TSX-V: HAN

Hannan has staked 38,600 hectares in three different project areas named Tabalosos, Gera and Sacanche.  The San Martin project area is 100% owned by Hannan, and is located about 30 kilometres northwest of Tarapoto, in the Cordillera Ayu Mayo.  The mineral claim applications cover over 100 kilometres of combined strike of the prospective host horizon. Project access is excellent via a proximal paved highway, while the altitude varies between 800 metres to 1,600 metres in a region of high rainfall and predominantly forest cover.

The Hannan Team During Reconnaissance Prospecting

Key points are:

  • A new frontier basin-scale copper (chalcocite) district
  • Permit applications for 38,400 ha 
  • Hannan is a first mover
  • Initial prospecting 2018-2019 identified high grade mineralization in outcrop and float and alteration in an area covering 100km x 50km.  Similar style of outcrop/ boulders have been discovered over 100km of strike
  • Best results from outcrop – 20km apart:
    • 3m @ 2.5% Cu and 22g/t Ag (LD190517-19)
    • 2m @ 5.9% Cu and 66g/t Ag (TC190536-38)
  • Mineralization forms at multiple stratigraphic levels and is spatially linked to salt structures

During late 2018, initial sampling was conducted in one of the 3 claim areas, Tabalosos.  While only a smaller proportion of the claims were accessible owing to seasonal rains, four separate areas of high-grade mineralized copper-silver boulders were discovered over a 15-kilometre strike, across multiple structures.  Grab samples taken from nineteen mineralized boulders (>0.1% copper) within creeks which drain outcrop returned values ranging from 0.1 to 8.3% copper and 0.2 to 109 g/t silver with an average grade of 2.8% copper and 27.2 g/t Ag over 15 kilometres of strike across two structural corridors, highlighting the potential for discovery of a strike extensive near-surface, sediment-hosted copper deposit.  Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.

Additional work was conducted at the western part of Tabalosos in July 2019. Here grab samples from six mineralized boulders (>0.1% copper) range in grade from 0.8% to 11.5% copper and 8 g/t silver to 28 g/t silver with an average grade of 4.2% copper and 17 g/t silver over a 5-kilometre strike. The new area is located 3.5 kilometres immediately west of initial discover made in late October 2018. Additionally, a grab sample from a boulder located 8.5 kilometres south of Tabalosos South West assayed 12.3% copper and 70 g/t silver in an adjacent anticlinal fold limb.

During March 2019 the Gera claim application was visited for early-stage reconnaissance mapping.  The work identified similar style geology as Tabalosos and Sacanche prospect and the application is prospective for similar style mineralization. In total, the Gera application covers 10,000 hectares and is located immediately NW of Tabalosos application.  

The Sacanche claims are an extension of the sediment-hosted copper-silver mineralized position discovered in Gera and Tabalosos claim applications.  A total of 8,900 hectares of claim applications have been lodged for the Sacanche area, located 44 kilometres south of the central and initial Tabalosos claim application.  Hannan has conducted initial recognise field work in May-June 2019. Multiple mineralized stratigraphic positions and styles have now been defined across the property.

Recent results from Sacanche North include:  

  • Rock chip channel samples from outcrop separated by 5.4 kilometres:
    • 2 metres @ 5.9% copper and 66 g/t silver with the wider zone assaying 3 metres @ 4.1 % copper and 45 g/t silver;  0.6 metres @ 8.7% copper and 59 g/t silver;
  • High-grade grab sample from float assayed 30.1% copper and 595 g/t silver within proximity to channel samples.

Recent results from Sacanche South include: 

  • Detailed mapping and sampling of copper-mineralized outcrops was completed over 1 kilometre of strike, with highlight rock chip panel sampling results including
    • 3 metres @ 2.5% copper (“Cu”) and 22g/t silver (“Ag”);
  • Two areas of high-grade copper and silver have been found over 3.5 kilometres within creeks at the Sacanche claim application area. Ten grab samples from mineralized float in riverbeds (>0.1% copper) ranged in grade from 0.4% to 5.0% copper and 4 g/t to 33 g/t silver and averaged 2.7% copper and 17 g/t silver;
  • A >50-metre-wide gossanous zinc-lead outcrop that was discovered with over 50 metres strike length.  Four grab samples from different parts of the outcrop ranged in grade from 0.1% to 2.4% zinc (“Zn”) and 0.2% to 1.0% lead (“Pb”) and averaged 1.0% zinc and 0.7% lead

Mining concessions are in process of being granted from October 2019. Hannan had a community liaison team on the ground before sampling took place and looks forward to working closely with all the communities in the area once granting take place.    

The San Martin project lies in the Sub-Andean zone of Andean Cordillera.  Since the 1970’s the area has principally been explored for petroleum, delivering large seismic datasets similar to those being used by Hannan for targeting of zinc in Ireland.  Seismically-defined basin structures and stratigraphy are now being interpreted in the context of sediment-hosted copper mineralization.

The Sub-Andean zone is underlain by a series of retro-arc foreland basins that were inverted during the Mid-Eocene and the Miocene.  The inversion exposed a rift sequence initiated in the late Permian, composed of red beds and thick basin-wide evaporites.  These rocks are contemporary to the Pucara and Mitu Groups in western Peru.  The geological history shows a strong similarity to sedimentary basins which host giant sediment-hosted copper deposits with respect to the stratigraphy, basin architecture, presence of thick evaporites and long periods of quiescence.

Copper and silver mineralization is hosted by the 150 Ma Saraquillo Formation, which was deposited in an intra-continental basin during the Jurassic-Early Cretaceous period.  The Saraquillo Formation is 1.2-1.8 kilometres thick and extends for over 1,000 kilometres of strike.  The Saraquillo Formation is spatially associated with salt domes which supports the seismic observations of widespread evaporitic strata, with several small artisanal salt and copper mines present in the area.  Copper mineralization discovered to date is associated with the contact of fine-grained reduced carbonaceous sandstones with highly oxidized red beds of the Saraquillo Formation.  Chalcocite is the dominant copper sulphide and it is always found together with carbonaceous material. Chalcocite occurs as fine disseminations, fracture filling and centimetre-sized massive aggregates.  Secondary copper minerals are common on exposed surfaces.  Albitization and silicification are associated with the mineralization, where the former dominates in more strongly mineralized samples.

Maps

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