Zhumba Gold Property Update
Vancouver, Canada -- Hansa Resources Ltd. ("Hansa" or the "Company") (TSXv-HRL; Frankfurt-3F2) Mr. John Nugent, President, provides this update on the Company's Zhumba gold property in Eastern Kazakhstan.
Further to the Company's news release of April 27th, 2017 the Company has now completed all conditions precedent and has finalized the farm out of its 90% interest in the Zhumba property to Kazzinc Limited ("Kazzinc"). As consideration the Company has received payment in local currency equivalent to approximately US$600,000 and a 1.9% net smelter return royalty on the Company's 90% interest from production at the Zhumba property.
The Zhumba property covers approximately 630 km sq and is located in the southeast continuation of the West Kalba gold belt hosting a number of producing gold mines including the world class Bakyrchik deposit. The regional center of Ust Kamenogorsk is located 200km from Zhumba along a paved road. Zhumba is an orogenic gold system characterized by intensive multi-stage mineralization within an area of 2km by 4km with three main styles of mineralization present.
- Historically, gold-quartz-sulphide veins have been identified from 1m up to 6.5m thick with an average around 1.5m and strike lengths up to a few hundred meters.
- Gold has also been identified in disseminated gold-sulfide mineralized zones which are tens of meters wide. Due to an historical focus on the narrow veins style, the broader disseminated style of mineralization has not been systematically tested. Gold is associated with pyrite and arsenopyrite (total content 2-3% sulfides).
- A zone of weathering and oxidation above primary sulfide mineralization has been developed at the property to a depth of 30m-40m and has not been systematically explored.
Kazzinc is one of the largest metals and mining companies in Kazakhstan and the largest precious metal producer in the country. Kazzinc is an international joint venture with its participants including senior international resource companies.
Said Mr. Nugent, "We are extremely pleased to have completed this farm out and we are now working to advance our next prospect acquisition."
ABOUT HANSA RESOURCES LTD.
Hansa Resources Limited is a TSX-V and Frankfurt, listed Canadian mineral exploration company engaged in the acquisition, exploration and development of base and precious metal properties. Hansa Resources is committed to building shareholder value through minimizing risk and maximizing potential value of the Company's projects, utilizing Hansa's highly experienced, flexible and successful Board of Directors and Management.
On behalf of the Board,
John Nugent, President
For further information, please visit www.hansaresources.com
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.