Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK: HANNF)is pleased to provide an update on exploration programs at the Belen project area at the 100%-owned Valiente copper-gold porphyry project in central Peru (Figures 1 and 2).
Highlights:
- Follow-up reconnaissance ridge-top soil sampling program at Belen has identified two large coherent copper and gold soil anomalies that extend along a 10-km trend that remains open in multiple directions. Soil geochemistry shows a transition from a larger copper-gold-molybdenum porphyry-style signature associated with Miocene-age intrusions to a peripheral gold+antimony+tellurium epithermal signature typically found in a shallow level epithermal system above a porphyry intrusion;
- All copper and gold soil anomalies remain open to multiple directions and further sampling is ongoing to delineate the anomalies. Hannan will expand the current ridge-top soil program to cover the entire 10-km trend. Further results are expected shortly.
Michael Hudson, CEO, states “The Belen copper-gold porphyry target is developing strongly with analytical results continuing to demonstrate robust soil geochemistry over large areas, suggesting association with a zoned porphyry and epithermal mineral system. Due to the dense jungle vegetation and thin soil veneer, outcrops are rare. The low impact surface exploration by the Company has proven very successful in outlining prospective mineralized areas in a highly leached environment. Field and social teams are actively engaged in the area with the target shaping up rapidly to allow drill permitting to commence shortly.”
A total of 149 soil samples taken to date show a transition from a copper-gold-molybdenum porphyry-style geochemical signature. The anomaly up to 1,461 ppm copper (Figures 3 and 5) extends over 1.6 km by 0.8 km and is associated with a Miocene-age cluster of monzonitic to dioritic intrusions. One outcrop channel sample assayed 1m @ 0.31 g/t gold and 380 ppm copper, hosted within a hornblende bearing feldspar porphyry with milky quartz-iron oxide veinlets. An outcropping intrusion in the vicinity was dated at 15.4Ma. Sub-crops in soil sample pits are strongly oxidized and leached (Figure 3 and 4) with associated silver, zinc, potassium and vanadium.
A peripheral gold-antimony-tellurium soil anomaly up to 85 ppb gold extends 2 km by 0.4 km (Figures 3 and 5) around the porphyry-style geochemical signature. This gold-antimony-tellurium association could be representative of a shallow level epithermal system above a porphyry intrusion. There are also indications of gold-copper-zinc anomalous areas that may reflect skarn-style mineralization also common in porphyry environments. Artisanal gold workings have been located downstream from the anomalous soil sampling area and Hannan geologists have panned gold from stream sediment samples.
Hannan will expand the current ridge-top soil program to cover the entire 10-km intrusive trend with a systematic grid sampling program followed by trench sampling. Stream sediment samples will also be collected from creeks to rapidly determine the prospectivity of different areas. Hannan also plans to survey an extensive airborne magnetic survey over the Valiente project area. Field and social teams are actively engaged in the area, with Hannan’s policy to undertake exploration activities only within areas where full support from local stakeholders exists.
Technical Background
All mineralized samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using traceable parcels. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. The crushers and pulverizes were cleaned with barren material after every sample. Samples were analyzed by method ME-MS61, a four acid digest preformed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property.
All soil samples were collected by Hannan geologists using an in-house protocol for soil sampling in jungle areas. The samples were subsequently analyzed with a portable XRF deploying a protocol developed by Hannan for the San Martin project. The method is designed to minimize risk of contamination and ground disturbance. In most cases the sample media is the “B-horizon” of the soil profile. Only 100g of sample material is collected from each site. From the soil sample a pellet is being produced which is dried and analyzed by a portable XRF (pXRF). Certified reference material, blanks and field duplicates are routinely added to monitor the quality of the pXRF data. Gold was analyzed by ALS in Lima using a standard sample preparation and 50g fire assay sample charge.
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. Hannan is a top ten in-country explorer by area in 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 disclosure contained in this news release 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 political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. 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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