More Results Hana Mining Ltd.: Infill Drilling Again Encounters More Consistent High-Grade Copper-Silver Mineralization Along the South Limb of
* Reuters is not responsible for the content in this press release.
Mon Feb 13, 2012 7:00am EST
VANCOUVER, BRITISH COLUMBIA, Feb 13 (MARKET WIRE) --Hana Mining Ltd. ("Hana" or the "Company") - (TSXVENTURE:HMG)(FRANKFURT:4LH) is pleased to announce its most recentdrilling results from the completion of 10 infill diamond drill holes inthe Banana Zone at its Ghanzi sediment hosted Copper-Silver Project inBotswana. Infill drilling was carried out on the South Limb (between sections 56725to 62025 at South Limb South; Figures 1 and 2) to convert a substantialamount of the NI 43-101 compliant resources within this area into theIndicated category from the Inferred category. These results are from new holes and are in addition to those used in themost recent NI 43-101 compliant Indicated and Inferred mineral resourcecalculation (see Table 1 at the end of this press release for the resultsfrom all 10 drill holes). The mineralization remains open at depth. Highlights of recent drilling results:-- The latest results continue to confirm the continuity of copper-silver mineralization at the South Limb South area of the Banana Zone. -- Core lengths intercepts of -- 3.57% CuEq(1), (2.74% Cu and 57.0 g/t Ag) over 2.0 metres within a wider mineralized interval of 0.93% CuEq (0.74% Cu and 13.0 g/t Ag) over 10.0 metres in hole HA-393-D, -- 2.60% CuEq(1), (2.08% Cu and 36.0 g/t Ag) over 4.1 metres within a wider mineralized interval of 1.14% CuEq (0.92% Cu and 15.0 g/t Ag) over 10.1 metres in hole HA-390-D, -- 3.06% CuEq(1), (2.44% Cu and 42.0 g/t Ag) over 2.9 metres within a wider mineralized interval of 2.14% CuEq (1.71% Cu and 29.0 g/t Ag) over 4.3 metres in hole HA-399-D, and -- 2.12% CuEq(1), (2.00% Cu and 8.0 g/t Ag) over 2.2 metres within a wider mineralized interval of 0.41% CuEq (0.37% Cu and 3.0 g/t Ag) over 19.2 metres in hole HA-388a-D. (1) Copper equivalent calculated using US$3.00/lb Cu, US$30/oz Ag and isnot adjusted for metallurgical recoveries. The formula used is asfollows: CuEq = Cu% + (Ag g/t x 0.01458). Discussion of Results: The infill drilling program at the South Limb again confirms thathigh-grade copper-silver mineralization is continuous along strike alongthe South Limb (Figure 3). This drilling will allow for the conversion ofmore mineral resources from the Inferred category into the Indicatedcategory. To view "Figure 1: Location of Most Recent Drilling Results at the BananaZone", please visit the following link:https://media3.marketwire.com/docs/hmg_figure1.pdf. To view "Figure 2: Drill Hole Location of South Limb, Sections 56725 to62025", please visit the following link:https://media3.marketwire.com/docs/hmg_figure2.pdf. To view "Figure 3: Cross-section through section 61650 (South LimbSouth)", please visit the following link:https://media3.marketwire.com/docs/hmg_figure3.pdf. Development Update The following engineering and consultation activities are ongoing:-- Work on the revised resource estimate for the Banana Zone is continuing as expected and the Company expects to release the results of this resource estimate in the second quarter of 2012. -- Work continues on the Preliminary Economic Assessment ("PEA") which is also expected to be completed in the second quarter of 2012. Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows: "I am very pleased with the latest results from South Limb South whichcontinue to demonstrate consistent grades and widths of copper-silvermineralization along strike and down dip. Overall, we have been pleasedwith the 2011 drilling program which has identified a number ofprospective areas where we can commence mining."