Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK: HANNF) provides an update on the Tabalosos copper-silver project, located 80 kilometres north of the Sacanche project at the 100% owned San Martin sediment hosted copper-silver project in Peru (Figure 1).
Highlights:
- Hannan has completed a remote geological study at the Tabalosos project which has defined and constrained the target position of stratabound copper-silver mineralization over a 30 kilometre trend;
- Two target styles have been defined:
- A stratabound position in the upper levels of the Sarayaquillo Formation, defined by the presence of debris organic material that hosts high-grade copper-silver mineralization (Figures 2, 3 and 4). This zone is correlated over a 30-kilometre-long trend and over 5 kilometres in width across the Tabalosos project area and is the same mineralized stratigraphic level identified in outcrop at Sacanche, located 80 kilometres to the south;
- A structurally controlled sandstone hosted copper-silver target has been identified in the southern part of the project. This area is 7-kilometres-long and up to 5 kilometres wide in Tabalosos. The target is analogous with the base metal gossans discovered earlier this year at Sacanche South, located 80 km to the south.
- This new interpretation at Tabalosos is the first in the district to combine seismic data with modern remote surface observation from high resolution satellite imagery.
Michael Hudson, Hannan’s CEO, states, “While our field work earlier this year focused on the Sacanche area, the Tabalosos project, located 80 kilometers north is shaping up over a vast scale as another key area for our San Martin project. Of course, we look forward to getting back in the field when the time is right, to conduct further reconnaissance exploration, stream sediment sampling and channel sampling of outcropping mineralization. In the meanwhile, the Company is considering and planning airborne geophysical surveys to advance drill targeting.”
Within the 30 kilometre trend four key zones have been defined over a 5 kilometre cross strike width:
- Three zones over a 3.5 kilometre strike, where 16 grab samples from boulders (>0.1% copper) averaged 2.7% copper and 29 g/t silver and ranged from 0.1-8.3% copper and 0.2-109 g/t silver. Reported 17 January 2019.
- A zone with 3 grab samples from boulders (>0.1% copper) with two different lithologies, averaged 3.3% copper and 12 g/t silver and ranged from 0.2-6.9% copper and 2.2-27 g/t silver. Reported 17 January 2019.
- Three zones over a 5 kilometre strike, where 6 grab samples from boulders (>0.1% copper) averaged 4.2% copper and 17 g/t silver and ranged from 0.8-11.5% copper and 8-28 g/t silver. Reported 03 September 2019.
- One zone where quick reconnaissance sampling identified a small shale-host boulder that assayed 12.3% copper and 70 g/t silver. Reported 03 September 2019.
Grab samples are selective by nature and are unlikely to represent average grades on the property.
Hannan recently completed a remote study at the Tabalosos project, which constrains the target position of stratabound copper-silver mineralization. The remote sensing study utilized data from the Sentinel-2 constellation of two twin satellites that systematically acquire optical imagery at high spatial resolution (10 metres to 60 metres) over land and coastal waters. Sentinel-2 has been developed and is being operated by the European Space Agency, and the satellites were manufactured by a consortium led by Airbus Defense and Space.
Interpretations from seismic surveying from earlier petroleum exploration shows that the western flank of the Tabalosos project is cut by an inverted basement fault (Figure 2). High grade copper boulders have been located along a 15km long trend. In the southern part of the project area, the inverted basement fault truncates an anticline of the Cushabatay and Sarayaquillo Formations. This area is also prospective for structurally controlled sandstone hosted copper-silver mineralization where hydrocarbons acts as the main trap for copper bearing fluids. Copper anomalous boulders of this style have been discovered by Hannan in the area.
Hannan's 100% owned San Martin project encompass a new, basin-scale high-grade copper-silver system situated along the foreland region of the eastern Andes Mountains in Peru. Geologically, Hannan's sedimentary copper-silver deposits analogues include the vast Kupferschiefer deposit in Eastern Europe. Sediment-hosted stratiform copper-silver deposits are among the two most important copper sources in the world, the other being copper porphyries. They are also a major producer of silver. According to the World Silver Survey 2020 KGHM Polska Miedz’s (“KGHM”) three copper-silver sediment-hosted mines in Poland are the leading silver producer in the world with 40.2Moz produced in 2019. This is almost twice the production of the second largest producing mine. The Polish mines are also the sixth largest global copper miner and in 2018, KGHM produced 30.3 Mt of ore at a grade of 1.49% copper and 48.6 g/t silver from a mineralized zone that averages 0.4 metres to 5.5 metres thick.
Hannan is closely monitoring the COVID-19 situation in San Martin and is working with local representatives to support communities with basic medical equipment and food supplies. The situation remains problematic and the district remains in lock down.
About Hannan Metals Limited (TSX.V:HAN)(OTCPK: HANNF)
Hannan Metals Limited is a natural resources and exploration company developing sustainable and ethical 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,
"Michael Hudson" | Further Information |
Forward Looking Statements
Certain information set forth in this news release contains “forward-looking statements”, and “forward- looking information” under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company’s expectations regarding future performance based on current results, expected cash costs based on the Company’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projects of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: The Company’s expectations regarding timing to complete field work and outcome of results, the granting of the claim applications in Peru, 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, community relations, liabilities inherent in mine development and production, geological risks, the financial markets generally, and the ability of the Company to raise additional capital to fund future operations. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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