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GlobeinvestorGOLD.com Company News Alert for Hana Mining
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Hana Mining RC Drilling Intersects 2.72% Cu and 64.8 g/t Ag Over 14 Metres in North Limb of Banana Zone
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2009) - Hana Mining Ltd., ("HMG" or the "Company") (TSX VENTURE:HMG)(FRANKFURT:4LH) is pleased to announce completion of 8 new RC drill holes at it's sediment-hosted Ghanzi Copper-Silver Project in Botswana. Results on seven of these eight most recent drill holes (presented below) both confirm and extend 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:
- Four of the seven reported drill holes extend the mineralized strike length in the "New Discovery" section of the Banana Zone by 600 metres, now totaling 1.6 km, further extending the Banana Zone total to 15.8 km,
- Higher grade mineralized zones with mineable thicknesses were evident in three of the seven holes, continuing to support the opportunity of a starter pit in this section. We now have 500 metres of mineralized strike length showing +2% Cu intercepts in this section of the Banana Zone,
- Two RC drill holes twinned existing core holes, and confirm the excellent results obtained from those core holes, giving further confidence to the use of cheaper and faster RC drill techniques as accurate in developing the overall resource, and
- The one in-fill hole reported supports continuity of mineralization and will help support the resource classification in the next 43-101 estimate.
The results of the 7 new holes in section 25,000 ("New Discovery") are as follows:
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From To Intercept Copper Silver
Hole Hole (metre (metre Length Grade Grade
Number Type depth) depth) (metres) (%) (g/t)
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HA-58-R twin-HA-95D 126 144 18 2.20 52.2
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including 126 140 14 2.72 64.8
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HA-60-R step out 98 111 13 0.97 17.7
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including 98 106 8 1.37 23.7
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HA-61-R step out 94 100 6 0.85 17.7
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including 95 98 3 1.44 33.0
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including 97 98 1 2.85 96.9
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HA-59-R step out 118 130 12 0.96 16.6
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including 121 125 4 1.88 34.7
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HA-57-R twin-HA-93D 136 150 14 0.97 13.3
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including 136 143 7 1.58 20.9
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HA-62-R step out 117 122 5 1.22 15.6
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including 119 121 2 2.05 24.8
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HA-56-R in-fill 100 104 4 1.31 17.7
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133 145 12 0.72 7.7
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including 140 145 5 1.04 10.1
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All intercepts reported are intersection length and are estimated to represent better than 80% of true thickness.
To view figure 1, please visit the following link: https://media3.marketwire.com/docs/hmg1021fig1.pdf
To view figure 2, please visit the following link: https://media3.marketwire.com/docs/hmg1021fig2.pdf
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).
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"These latest drill hole results in the "New Discovery" area within the Banana Zone are very encouraging. While they correlate well with prior drill data (percussion and core), they also now extend the mineralization along strike in this section by 60%, to 1.6 kilometres. The mineralization remains open along strike to the southwest and down dip. Both our copper and silver assay results continue to evidence the presence of above average grade sections-we have 500 metres of mineralized strike length of +2% Cu in this section. This offers an opportunity for a high-grade starter pit that would significantly enhance early development profitability in this section, as we have seen occur elsewhere in Banana Zone. "
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 20.3 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Hana Mining Ltd.
Marek Kreczmer
CEO & Chairman
(604) 676-0824
info@hanamining.com
www.hanamining.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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