VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2009) - Hana Mining Ltd. (TSX VENTURE:HMG)(FRANKFURT:4LH) is pleased to report an update of exploration and corporate activities at its sediment-hosted Ghanzi Copper-Silver Project in Botswana.
Exploration
The property comprises 4,367 km2 in five contiguous licenses in northwest Botswana and covers a strike length of over 150 kilometers. Folding of the prospective horizon has resulted in repetition that collectively comprises more than 600 kilometers of strike length. This is an exceptionally large system and less than 3% of the system has been drill tested so far.
Current Results
Exploration over the past year has clearly shown the continuity of mineralization along both limbs of the anticline previously referred to as Zones 1 and 2. Owing to this interpretation, Zones 1 and 2 will now be referred to as the Banana Zone. Assay results from nine new diamond drill holes, HA-63-D to HA-71-D, have been received and are summarized below. Holes HA-63-D, HA-65-D, HA-67-D and HA-69-D were drilled in the central part of the south limb to test strike and dip continuity. Mineralization in this area has been extended an additional 200 meters along strike for a total of 3.9 kilometers. Holes HA-64-D, HA-66-D and HA-68-D to HA-71-D were all drilled on the north limb. Holes HA-66-D and HA-68-D tested IP chargeability targets, HA-70-D was an infill hole and HA-71-D was a 200 meter step out from HA-19-D reported in a press release dated May 8, 2008.
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Core
Hole From To Length TCu SCu Ag
Zone Number (m) (m) (%) (%) (ppm)
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Banana - South
Limb HA-63-D 154.0 157.0 3.0 0.94 0.11 20.9
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154.0 156.0 2.0 1.19 0.15 18.7
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Banana - North
Limb HA-64-D 157.0 161.3 4.3 0.44 0.05 4.5
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Banana - South
Limb HA-65-D 90.0 93.8 3.8 0.73 0.06 5.9
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92.8 93.8 1.0 1.90 0.20 20.9
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Banana - North
Limb HA-66-D 135.0 137.8 2.8 0.87 0.12 16.3
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135.7 137.0 1.3 1.35 0.19 27.4
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Banana - South HA-67-D 142.0 144.8 2.8 0.58 0.09 7.4
Limb
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143.0 144.0 1.0 1.05 0.21 13.8
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Banana - North
Limb HA-68-D 148.0 151.0 3.0 0.61 0.03 2.3
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Less
Than
148.0 149.0 1.0 0.91 0.01 2.0
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150.0 151.0 1.0 0.56 0.08 4.8
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Banana - South
Limb HA-69-D 122.0 129.0 7.0 0.69 0.10 9.6
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126.0 128.6 2.6 1.16 0.16 16.1
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126.5 127.0 0.5 3.28 0.42 47.4
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Banana - North
Limb HA-70-D 121.4 127.0 5.6 0.64 0.16 8.0
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123.0 127.0 4.0 0.74 0.18 9.2
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123.0 124.0 1.0 1.43 0.38 17.7
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Banana - North
Limb HA-71-D 68.0 71.0 3.0 0.71 0.35 8.4
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68.0 69.2 1.2 1.31 0.75 12.2
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68.0 69.0 1.0 1.47 0.88 13.9
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To view Figure 1, Licence Blocks, please visit the following link: http://media3.marketwire.com/docs/Fi... .
2008 Drilling
To date, a total of 14,986 meters of diamond drilling in 98 holes has been completed as well as 6,644 meters in 50 holes of RC drilling and 8,169 meters in 90 holes of percussion drilling. Over 2,500 samples are currently in the laboratory waiting to be assayed. Drilling in 2008 focused on the Banana Zone, Zones 3, 5, 6 and 8 and various soil anomalies. (See Figures 1 and 2).
To view Figure 2, Banana Zone, please visit the following link: http://media3.marketwire.com/docs/Fi... .
Drilling at the Banana Zone has tested the prospective horizon with 95 diamond drill holes and 33 percussion holes along a collective strike length of 13.8 kilometers and results to date have shown that copper-silver mineralization has been intersected over a collective strike length of 9.9 kilometers and to a maximum vertical depth of 200 meters (See Figure 3). Results are pending for the remaining 3.9 kilometers.
To view Figure 3, Banana Zone, please visit the following link: http://media3.marketwire.com/docs/Fi... .
The prospective horizon at Zone 5 has been tested with 2 diamond drill holes and 19 reverse circulation holes along a continuous strike length of 2.6 kilometers and copper-silver mineralization has been intersected along the entire strike length and to a maximum vertical depth of 130 meters. At Zone 6, the prospective horizon has been tested with 24 reverse circulation holes along a 2.3 kilometer strike length and assay results to date have shown that copper-silver mineralization occurs along a 1.1 kilometer strike length and to a maximum vertical depth of 150 meters. Assay results for an additional 1.2 kilometer strike length at Zone 6 are pending. No results have been received for Zones 3 and 8. (See Figure 2).
In summary, 98 diamond drill holes have been completed of which 97 have intersected copper-silver mineralization. Similarly, 50 RC holes have been completed and 43 have intersected mineralization. This success rate attests to the robust and predictable nature of the prospective horizon.
Summary of diamond and RC drilling at Ghanzi Copper-Silver Project:
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Type Zone Number of Meters Strike Mineralized Success
Holes Drilled Length Holes Rate
Tested (%)
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Banana
Diamond Zones 5, 6 98 14,985 13.8 97 99
Drill and 8
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Zones 5, 6
RC and 8 50 6,644 7.1 43 84
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Drill sections and a 3D model can be viewed at http://www.corebox.net/properties/gh... by following a link on the Company's website.
Soil sampling
Two campaigns of soil sampling have been completed. The first campaign consisted of more than 4,100 samples at 25 meter spacing in the Banana Zone and Zone 4. This program successfully delineated linear copper-in-soil anomalies in both zones. A second campaign of reconnaissance and detailed soil sampling consisting of more than 4,000 samples tested portions of the target horizon interpreted from reprocessed aeromagnetic data at 25 meter spacing along lines spaced 2.5 to 5.0 kilometers apart. The detailed grid sampling was completed at the southwest fold closure in the Banana Zone. The results from this program are highly encouraging and first order Cu-in-soil anomalies were generated in previously untested areas. Of particular interest is a series of continuous very high values along both limbs of the Banana Zone (See Figure 3). By analogy, diamond drilling by Anglo American along the northeast closure intersected high grade copper mineralization over wider than average intercept widths.
Quality Assurance/Quality Control
Hana has implemented an industry-standard QA/QC program. Drill core is logged, split by sawing and sampled at site. Samples are bagged, labeled, sealed and packed in sealed containers and shipped to Scientific Services Laboratory in Cape Town, South Africa. Standards, blanks and duplicates are inserted into the sample stream.
Corporate
Management proposes to consolidate its issued share capital on the basis of one (1) new common share for three (3) old common shares issued and outstanding, without any change in name. This would reduce the currently issued 73,380,897 common shares to 24,460,299 post-consolidated common shares. The share consolidation is necessary to assist the Company in attracting future equity financing.
The share consolidation will be voted on by the shareholders at the next Annual and Special General Meeting of the Company to be held on March 27, 2009, and must be approved as an ordinary resolution by more than 50% of the outstanding shares voted in person or by proxy at the meeting.
The share consolidation must also be accepted for filing by the TSX Venture Exchange (the "Exchange"), which will be subject to the Company meeting the Exchange's filing requirements, including establishing share distribution, on a post-consolidated basis, satisfactory to the Exchange.
About Hana Mining
Hana Mining is a junior exploration company seeking to acquire, explore and develop highly prospective precious, base metal and other mineral projects worldwide, with emphasis in southern Africa. The Company has the right to acquire a 70% controlling interest in the Ghanzi Copper-Silver Project. The property consists of five license blocks covering 4,367 square kilometers that contain widespread sediment-hosted copper-silver mineralization.
Joseph Arengi, M. Sc., P. Geo |
