June 1, 2009 (Vancouver, British Columbia).
Hana Mining Ltd. (“Hana Mining��) (TSX-Venture: HMG.V)(Frankfurt:4LH) is pleased to announce the completion of an
independent National Instrument (“NI��) 43-101 compliant inferred resource estimate for its Ghanzi
Copper-Silver deposit in Botswana. The estimate for the global resource
is 2.9 billion pounds of copper and 51.5 million ounces of silver from
163.5 million tonnes. This resource is based on a 0.30% Cu cutoff and
averages 0.82% Cu and 9.8 g/t Ag.
At a cutoff of 0.75% Cu the resource totals
60.4 million tonnes containing 2.0 billion pounds copper and 34.9
million ounces silver with an average grade of 1.51% Cu and 17.98 g/t
Ag. No adjustments have been made for mining recoveries or production
yields.
This resource estimate is based largely on a
15 month drilling program that included 98 core holes totaling 15,000
metres and 50 RC holes totaling 6,600 metres. Drill holes were
typically designed to test at 150 metres vertical depth, reflecting the
initial objective to initially define a surface mineable resource. The
drilling program reflects work on 16 kilometers of strike length, while
the total cumulative strike length of the property extends to an
estimated 600 kilometers due to repeated folding. Of this total target
strike length, future drill plans call for work on approximately 20
kilometres of the most prospective targets. As such, this will reflect
drilling on 6% of the total known strike length on the property.
Results of the resource estimate are shown in Table 1, below.
TABLE
1.
NI 43-101 Inferred Resource Details
at 150 Metre Depth & Various Cut-Off
Grades
|
Copper
Cut-Off
Grade (%)
|
Resource
Tonnes
(metric)
|
Copper
|
Silver
|
PPM
|
Grade
(%)
|
Pounds *
|
Grade (g/t)
|
Ounces *
|
|
|
|
|
|
|
|
0.30
|
163,544,571
|
8,226
|
0.82
|
2,965,865,108
|
9.81
|
51,561,367
|
0.50
|
82,980,580
|
12,620
|
1.26
|
2,308,736,868
|
14.86
|
39,634,579
|
0.75
|
60,381,070
|
15,149
|
1.51
|
2,016,533,032
|
17.98
|
34,912,312
|
*Note: Metal estimates are in-situ, and are not adjusted
for mining losses or production yields.
|
Hana Mining’s President, Peter Wilson
commented as follows:
“We are very pleased with our recent drill
results and the results of the resource estimation contained in the
report. Our initial goal has been to reach a resource size of 100
million tonnes and a 1% copper grade. We believe our initial goal
has already been exceeded by our first NI 43-101 resource estimate, and
we still have multiple target zones to drill on the property. The
resource remains open along strike and down-dip in the zones we have
been working, offering further opportunity for resource expansion.
These results confirm to us that we are on the right track for the
discovery of a major new copper district in Botswana. Botswana is
viewed as a very favorable area for conducting business and government
support for developing mining diversification. Our next goal is to
expand this resource to 200-400 million metric tonnes, and we are
designing the current exploration program to achieve this result.��
The mineralization at the Ghanzi Copper-Silver
property is classified as a sediment-hosted copper-silver
deposit. Among the best known deposits of similar type is the
vast Kuperschiefer deposit in Poland. Mineralization at Kuperschiefer
occurs to a vertical depth of at least 700 meters and is open. The ore
zones average 4 to 6 meters in width and range from 1.5 to 2.0% Cu and
up to 80 g/t Ag; the deposit is mined underground. This deposit
accounts for 6% of annual global copper production and contains 30% of
world copper reserves. This type of copper deposit can generate a
resource that is both very large and of attractive grade, making for
world scale mining opportunities.
“As next steps, we intend to commission a
metallurgical study and will proceed directly with a resource expansion
drilling program. These new drill programs will include work on Banana
Zone and Zone 3. Numerous drill-ready targets have been defined by widely
spaced core, reverse circulation and percussion drill holes as well as
soil sampling�� states Wilson.
Further discussion of resource estimate
results:
Resource mineralization is confined to a redox
horizon that occurs immediately above an oxidized sandstone
sequence. The resource has been divided into two classifications,
Core and Non-Core, reflecting the continuous nature of a portion of the
resource from section to section and the change in grade above and
below the Core. This
segmentation can be seen in Table 2.
TABLE 2.
Core vs.
Non Core Inferred Resource Details
at a 0.5%
copper Cutt-Off Grade, 150 Metre Depth
|
Grade
Zone
|
Resource
Tonnes
(metric)
|
Copper
|
Silver
|
PPM
|
Grade
(%)
|
Pounds *
|
Grade (g/t)
|
Ounces *
|
|
|
|
|
|
|
|
Core Zone
Resource
|
53,638,695
|
15,783
|
1.58
|
1,866,374,714
|
19.09
|
32,929,090
|
Non-Core Zone Resource
|
29,341,885
|
6,838
|
0.68
|
442,362,154
|
7.11
|
6,705,489
|
Total (in
situ)
|
82,980,580
|
12,620
|
1.26
|
2,308,736,868
|
14.86
|
39,634,579
|
*Note:
Metal estimates are in-situ, and are not adjusted for mining losses
or production yields.
|
The three
categories in the table above are defined as follows:
1. The Core
zone resource. The grades were picked (and hard boundaried)
when they were above 0.5% Cu and continuous. A break in grade
below 0.5% would prompt a hard boundary even if high grade is found
lower or higher in the hole.
2. The non-core
resource. This is tonnage outside the core zone, is also
above 0.5% Cu but includes material that could not be included in the
core zone, based on the definition of continuity as defined
above.
3.
The Total (in-situ) category is a summation of the two
sub-categories.
The resource as presently included in the NI 43-101 estimate occurs in
three separate zones, Banana, Zone 5 and Zone 6. At the Banana Zone the
resource lies in four areas; Fold Nose, North Limb, South Limb and New
Discovery. Collectively these areas comprise 66% of the total resource.
Zone 5 is 60 kilometers northeast of the Banana Zone and the resource
occurs over a 2 kilometer strike length. Zone 6 is 35 kilometers north
of Zone 5 and 95 kilometers north of Banana Zone and the resource
occurs over a 2.6 kilometer strike length.
The
following table 3 summarizes the various resource areas at a 0.75% Cu
cutoff.
TABLE
3.
NI 43-101
Inferred Resource Details
at 0.75%
Cut-Off Grade and 150 Metre Depth
|
Exploration
Zone
|
Resource
Tonnes
(metric)
|
Copper
|
Silver
|
Grade
(%)
|
Pounds *
|
Grade (g/t)
|
Ounces *
|
|
|
|
|
|
|
Banana
|
40,680,696
|
1.47
|
1,317,611,862
|
21.66
|
28,337,998
|
Zone 5
|
13,427,196
|
1.66
|
492,029,638
|
12.11
|
5,227,238
|
Zone 6
|
6,273,178
|
1.50
|
206,891,532
|
6.68
|
1,347,076
|
Total
|
60,381,070
|
1.51
|
2,016,533,032
|
17.98
|
34,912,312
|
*Note:
Metal estimates are in-situ, and are not adjusted for mining losses
or production yields.
|
The
three mineralized zones included in the 43-101 estimate of resources
can be seen in position to one another in Figure 1, shown below:
FIGURE
1.
Qualified
Persons
Joseph
Arengi, M.Sc., P.Geo., Vice President of Exploration for Hana Mining is
the qualified person for the company as defined in NI 43-101 and has
reviewed the technical information in this press release. The resource
was calculated by Mr. Deon van der Heever of GeoLogix Mineral Resource Consultants
(Pty) Ltd., an independent Qualified Person, as defined by the National
Instrument 43-101. Mr. van der Heever has reviewed and approved the
contents of this release. A technical report providing details of the
estimate will be filed on SEDAR (www.sedar.com) within 45 days. All
metal calculations are in situ and do not include allowance for
metallurgical recoveries.
About
the Ghanzi Copper-Silver Project in Botswana
The
Ghanzi Project is located in northwestern Botswana. The property
consists of five license blocks covering 2,200 square kilometres.
The area is host to widespread sediment-hosted copper-silver
mineralization. The property has been explored intermittently since
1962 by numerous companies. This exploration work was done when
copper prices were lower than today and regional infrastructure was not
as advanced as at present. Power is available from the town of
Maun (town with population of 50,000), situated on the northern
end of the property, and the paved trans-Kalahari highway which runs
from Namibia to South Africa, passes within 10 km of the north end of
the property as well.
About
Hana Mining
Hana
Mining is a Canadian junior mineral explorer headquartered in
Vancouver, BC, seeking to acquire, explore and develop precious, base metal
and other mineral exploration projects worldwide. Hana is listed
on the TSX Venture Exchange (“HMG”) and the Frankfurt Exchange
(“4LH”). Hana Mining has recently raised about $3.2 million
in funding as part of a financing announced on May 26, 2009 and May 29,
2009 and will now work towards enhancing the value of the deposit by
commissioning a metallurgical study, completing power and
infrastructure studies and expanding the resource base through testing
of drill ready targets.
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.
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.
|