Hana Mining Finds Strong Copper-Silver Mineralization from New Drill Program at Zone 6
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/24/12 -- Hana Mining Ltd. ("Hana" or the "Company") (TSX VENTURE: HMG)(FRANKFURT: 4LH)(BOTSWANA: HANA) is pleased to announce strong results from the completed initial exploration drilling program of Zone 6 at the Ghanzi sediment hosted Copper-Silver Project in Botswana.
The exploration drilling at Zone 6 is part of an investigation to identify the potential for higher-grade areas within Hana's licenses beyond the Banana Zone. While previous drilling at Zone 6 took place in 2008, the results reported today include 24 all new diamond core holes (5175.37m) that have been drilled since March 2012. Zone 6 has a one-kilometer strike length of high-grade copper and silver. Mineralization begins near surface, just below the Kalahari sand cover. Drilling to date has exhibited high-grade intervals averaging 1.7% copper over an average width of 6 metres.
Highlights of drilling results from Zone 6:
-- 2.33% CuEq(1) (2.12% Cu and 14.0 g/t Ag) over 8.57 metres in hole HA-
533a-D,
-- 2.18% CuEq(1) (1.98% Cu and 14.0 g/t Ag) over 7.19 metres within a wider
mineralized interval of 1.14% CuEq(1) (1.02% Cu and 8.0 g/t Ag) over
15.29 metres in hole HA-533b-D,
-- 15.07% CuEq(1) (13.72% Cu and 92.4 g/t Ag) over 0.27 metres and 2.02%
CuEq(1) (1.85% Cu and 12.0 g/t Ag) over 8.99 metres within a wider
mineralized interval of 1.12% CuEq(1) (1.02% Cu and 7.0 g/t Ag) over
17.64 metres in hole HA-535-D,
-- 1.52% CuEq(1) (1.32% Cu and 14.0 g/t Ag) over 14.66 metres within a
wider mineralized interval of 1.11% CuEq(1) (0.97% Cu and 10.0 g/t Ag)
over 20.96 metres in hole HA-572-D,
-- 1.57% CuEq(1) (1.41% Cu and 11.0 g/t Ag) over 12.21 metres within a
wider mineralized interval of 1.04% CuEq(1) (0.94% Cu and 7.0 g/t Ag)
over 21.03 metres in hole HA-575-D.
1. Copper equivalent calculated using US$3.00/lb Cu, US$30/oz Ag and is not
adjusted for metallurgical recoveries. The formula used is: CuEq = Cu% +
(Ag g/t x 0.01458).
2. These and other assay results from Zone 6 are listed in Table 1 at the
end of this news release.
Hana Mining's CEO and Chairman, Marek Kreczmer, commented as follows:
"As our geological model of the Ghanzi project evolves, we have gone back to Zone 6 which has returned some promising but inconsistent drill results in 2008. We now know that Zone 6 mineralization is predominantly confined to a siltstone unit just above the D'Kar and Ngwako Pan contact. Mineralization within this unit is proving to be consistent over the one kilometre strike length. Its continuous high-grade nature makes Zone 6 a good potential target to consider for further deep drilling.
We are pleased to be able to confirm the trend of higher grade copper and silver which follows through our properties. We are currently continuing work to understand the nature of the geology and continue to discover more mineralization."
Qualified Person and Quality Assurance/Quality Control
The drilling program and results are reviewed and approved by Marek Kreczmer, Chief Executive Officer for Hana. He is the qualified person as defined in NI 43-101 and has reviewed the technical information in this press release.
Drill core is logged and photographed. Mineralized intervals are split in half by sawing and sampled at site. The remainder of the core is kept as a permanent record. Samples are placed into labeled bags, closed and packed into sealed bags that are shipped to Scientific Services Laboratory in Cape Town, South Africa. Hana has implemented an industry-standard QA/QC program that includes the blind insertion of certified standards, duplicates and blanks into the sample stream.
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 Ghanzi property covers 2,149 square kilometres, and contains sediment-hosted copper-silver deposits with a demonstrated cumulative tested strike length of 70 kilometres. This favorable geology extends over an estimated strike length of 600 kilometres.
On May 14, 2012 Hana Mining released results of its most recent NI 43-101 compliant Preliminary Economic Assessment ("PEA") for the Ghanzi Project. The PEA details a 10,000 tonne per day open-pit mining and milling operation at the Banana Zone and Zone 5 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.
The project will benefit from proposed rail and power infrastructure expansions, along with proximity to local population centers and workforce. A feasibility study was carried out (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. Construction is well advanced on the 600MW expansion of the government-owned Moropule Power Plant, having secured US$825 million project funding in May 2009. The Ghanzi Copper-Silver Project is currently accessed by the paved Trans-Kalahari highway, which passes within 40 km of the property.
The Ghanzi property is one of Africa's premier future copper-silver resources.
Table 1: Drill Results from Zone 6, Sections HA1530-D - HA579-D. Interval
indicates down hole interval lengths
----------------------------------------------------------------------------
Est.
Mineral- True
ized From To Interval Width CuEq Cu Ag
Hole # Section Zone (m) (m) (m) (m) (%) (%) (g/t)
----------------------------------------------------------------------------
Zone 6 Diamond Drilling
----------------------------------------------------------------------------
HA-530a-D N153675 Zone 6 222.66 230.00 7.34 7.34 1.83 1.70 9.0
----------------------------------------------------------------------------
HA-530b-D N153675 Zone 6 223.00 231.57 8.57 8.57 1.70 1.54 11.0
----------------------------------------------------------------------------
HA-531-D N153800 Zone 6 222.00 222.90 0.90 0.86 1.47 1.35 8.0
232.00 235.00 3.00 2.85 0.76 0.73 2.0
----------------------------------------------------------------------------
HA-532-D N153800 Zone 6 111.49 113.45 1.96 1.96 0.56 0.54 1.0
122.63 131.00 8.37 8.37 2.03 1.86 12.0
----------------------------------------------------------------------------
HA-533a-D N153575 Zone 6 221.00 229.57 8.57 8.57 2.33 2.12 14.0
----------------------------------------------------------------------------
HA-533b-D N153575 Zone 6 220.94 236.70 15.76 15.29 1.14 1.02 8.0
includes 220.94 228.35 7.41 7.19 2.18 1.98 14.0
----------------------------------------------------------------------------
HA-534-D N153575 Zone 6 154.57 169.66 15.09 14.64 0.34 0.31 2.0
includes 159.00 161.56 2.56 2.48 0.87 0.81 4.0
----------------------------------------------------------------------------
HA-535-D N153475 Zone 6 209.81 228.00 18.19 17.64 1.12 1.02 7.0
includes 212.50 221.77 9.27 8.99 2.02 1.85 12.0
includes 214.95 215.23 0.28 0.27 15.07 13.72 92.4
----------------------------------------------------------------------------
HA-536-D N153475 Zone 6 142.00 146.61 4.61 4.47 1.45 1.34 7.0
includes 142.42 144.59 2.17 2.10 2.26 2.06 14.0
----------------------------------------------------------------------------
HA-537-D N153375 Zone 6 193.57 196.57 3.00 2.85 0.38 0.35 2.00
HA-537-D 203.45 215.19 11.74 11.39 1.25 1.13 8.0
includes 203.45 206.54 3.09 3.00 2.46 2.27 13.0
----------------------------------------------------------------------------
HA-538-D N153375 Zone 6 121.00 125.00 4.00 3.80 1.41 1.30 8.00
131.62 139.57 7.95 7.55 2.02 1.85 12.00
----------------------------------------------------------------------------
HA-539-D N153275 Zone 6 237.90 248.00 10.10 9.80 0.30 0.26 3.0
----------------------------------------------------------------------------
HA-540-D N153275 Zone 6 171.30 175.77 4.47 4.25 1.02 0.91 7.00
181.94 185.00 3.06 2.91 1.03 0.93 7.00
----------------------------------------------------------------------------
HA-571-D N153900 Zone 6 270.50 272.50 2.00 1.90 0.50 0.46 3.00
279.00 283.79 4.79 4.55 1.32 1.24 5.00
----------------------------------------------------------------------------
HA-572-D N154000 Zone 6 208.63 230.69 22.06 20.96 1.11 0.97 10.0
includes 208.63 224.06 15.43 14.66 1.52 1.32 14.0
----------------------------------------------------------------------------
HA-573-D N154000 Zone 6 145.51 161.32 15.81 15.02 1.12 1.02 7.00
includes 145.51 154.52 9.01 8.56 1.77 1.62 10.00
----------------------------------------------------------------------------
HA-574b-D N154100 Zone 6 216.00 234.50 18.50 17.58 0.86 0.78 5.0
includes 221.62 234.50 12.88 12.24 1.08 0.98 7.0
----------------------------------------------------------------------------
HA-575-D N154200 Zone 6 206.86 229.00 22.14 21.03 1.04 0.94 7.0
includes 215.49 228.34 12.85 12.21 1.57 1.41 11.0
----------------------------------------------------------------------------
HA-576-D N154200 Zone 6 132.00 142.47 10.47 9.95 0.61 0.55 4.0
includes 132.00 134.00 2.00 1.90 2.33 2.08 17.0
----------------------------------------------------------------------------
HA-577-D N154200 Zone 6 276.00 277.02 1.02 0.99 2.05 1.86 13.0
includes 276.31 276.61 0.30 0.29 6.04 5.52 36.0
----------------------------------------------------------------------------
HA-577-D 300.00 304.57 4.57 4.43 0.42 0.36 4.0
includes 300.00 301.14 1.14 1.11 0.83 0.74 6.0
----------------------------------------------------------------------------
HA-578b-D N153100 Zone 6 212.36 215.34 2.98 2.89 0.69 0.62 5.0
includes 213.22 213.53 0.31 0.30 5.25 4.71 37.0
----------------------------------------------------------------------------
HA-579-D N152350 Zone 6 246.90 249.60 2.70 2.62 0.33 0.28 3.0
----------------------------------------------------------------------------
Copper equivalent calculated using US$3.00/lb Cu, US$30/oz Ag and is not
adjusted for metallurgical recoveries. The formula used is as follows: CuEq
= Cu% + (Ag g/t x 0.01458).
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.
To view the figures associated with this Press Release, please visit the following link: http://media3.marketwire.com/docs/hana0924-figs.pdf.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Hana Mining Ltd.
Marek Kreczmer
CEO
(604) 676-0824
(778) 370-0146 (FAX)
info@hanamining.com
www.hanamining.com
