Microsoft Word - 150706 FINAL Pahtohavare Drilling Commencement_AVS_DPH
ASX & MEDIA ANNOUNCEMENT
6 July 2015
Commencement of Copper-Gold Drilling
§ Drilling of shallow high grade copper-gold targets has recommenced at Pahtohavare, Sweden
§ Diamond drilling will test continuity of the Central oxide copper-gold JORC resource and collect additional material for 3rd phase of metallurgical test work
§ Exploration costs are being funded by Swedish mining company Lovisagruvan AB - Hannans'
interest is free-carried
Hannans Reward Ltd (ASX:HNR) advises that diamond drill testing of the high-grade copper-gold Central oxide deposit at the Pahtohavare Project has recommenced. Pahtohavare is located approximately 8km south-west of Kiruna, a full service mining town in northern Sweden (refer Location Map on page 2).
Hannans' joint venture partner, Swedish mining company Lovisagruvan AB1 is funding the costs of the program pursuant to the joint venture announced to ASX on 27 March 2015. Lovisagruvan are focused on assessing the potential to mine the Central oxide deposit by completing infill drilling and advanced metallurgical test work. The aim of this drilling (6 holes for 750 metres) is to test the continuity of mineralisation between existing drill profiles of the northern part of the oxide deposit. Results from the drilling are expected late this Quarter.
The Central deposit contains a current JORC Compliant Inferred Mineral Resource Estimate2 of 1.4Mt at 1.8% Cu and 0.6 g/t Au (2.4% CuEq).3
Figure 1: Planned drilling (blue squares); 2013 drilling (red dots) and historic drilling (black dots).
1 Lovisagruvan AB are listed on the Swedish AktieTorget exchange under the code LOVI
2 Refer ASX Announcement dated 31st January 2014
3 Copper equivalent (CuEq) has been calculated using metal selling prices of USD$3.56 / lb for Cu and USD$1,510 / Oz for Au, along with metal recoveries of
90% for Au and 65% for Cu in sulphide material and 80% for Au and 50% of Cu in oxide material. The following equations were used:
Oxide: CuEq = (1.12 x Au (ppm) grade) + (0.98 x Cu% grade)
Sulphide: CuEq = (0.97 x Au (ppm) grade) + (0.99 x Cu% grade)
It is the company's opinion that the copper and gold metals used in the metal equivalent calculation have a reasonable potential for recovery and sale based on historical metallurgial testwork and previous mining.
REWARD LIMITED
Figure 2: Location Map showing the location of the Pahtohavare Copper-Gold Project, northern Sweden. Kiruna is located approximately 1,200km north of Sweden's capital Stockholm. The project is very well positioned with regard to major infrastructure, including sealed roads, power and open access railway.
For further information please contact:
Damian Hicks
Managing Director
+46 703 220 226 (M)
[email protected] (E)
About Hannans Reward Ltd
Amanda Scott
Exploration Manager
+46 703 221 497 (M)
[email protected] (E)
Hannans Reward Ltd (ASX:HNR) is an exploration company with a focus on copper, gold, nickel and iron.
Hannans has JORC compliant copper, gold and iron resources in Sweden, a free-carried interest in a nickel project in Australia and a royalty interest on a copper exploration project in Norway. Since listing on the Australian Securities Exchange in 2003 Hannans has signed agreements with Lovisagruvan AB, Vale Inco, Rio Tinto, Anglo American, Boliden, Warwick Resources, Cullen Resources, Nickel Australia, Neometals, Tasman Metals and Grängesberg Iron. Shareholders at various times since listing have included Rio Tinto, Anglo American, OM Holdings and BlackRock. For more information please visit www.hannansreward.com.
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REWARD LIMITED
Competent Persons Statements
The information in this document that relates to exploration results is based on information compiled by Amanda Scott, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (Membership No.990895). Amanda Scott is a full-time employee of Hannans Reward Ltd. Amanda Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Amanda Scott consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.
The information in this document that relates to Mineral Resource and Exploration Target Estimates for Pahtohavare is extracted from the report entitled "Re-Release of Maiden JORC Resource at Pahtohavare To Comply With JORC" created on 31 January 2014 and is available to view on the Company's website (www.hannansreward.com). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and in the case of Mineral Resources or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
The information in this document that relates to Mineral Resource Estimates for Rakkurijoki and Rakkurijärvi is extracted from the report entitled "Kiruna Iron Project JORC Resource Update" created on 17 January 2012 and is available to view on the Company's website (www.hannansreward.com). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and in the case of Mineral Resources or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
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