Over 7 Metres in South Limb of Banana Zone and Doubles Mineralized Strike in New Area of Banana Zone
Hana Mining RC Drilling Intersects 1.84% Cu and 23.6 g/t Ag Over 7 Metres in South Limb of Banana Zone and Doubles Mineralized Strike in New Area of Banana Zone
VANCOUVER, BRITISH COLUMBIA, Dec 08, 2009
Hana Mining Ltd., ("HMG" or the "Company") - (TSX VENTURE: HMG) (FRANKFURT: 4LH) is pleased to announce completion of 16 new RC drill holes at its Ghanzi sediment-host copper-silver project in Botswana. These latest results extend total mineralization by 1600 metres along strike for two areas in the Banana Zone (8.5% total zone increase), specifically the South Limb (section 60,000--see Figure 1), and a new area, known as the Southwest Fold Closure ("SW Fold") (sections 30,000 & 35,000--see Figure 1).
Highlights of recent drilling results:
- These 16 RC holes increase the mineralized strike length in the Banana Zone by 1600 metres, to a total 20.4 km, now 32% (4,900 metres) greater than the strike length reflected in the current NI 43-101 resource estimate.
-- Five new holes in the South Limb (section 60,000) extend mineralized strike length by 600 metres, to 2.4 km, and
-- Eleven new holes in the SW Fold (sections 30,000 & 35,000) extend mineralized strike length by 1000 metres, to 2.4 km.
- RC assay results in the South Limb show copper/silver mineralization approximately 1.8 km south of previously announced results, opening up a new section in this area.
-- This new section is open along strike and down dip, and will be further defined by 12 additional holes completed to the south (assays pending), and
-- The RC rig in this section (60,000) is now moving north along strike to infill drill the 1.5 km separating these latest results from previously released mineralization results in section 65,000.
- RC assay results in the SW Fold continue to be lower grade than mineralization defined in other areas of the Banana Zone, with more low angle faulting, however there are some attractive differences to the mineralization in this area:
-- The drill program confirms shallow mineralization and dip, with generally wider intercepts, suggesting a bulk tonnage open pit mine scenario, and
-- The copper minerals in this area are malachite and chalcocite, suggesting the possibility of a low-cost heap leaching and solvent extraction (SX-EW) alternative to copper recovery. Assay results on 19 additional completed holes are pending.
Please find the table under the following link: http://www.irw-press.com/dokumente/HanaMining091209ENG.pdf
All intercepts reported are intersection length, estimated to represent greater than 80% of true thickness.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/hmg1208fig1.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/hmg1208fig2.pdf
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/hmg1208fig3.pdf
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"This is our fourth drill results announcement for the South Limb, and each one has continued to evidence mineralization along the defined trend, this time 1.8 km south of previous RC drilling. The continuity of copper/silver mineralization in this area is very exciting, and we expect to have results from 12 additional RC holes to add to this section (60,000) very soon. The latest results of drilling in the SW Fold are consistent with the first batch of results announced November 24th. They begin to evidence a different type of copper/silver resource in the SW Fold---where these greater mineralized widths and low strip ratios could prove amenable to larger scale mining, coupled with the potential for lower cost heap leaching and solvent extraction (SX-EW) technologies for metal recovery. We intend to drill this area to define the resource size and deposition, with this operational alternative clearly in mind. All of the potential mineralization in both of these areas represents new strike and tonnes we can consider in our next 43-101 resource estimate."
Qualified Person and Quality Assurance/Quality Control
Joseph Arengi, M. Sc., P. Geo., Vice President of Exploration for Hana Mining is the qualified person as defined in NI 43-101 and has reviewed the technical information in this press release.
The Company has implemented an industry-standard QA/QC program. A 35-40 kilogram sample is collected from the cyclone discharge at 1 meter intervals. The sample is then split 75/25; 75% of the sample is archived and the other 25% provides material for analysis. All samples are double bagged, sealed and transported in secured wooden crates and shipped to Scientific Services Laboratory in Cape Town, South Africa. Standards, duplicates and blanks are inserted into the sample stream. The analytical method for the total Cu, Ag, Pb, and Zn is acid digestion and Atomic Absorption Spectroscopy ("AAS"). The analytical method for soluble Cu is 5% sulfuric acid cold leach followed by AAS. The analytical method for Mo assays is XRF (full matrix correction). 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 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of 24.9 kilometres. This favourable geology extends over the entire strike length of 600 kilometres Hana Mining recently released results of it's first NI 43-101 resource estimate for the Ghanzi Project (see press release dated June 1, 2009), announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), and is the current focus of the Company's drilling efforts and development focus for 2009 and 2010.
The Banana Zone exhibits certain areas of high grade Cu and Ag mineralization, particularly in the fold nose at the northern end of the zone, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These +2% Cu pockets tend to be well within open pit depth parameters and represent opportunities to improve early cash flow and overall returns in development.
The project will benefit from contemplated rail/power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study is currently underway (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. A planned 600MW expansion of the government-owned Moropule Power Plant continues to advance, with US$825 million project funding secured in May 2009, and key supply contracts awarded. Currently, our project is served by the paved Trans-Kalahari highway, which passes within 15 km of the property.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Hana Mining Ltd.
Marek Kreczmer
CEO & Chairman
(604) 676-0824
info@hanamining.com
www.hanamining.com
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VANCOUVER, BRITISH COLUMBIA, Dec 08, 2009
Hana Mining Ltd., ("HMG" or the "Company") - (TSX VENTURE: HMG) (FRANKFURT: 4LH) is pleased to announce completion of 16 new RC drill holes at its Ghanzi sediment-host copper-silver project in Botswana. These latest results extend total mineralization by 1600 metres along strike for two areas in the Banana Zone (8.5% total zone increase), specifically the South Limb (section 60,000--see Figure 1), and a new area, known as the Southwest Fold Closure ("SW Fold") (sections 30,000 & 35,000--see Figure 1).
Highlights of recent drilling results:
- These 16 RC holes increase the mineralized strike length in the Banana Zone by 1600 metres, to a total 20.4 km, now 32% (4,900 metres) greater than the strike length reflected in the current NI 43-101 resource estimate.
-- Five new holes in the South Limb (section 60,000) extend mineralized strike length by 600 metres, to 2.4 km, and
-- Eleven new holes in the SW Fold (sections 30,000 & 35,000) extend mineralized strike length by 1000 metres, to 2.4 km.
- RC assay results in the South Limb show copper/silver mineralization approximately 1.8 km south of previously announced results, opening up a new section in this area.
-- This new section is open along strike and down dip, and will be further defined by 12 additional holes completed to the south (assays pending), and
-- The RC rig in this section (60,000) is now moving north along strike to infill drill the 1.5 km separating these latest results from previously released mineralization results in section 65,000.
- RC assay results in the SW Fold continue to be lower grade than mineralization defined in other areas of the Banana Zone, with more low angle faulting, however there are some attractive differences to the mineralization in this area:
-- The drill program confirms shallow mineralization and dip, with generally wider intercepts, suggesting a bulk tonnage open pit mine scenario, and
-- The copper minerals in this area are malachite and chalcocite, suggesting the possibility of a low-cost heap leaching and solvent extraction (SX-EW) alternative to copper recovery. Assay results on 19 additional completed holes are pending.
Please find the table under the following link: http://www.irw-press.com/dokumente/HanaMining091209ENG.pdf
All intercepts reported are intersection length, estimated to represent greater than 80% of true thickness.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/hmg1208fig1.pdf
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/hmg1208fig2.pdf
To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/hmg1208fig3.pdf
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"This is our fourth drill results announcement for the South Limb, and each one has continued to evidence mineralization along the defined trend, this time 1.8 km south of previous RC drilling. The continuity of copper/silver mineralization in this area is very exciting, and we expect to have results from 12 additional RC holes to add to this section (60,000) very soon. The latest results of drilling in the SW Fold are consistent with the first batch of results announced November 24th. They begin to evidence a different type of copper/silver resource in the SW Fold---where these greater mineralized widths and low strip ratios could prove amenable to larger scale mining, coupled with the potential for lower cost heap leaching and solvent extraction (SX-EW) technologies for metal recovery. We intend to drill this area to define the resource size and deposition, with this operational alternative clearly in mind. All of the potential mineralization in both of these areas represents new strike and tonnes we can consider in our next 43-101 resource estimate."
Qualified Person and Quality Assurance/Quality Control
Joseph Arengi, M. Sc., P. Geo., Vice President of Exploration for Hana Mining is the qualified person as defined in NI 43-101 and has reviewed the technical information in this press release.
The Company has implemented an industry-standard QA/QC program. A 35-40 kilogram sample is collected from the cyclone discharge at 1 meter intervals. The sample is then split 75/25; 75% of the sample is archived and the other 25% provides material for analysis. All samples are double bagged, sealed and transported in secured wooden crates and shipped to Scientific Services Laboratory in Cape Town, South Africa. Standards, duplicates and blanks are inserted into the sample stream. The analytical method for the total Cu, Ag, Pb, and Zn is acid digestion and Atomic Absorption Spectroscopy ("AAS"). The analytical method for soluble Cu is 5% sulfuric acid cold leach followed by AAS. The analytical method for Mo assays is XRF (full matrix correction). 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 2,200 sq. km., and contains sediment-hosted copper-silver deposits with a demonstrated cumulative mineralized strike length of 24.9 kilometres. This favourable geology extends over the entire strike length of 600 kilometres Hana Mining recently released results of it's first NI 43-101 resource estimate for the Ghanzi Project (see press release dated June 1, 2009), announcing an inferred resource of 2.0 billion lb of copper and 34.9 million oz of silver from 60.4 million tonnes. This resource estimate is based on a 0.75% Cu cutoff grade, and averages 1.51% Cu and 17.98 g/t Ag. The Banana Zone represents 40.7 million tonnes of this total resource (67%), and is the current focus of the Company's drilling efforts and development focus for 2009 and 2010.
The Banana Zone exhibits certain areas of high grade Cu and Ag mineralization, particularly in the fold nose at the northern end of the zone, which represent an opportunity to locate starter pits and mine initial tonnages at higher than average grades. These +2% Cu pockets tend to be well within open pit depth parameters and represent opportunities to improve early cash flow and overall returns in development.
The project will benefit from contemplated rail/power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study is currently underway (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. A planned 600MW expansion of the government-owned Moropule Power Plant continues to advance, with US$825 million project funding secured in May 2009, and key supply contracts awarded. Currently, our project is served by the paved Trans-Kalahari highway, which passes within 15 km of the property.
Hana Mining is focused on demonstrating that the Ghanzi property represents one of Africa's premier future copper-silver resources.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Hana Mining Ltd.
Marek Kreczmer
CEO & Chairman
(604) 676-0824
info@hanamining.com
www.hanamining.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA4096391012">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA4096391012</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.