businesspress24.com - Hannan soil sampling defines copper-silver mineralization over 18 kilometres at Tabalosos east
 

Hannan soil sampling defines copper-silver mineralization over 18 kilometres at Tabalosos east

ID: 1568299

(PresseBox) - Hannan Metals Limited (?Hannan? or the ?Company?) (TSXV: HAN) (OTCPK: HANNF - https://www.commodity-tv.com/ondemand/companies/profil/hannan-metals-ltd/) reports on the results from the soil geochemical sampling program from the Tabalosos East prospect within the San Martin JOGMEC JV sediment-hosted copper-silver project in Peru (Figures 1 and 2).

Hannan is rapidly advancing the Tabalosos East target and demonstrating scale and continuity of copper-silver mineralization over 18 kilometres of combined strike, within a 6 kilometre by 2 kilometre area (Figure 2). Three geological teams with more than 10 local assistants and guides are systematically sampling traverses across the densely vegetated jungle. March 2021.

Highlights:

The soil survey confirms continuity of previously reported high grade copper mineralization at Tabalosos East which included outcrop mineralization of up to 2.0m (at) 4.9% copper and 62 g/t silver. The area is covered by dense jungle vegetation and in parts relatively steep topography. It is estimated that <1% of the bedrock outcrops;

A total of 1,211 soil samples have been taken with approximately 50% of the survey completed. Sampling will be ongoing for another two months;

Results demonstrate continuity of sub-cropping stratabound copper-silver mineralization over 18 kilometres of combined strike, within a 6 kilometre by 2 kilometre area (Figure 2);

Permitting to undertake advanced exploration work within Tabalosos East, including diamond drilling, are ongoing with Environmental Impact Statement (Declaraci"DIA") baseline studies underway.





Michael Hudson, CEO, states, "These results demonstrate the scale of the Company''s multi-kilometre long copper-silver anomalies at the Tabalosos East prospect and coincide with, and expand upon, areas of known mineralization in outcrop. Encouragingly, these data confirm the continuity of mineralization at the same stratigraphic position and outline 18 kilometres of subcropping mineralization at Tabalosos East.

The soil survey was designed to determine the continuity of copper-silver mineralization under soil cover over larger areas. Hannan has previously reported high grades of copper and silver in outcrop up to 2.0 metres (at) 4.9% copper and 62 g/t silver. The 2,500 point soil sampling program was designed to determine the continuity of copper silver mineralization under soil cover over larger areas. The program consists of approximately 35-line kilometers of survey lines covering an area measuring 6 kilometres by 2.6 kilometres.

Specific areas of interest discovered in the survey to date (Figure 2) include:

Zona Sur: A 1.4 kilometre long anomaly composed of two parallel zones striking E-W. The anomalies show excellent correlation with channel sampled outcrops (reported here and including 0 metres (at) 4.9% copper and 62 g/t silver

Zona Oeste: A new blind discovery over three regional lines with over 2.2 kilometres of strike that is open to the N and S. The copper anomalies are situated in the same stratigraphic position in all three lines, close to the mineralized contact seen elsewhere on the project. Additional sampling is needed to determine the continuity of the mineralization.

Zona Norte: To date one sampling line has been completed in the northern area. This line revealed a broadly elevated zone of 800 metres length with three distinct anomalies with soil values >100 ppm copper.

Salt dome targets: The salt dome targets show elevated background values of copper with internal high copper values over five lines with up to 800 metres of strike continuity. Some boulders of gypsum with disseminated chalcopyrite have been observed near the anomalies.reported here and include 0 metre (at) 6.3% copper and 101 g/t silver

Future work during the dry season at Tabalosos East will focus on continued systematic soil sampling, trenching, and sampling of key soil anomalies and detailed geological mapping to aid the interpretation of the soil anomalies.

About the San Martin JOGMEC JV Project (Copper-Silver, Peru, 88 mining concessions for 660 sq km)

On November 30, 2020 Hannan announced that it had signed a binding letter agreement for a significant Option and Joint Venture Agreement (the ?Agreement?) with JOGMEC.

The Agreement grants JOGMEC the option to earn an initial 51% ownership interest by funding US$8,000,000 in project expenditures at San Martin over a four-year period, subject to acceleration at JOGMEC?s discretion.

JOGMEC, at its election, can then earn:

an additional 16% interest for a total 67% ownership interest by achieving either a prefeasibility study or funding a further US$12,000,000 in project expenditures in amounts of at least US$1,000,000 per annum (for a US$20,000,000 total expenditure); and,

subject to owning a 67% interest, a further 8% interest for a total 75% ownership

Should JOGMEC not proceed to a prefeasibility study or spend US$20,000,000 in total, Hannan shall have the right to purchase from JOGMEC for the sum of US$1, a two percent (2%) Participating Interest, whereby Hannan?s Participating Interest will be increased to fifty-one percent (51%) and JOGMEC?s Participating Interest will be reduced to forty-nine percent (49%).

At the completion of a feasibility study, JOGMEC has the right to either:

purchase up to an additional ten percent (10%) Participating Interest from Hannan Metals (for a total 85% maximum capped Participating Interest) at fair value as determined in accordance with internationally recognized professional standards by an agreed upon independent third-party valuator; or

receive up to an additional ten percent (10%) Participating Interest from Hannan (for a total 85% maximum capped Participating Interest) in consideration of JOGMEC?s agreement to fund development of the project, by loan carrying Hannan until the San Martin Project generates positive cash flow.

After US$35,000,000 has been spent by JOGMEC and before a feasibility study has been achieved, both parties will fund expenditures pro rata or dilute via a standard industry dilution formula.hemical datasets in the JV project areas.

Sediment-hosted stratiform copper-silver deposits are among the two most important copper sources in the world, the other being copper porphyries.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 2019.2018, 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 to 5.5 metres thickness.

Technical Background

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.le XRF (pXRF). Certified reference material, blanks and field duplicates are routinely added to monitor the quality of the pXRF data. In addition, 10% of all samples are submitted to ALS in Lima for 4-acid ICP-MS analysis to check the quality of the pXRF data.

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.

About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)

Hannan Metals Limitednd 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.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news

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Datum: 18.06.2021 - 04:37 Uhr
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