Hana Mining Ltd. (TSX: V.HMG, Stock Forum) said drilling results from its flagship Ghazi property in Botswana have confirmed the existence of copper mineralization at depth.
The Ghanzi Project is located in the center of the Kalahari Copper Belt in northwestern Botswana. The property covers 2,149 square kilometres, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 70 kilometres.
According to the press release, the current modeled pit at zone five extends to a depth of 250 metres below surface; the result from Hole HA-561-D, reported in this release has intersected mineralization at 305 metres vertically below surface and 55 metres below current pit limits.
Hana is conducting exploration drilling throughout the Ghanzi project at six zones. Its intent is to establish viable near-surface copper and silver resources that are amenable to development.
Highlights from drill holes included core length intercepts of 1.92% copper and 20.0 grams per tonne silver over 18.06 metres within a wider mineralized interval of 1.45% copper and 15.0 grams per tonne silver over 24.40 metres in hole HA-548-D.
The Preliminary Economic Assessment details a 10,000 tonne per day open-pit mining and milling operation at the banana zone and zone five 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.
Hana is an emerging international exploration and development company based in Vancouver.
On Monday, Hana’s stock was up 1.5% and was trading at $0.345 a share. The company has a market cap of $34.3 million, based on 99.5 million shares outstanding. The 52-week high and low was $$2.25 and $0.30 respectively.