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HRL Hansa Resources Limited

0.06
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Hansa Resources Limited TSXV:HRL TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.06 0.06 0.125 0 01:00:00

Hansa Wins High Grade Gold & Zinc Tender in Sweden

02/04/2008 1:45pm

Marketwired Canada


Hansa Resources Ltd. ("Hansa") (TSX VENTURE:HRL)(FRANKFURT:3F2). Mr. Jeff Gale,
President, is pleased to announce that the Company has won, via a competitive
tender, the right to participate in the "Storkullen" high grade gold and zinc
massive sulphide project in Sweden. The Company has concluded a letter of intent
and has agreed to acquire up to an 80 % interest in the project.


The "Storkullen" project is secured by 5 exploration claims covering 5,812
hectares, located near the village of Overturingen in the Jamtland province of
central Sweden, approximately 360 km northwest of Stockholm.


The "Storkullen" project was first discovered in 2007 by two amateur prospectors
while exploring along a recently constructed forestry road. The project has been
the subject of considerable media interest, including its description in the
Swedish media (see link:
http://lifestyle.monstersandcritics.com/life/features/article_1389554.php/Swedish_amateur_prospectors_looking_for_berries_strike_gold)
as "one of the most exciting finds ever in Sweden by amateur prospectors". The
discovery zone, which is 5 metres square in area, was found in an area of thin
soil cover with no additional outcropping rock. Rock chip samples taken from the
outcrop by the SGU (the Swedish Geological Survey) and Hansa have returned:




            Sample Number    Au g/t    Ag g/t    Pb %    Zn %
                 1             0.05        11     0.5    33.0
                 2             0.05        17     0.7    27.9
                 3             23.0        77     0.2    0.33
                 4              0.2        59     2.2    0.63



The exposed bedrock includes a 2.5 metre wide interval of high grade zinc-rich
massive sulphide adjacent to a pyritic and siliceous felsic gneiss. The
northeastern contact of the zinc-rich massive sulphide is exposed in the
outcrop, where it lies adjacent to the siliceous gneiss. In addition to the very
high zinc grades, high grade gold (Sample 3) was analysed from the siliceous
gneiss, emphasizing the precious metal potential of the mineralized outcrop and
surrounding claims. The massive sulphide mineralization is open on the
southwestern, northwestern and southeastern contacts, where mineralization
passes under thin soil cover.


The "Storkullen" project is a new discovery in an area where zinc and gold
mineralized boulders had previously been located but mineralization in outcrop
was unknown. The project area has never been drill tested. Host rocks to
mineralization at "Storkullen" are metasediments and metavolcanics of similar
age to those which host the world class Skellefte (eg Boliden deposit) and
Bergslagen (eg Zinkgruvan and Garpenberg deposits) base metals fields which lie
370 km northeast and 230 km south respectively.


The terms of the joint venture allow Hansa to earn a minimum of 80% and a
maximum of 100% from the vendors. To earn an 80% interest Hansa is required to
make cash payments of 4.2 million Swedish Kroner ("SEK"), about $600,000
Canadian, and fund work programs of 12 million SEK, about $1.7 million Canadian,
both over a 4 year period. The work commitment in the first 18 months is 4
million SEK, about $572,000 Canadian, and a cash payment of SEK 1 million, about
$143,000 Canadian, is due on signing of final agreement. The final agreement
will be subject to filing with regulatory authorities.


Jeff Gale states: "To discover high grade massive sulphides in outcrop is a rare
event, particularly in a country like Sweden with such a rich mining history. We
congratulate the prospecting team of Ms. Wiik and Ms. Svensson for their
exciting find which has generated interest across Sweden. We will immediately
embark on a geophysical survey to delineate the trend of mineralization and
follow up with a systematic drill program. We are very pleased to have been
selected as partners to advance exploration of a project with such strong
potential, and look forward to working with the local community as we develop
the mineral potential of the area."


Photos of the "Storkullen" Prospect, as well as links to recent media covering
the find can be found on the Company's website www.hansaresources.eu. 


The qualified person as defined by National Instrument 43-101 is Damian Brett,
Vice-President of Exploration for Hansa Resources and a member of the
Australasian Institute of Geoscientists. Mr. Brett has reviewed and verified the
contents of this release. Samples were prepared in Pitea, Sweden and analyzed by
ME-ICP41a and Au-ICP21 techniques by ALS Chemex Ltd's laboratory in Vancouver,
Canada.


On behalf of the Board,

Jeffrey Gale, President

Forward Looking Statement. This news release contains certain "forward-looking"
statements and information relating to the Company that are based on the beliefs
of the Company's management as well as assumptions made by and information
currently available to the Company's management. Such statements reflect the
current risks, uncertainties and assumptions related to certain factors
including, without limitations, competitive factors, general economic
conditions, customer relations, relationships with vendors and strategic
partners, the interest rate environment, governmental regulation and
supervision, seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or uncertainties
materialize, or should any underlying assumptions prove incorrect, actual
results may vary materially from those described herein.


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