Hana Mining Announces High-Grade Copper-Silver Mineralization From Zone 5 Infill Drilling Program
July 16 2012 - 7:00AM
Marketwired
Hana Mining Ltd. ("Hana" or the "Company") (TSX
VENTURE:HMG)(FRANKFURT:4LH) is pleased to announce drilling results
from the completion of six infill diamond drill holes at Zone 5 at
its Ghanzi sediment hosted Copper-Silver Project in Botswana.
Infill and down dip drilling was carried out at Zone 5 (between
sections 124450 to 125050; Figures 1 and 2) to convert a
substantial amount of the NI 43-101 compliant resources within this
zone into the Indicated category from the Inferred category and to
extend current Inferred resources down dip.
These results are from new holes and are in addition to those
used in the most recent NI 43-101 compliant 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 continue to confirm the continuity of high-grade
copper-silver mineralization at Zone 5.
-- Core lengths intercepts of
-- 13.46% CuEq(1) (12.20% Cu and 86.4 g/t Ag) over 0.3 metres within a
wider mineralized interval of 1.79% CuEq(1) (1.60% Cu and 13.0 g/t
Ag) over 12.1 metres in hole HA-545-D,
-- 12.82% CuEq(1) (11.30% Cu and 104.0 g/t Ag) over 0.3 metres within a
wider mineralized interval of 1.23% CuEq(1) (1.11% Cu and 8.0 g/t
Ag) over 27.6 metres in hole HA-547-D,
-- 1.62% CuEq(1) (1.46% Cu and 11.0 g/t Ag) over 11.2 metres in hole
HA-543-D,
-- 1.50% CuEq(1) (1.35% Cu and 10.0 g/t Ag) over 10.1 metres in hole
HA-542-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 infill drilling program at Zone 5 confirms that
copper-silver mineralization is high-grade and is also shows
continuous widths at depth (Figure 3). This drilling will add to
the current down dip inferred resource and allow for the conversion
of mineral resources from the Inferred category into the Indicated
category.
To view Figures 1 - 3 included with this news release, please
click the following link:
http://media3.marketwire.com/docs/HANA_Fig1to3.pdf
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as
follows:
"This first set of drilling results from Zone 5 clearly
demonstrates that this Zone hosts high- grade copper-silver
mineralization over significant widths. Not only is the
mineralization consistent along strike, but it also shows
consistency in widths and grades at depth. Of all the Zones at the
Ghanzi Project, I believe that Zone 5 has the best potential to
host a underground mining operation. I look forward to seeing more
high-grade drilling results from Zone 5."
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 Zone 5, Sections 124450 to 125050 - Interval
indicates down hole interval
----------------------------------------------------------------------------
Est.
Mineral- True
ized From To Interval Width Cu Eq Cu Ag
Hole # Section Zone (m) (m) (m) (m) (%) (%) (g/t)
----------------------------------------------------------------------------
Zone 5 Diamond Drilling
----------------------------------------------------------------------------
HA-541-D N124450 Zone 5 234.35 247.00 12.65 11.81 1.48 1.33 10.0
----------------------------------------------------------------------------
HA-542-D N124650 Zone 5 211.70 222.50 10.80 10.10 1.50 1.35 10.0
----------------------------------------------------------------------------
HA-543-D N124450 Zone 5 188.00 200.00 12.00 11.20 1.62 1.46 11.0
----------------------------------------------------------------------------
HA-544-D N124650 Zone 5 116.58 130.21 13.63 12.72 1.34 1.21 9.0
145.80 152.00 6.20 5.79 0.23 0.20 2.0
----------------------------------------------------------------------------
HA-545-D N124450 Zone 5 138.00 151.00 13.00 12.13 1.79 1.60 13.0
includes 143.23 151.00 7.77 6.40 2.55 2.28 18.0
includes 144.22 144.55 0.33 0.27 13.46 12.20 86.4
----------------------------------------------------------------------------
HA-547-D N125050 Zone 5 204.00 237.00 33.00 27.58 1.23 1.11 8.0
includes 206.50 218.27 11.77 9.84 2.84 2.56 19.0
includes 215.00 215.30 0.30 0.25 12.82 11.30 104.0
includes 226.95 228.94 1.99 1.66 1.42 1.24 12.0
----------------------------------------------------------------------------
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 (604)
676-0824info@hanamining.com Hana Mining Ltd. Patrick Donnelly VP -
Corporate Development (604) 676-0824patrick@hanamining.com
www.hanamining.com