Hana Mining confirms large potentials of Ghanzi Project

STAFF WRITER | Wednesday May 14, 2008 00:00

The company announced last Friday in a statement that all 10 holes intersected copper-silver mineralisation in two zones. Three of the holes, HA-17, 18 and 19-D were drilled along a 200 meter strike length in Zone 1 and the remaining seven, HA-20-D and HA-22 to 27-D, were drilled along a 300 meter strike length in Zone 2 to the south-west. These two zones are located approximately 13km apart.

Company president Peter Wilson states: 'This is an exceptional mineralised system and our drill results are beginning to show the tremendous upside potential of the Ghanzi project.

Our drilling to date has focused on a 3-kilometer strike length at Zone One and a1- kilometre strike length at Zone 2. Repeated folding of the prospective horizon has resulted in a cumulative strike length of at least 200km within the project area.'

The statement said the six exploration targets have excellent potential for copper-silver liberalisation, which occurs in the region over four main parallel trends that extend for approximately 80km each.

The most southerly of these mineralised belts lies entirely within the project area, as do portions of two additional belts. Collectively, the mineralised trends on the Ghanzi Copper-Silver Project area comprise a prospective strike length of 140km.

The project area lies within the Late Proterozoic Damaran rift sequence of the Pan African Mobile Belt. These same rocks host the world-class deposits of the Zambian Copper Belt, which contains roughly 30 percent of the world's copper reserves. Grades and liberalization are similar to Kupferschiefer in Germany and Poland.

Hana Mining said the Ghanzi prospect has attractive potential for copper, as well as minor, yet significant silver and molybdenum deposits, suitable for open pit mining.

The property has been explored intermittently since 1962 by a number of large companies, including Gencor (now BHP Billiton), Anglo-American, Anglovaal, Newmont, DeBeers, US Steel Corporation and Delta Gold. Work was conducted at a time when copper prices were low and infrastructure was not as advanced as it is today. With more advanced infrastructure now available and copper trading at much higher prices, the preliminary results obtained by this group of companies suggest that Ghanzi is potentially a large, target-rich area with existing economically significant liberalization.

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 percent controlling interest in the Ghanzi Copper-Silver Project. The property consists of five licence blocks covering 4,370 square km that contain widespread sediment-hosted copper-silver mineralisation.