Hansa to earn 80% interest in Storkullen
2008-04-02 08:17 ET - News Release
Mr. Jeffrey Gale reports
HANSA WINS HIGH GRADE GOLD & ZINC TENDER IN SWEDEN
Hansa Resources Ltd. 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-per-cent interest in the project.
The Storkullen project is secured by five exploration claims covering 5,812 hectares, located near the village of A verturingen in the Jamtland province of central Sweden, approximately 360 kilometres 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 as "one of the most exciting finds ever in Sweden by amateur prospectors." The discovery zone, which is five 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 the amounts in the table.
Sample No. Au g/t Ag g/t Pb % Zn %
1 0.05 11 0.5 33.00
2 0.05 17 0.7 27.90
3 23.00 77 0.2 0.33
4 0.20 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 No. 3) was analyzed 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 (in example Boliden deposit) and Bergslagen (in example 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 per cent and a maximum of 100 per cent from the vendors. To earn an 80-per-cent interest Hansa is required to make cash payments of 4.2 million Swedish kronor, about $600,000 (Canadian), and finance work programs of 12 million Swedish kronor, about $1.7-million (Canadian), both over a four-year period. The work commitment in the first 18 months is four million Swedish kronor, about $572,000 (Canadian), and a cash payment of one million Swedish kronor, 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.
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 yens, Sweden, and analyzed by ME-ICP41a and Au-ICP21 techniques by ALS Chemex Ltd.'s laboratory in Vancouver, Canada.
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