View News Release in PDF Format
September 25, 2009 (Vancouver, British Columbia).
Hana Mining Ltd., ("HMG" or the "Company") -
(TSX-V: HMG) (Frankfurt: 4LH) is pleased to report drill results
for 4 new RC drill holes at it's sediment-hosted Ghanzi Copper-Silver
Project in Botswana. These most recent drill results confirm
mineralization along the western section (section 25,000 on map, figure
1 below) of the North Limb of the Banana Zone - an area we also refer
to as 'New Discovery'.
Highlights
of recent drilling results:
- This RC drill hole
data assayed at significantly improved grade over the percussion
hole assays (RC locations twinned existing percussion holes) that
were included in the current 43-101 resource estimate ( see press
release dated June 1, 2009),
- Two of the four holes
produced significant high grade sections, with 5-17 metre core
sections showing Cu grades of 1.36% to 2.53% and Ag grades of 5.1
g/t to 32 g/t. One section also showed a 4 metre
intercept grading 4.49% Cu and 42.5 g/t Ag,
- The assay results on
these latest holes are consistent with regard to average resource
mineralization thickness, and show mineralization at open pit
depth, and
- Assays indicate
bornite is the dominant copper mineral, with minor chalcocite.
The results of the new holes are as follows:
|
Project Zone
|
Hole
Number
|
From
(meter depth)
|
To
(meter depth)
|
Core Length
(meters)
|
Cu Grade
(%)
|
Ag Grade
(g/t)
|
|
Banana
|
HA-54-R
|
56
|
73
|
17
|
2.53
|
32.0
|
|
|
including
|
57
|
73
|
16
|
2.64
|
33.8
|
|
|
including
|
59
|
61
|
2
|
3.52
|
64.6
|
|
|
including
|
66
|
70
|
4
|
4.49
|
42.5
|
|
|
|
86
|
91
|
5
|
0.87
|
10.3
|
|
|
including
|
88
|
89
|
1
|
2.71
|
36.2
|
|
|
|
93
|
98
|
5
|
0.75
|
8.3
|
|
|
including
|
96
|
98
|
2
|
1.11
|
11.6
|
|
Banana
|
HA-53-R
|
29
|
44
|
15
|
1.36
|
5.1
|
|
|
including
|
29
|
38
|
9
|
1.71
|
7.8
|
|
|
including
|
33
|
38
|
5
|
2.39
|
13.3
|
|
|
|
46
|
49
|
3
|
0.81
|
7.5
|
|
Banana
|
HA-52-R
|
97
|
134
|
37
|
0.32
|
6.1
|
|
|
including
|
97
|
99
|
2
|
0.56
|
12.3
|
|
|
including
|
97
|
98
|
1
|
0.82
|
17.1
|
|
|
including
|
107
|
110
|
3
|
0.57
|
12.0
|
|
|
including
|
107
|
108
|
1
|
0.63
|
15.3
|
|
|
including
|
109
|
110
|
1
|
0.93
|
18.7
|
|
|
including
|
114
|
115
|
1
|
1.01
|
20.2
|
|
|
including
|
117
|
119
|
2
|
1.00
|
20.3
|
|
|
including
|
117
|
118
|
1
|
1.10
|
23.4
|
|
|
including
|
124
|
125
|
1
|
0.46
|
7.1
|
|
|
including
|
129
|
132
|
3
|
0.46
|
7.8
|
|
|
including
|
131
|
132
|
1
|
0.77
|
14.2
|
|
Banana
|
HA-51-R
|
109
|
130
|
21
|
0.29
|
4.8
|
|
|
including
|
111
|
112
|
1
|
0.57
|
8.4
|
|
|
including
|
123
|
126
|
3
|
0.59
|
9.0
|
|
|
including
|
128
|
129
|
1
|
0.51
|
6.4
|
All intercepts reported are intersection length and are estimated to
represent better than 80% of true thickness.
Figure 1: Location of New Drill Hole Assays In Banana Zone
Click to Enlarge
Figure 2: Drill Hole Locations On Western Portion Of North Limb Of
Banana Zone, Including Both Assayed Holes And Holes Drilled And
Awaiting Assay Results
Click to Enlarge
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. Drill
core is logged, split by sawing and sampled at site. Samples are
bagged, labeled, sealed and packed in sealed containers and shipped to
Scientific Services Laboratory in Cape Town, South Africa. Standards
and blanks are inserted into the sample stream. The analytical method
for the Cu, Ag, Pb, and Zn assays is acid digestion and Atomic
Absorption Spectroscopy ("AAS"). The analytical method for Mo
assays is XRF (full matrix correction).
Hana Mining's CEO, Marek Kreczmer, commented as follows:
"While these RC holes don't represent new resource for the
project, they do improve significantly on the grades we assumed for
this area and they contain some very strong copper and silver assays
that encourage us to seek another high grade starter pit opportunity,
as we have seen occur elsewhere in Banana Zone. These grades continue
to demonstrate the attractiveness of the Ghanzi resource, and they are
similar to Cu grades on other sediment-hosted deposits in Zambia."
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 country of Botswana is considered by the
Fraser Institute Annual Survey of Mining Companies 2009 country ranking
study to offer the most attractive mineral exploration and investment
climate in Africa. The Ghanzi property covers 2,200 sq. km., and
contains sediment-hosted copper-silver deposits with a demonstrated
cumulative mineralized strike length of over 13 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 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.
FOR FURTHER INFORMATION
Contact:
Peter G. Wilson
President & Director
Hana Mining Ltd.
Tel: (604) 676-0824
Email: info@hanamining.com
Website: www.hanamining.com
The
TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. 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.
View News
Release in PDF Format:
http://www.hanamining.com/i/pdf/2009-09-25_NR.pdf
1368 KB in size,
approx. 4 minutes, 16 seconds to download at 56.6Kbps
You can also view this News Release
on our website at:
http://www.hanamining.com/s/NewsReleases.asp?ReportID=365320