Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK: HANNF) is pleased to announce that it has significantly increased its mineral tenure holdings in the San Martin district of Northern Peru to a total 937 square kilometers (“sq km”) (93,700 hectares (“ha”)) of applications and granted mineral concessions prospective for sediment hosted copper-silver mineralization.
- Hannan has increased its mineral tenure holdings in San Martin to 937 sq km by staking an additional 278 sq km (27,700 ha) for sediment-hosted copper and silver that is 100% owned by Hannan outside of current joint venture areas (“San Martin Hannan Project”) (Figure 1);
- These new areas will be explored alongside the 660 sq km (65,989 hectares) that Hannan has optioned and joint ventured in San Martin with Japan Oil, Gas and Metals National Corporation ("JOGMEC"), as announced on November 30, 2020 (“San Martin JV Project”).
- Under the JOGMEC Agreement, JOGMEC has the option to earn up to a 75% beneficial interest in the San Martin Project by spending up to US$35,000,000 to deliver to the joint venture (“JV”) a feasibility study.
Michael Hudson, CEO states, “Hannan and JOGMEC recently concluded one of the strongest joint ventures made in the junior exploration space over the last year. In the last 6 months, we have been working to build a dual Peruvian strategy of a hybrid prospect-generator. We have now secured a vast and extremely prospective landholding on the San Martin Hannan Project that we own outright, while actively exploring large areas defined within our fully-funded JOGMEC partnership at the San Martin JV Project.”
The additional 278 sq km of mining concession applications demonstrate the Company’s strategy to open new search spaces and apply disruptive exploration models to previously unexplored terrain. The new areas were identified during a stereographic geological remote study using detailed terrain corrected topographic elevation data and the Sentinel-2 super-spectral satellite data from the European Space Agency (ESA). The resultant geological and target map highlighted the new stratabound 278 sq km of copper-silver target areas that were subsequently staked as the San Martin Hannan Project.
Further information on the San Martin Hannan Project will be made as it becomes available.The time to grant mining concession applications in Peru takes up to one year.
About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Peru.
Mr. Michael Hudson FAusIMM, Hannan’s Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
On behalf of the Board,
Forward Looking Statements
Certain disclosure contained in this news release, including the Company’s expectations regarding the Agreement and the payments and earn-in upon the successful completion of certain milestones, may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to the potential impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company’s business. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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