VANCOUVER, Feb. 6, 2019 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) is pleased to announce that diamond drilling has
commenced at the Kilmurry project within the 100% owned Clare zinc
project in Ireland after receipt
of final drill permissions from the relevant authorities.
Key Points:
- Drilling has commenced at the Kilmurry zinc prospect, located 9
kilometres south of Hannan's Kilbricken zinc-lead-silver resource
in Co. Clare, Ireland;
- Hannan's recent seismic surveys identified the north-dipping
Kilmurry synsedimentary relay fault system which exceeds 15
kilometres in length and is up to 2 kilometres wide and
demonstrates one of the largest basin-scale displacements (>750
metres) mapped in Ireland (Figures
4 and 5);
- The drill program will extend an existing drill hole
(11-3643-10) by 200-250 metres to test the mineralization target
zone at the base of the Waulsortian limestone (Figure 3) within the
hanging wall of the Kilmurry fault. This hole was terminated short
of target at 754 metres by earlier explorers;
- Hole 11-3643-10 showed dissolution textures, alteration and
mineralization in the upper sequence of the hanging wall, including
0.3m @ 56% zinc + lead at
166m depth and extensive development
of fault scarp debris material suggesting the Kilmurry fault was
active during sedimentation. The drill hole ended with 3 to 4 times
background levels of zinc (>60 ppm) in highly altered
limestone.
Michael Hudson, Chairman and CEO
states, "The Kilmurry area is highly
prospective and demonstrates all the right ingredients for a major
base metal system where the scale of the untested fault and host
rock point to the potential for a transformative discovery. This
target is a direct outcome of the regional target generation work,
driven by the seismic surveys completed by Hannan over the last
year."
Drilling has now commenced at Kilmurry, located 9 kilometres
south of Hannan's Kilbricken resource (Figure 1). Kilmurry is a
seismic and detailed gravity defined structural and stratigraphic
target mapped by Hannan over greater than 15 kilometres strike and
1-2 kilometres width (Figure 3). The mineralized position of
the hanging wall of the fault, that is an equivalent setting to all
zinc mineralization in the Irish Midlands, has never been drill
tested.
Several geological factors make the fault zone a prospective
target for zinc-lead-silver mineralization. Firstly, the entire
fault zone was active during the formation of the Waulsortian
limestone. The individual fault segments are closely spaced and
have significant vertical offset, with the maximum mapped offset
being one of the largest basin-scale displacements (>750 metres)
mapped in Ireland. Closely spaced
faults and significant fault offset along a relay fault system have
a direct correlation with rock deformation and mineralizing fluid
path ways in Irish-style zinc-lead-silver deposits.
Furthermore, historic drilling has identified significant
alteration and mineralization immediately south in the footwall of
the Kilmurry fault zone. Four historic drill holes that have tested
the hanging wall of the fault zone never reached the target depth.
The holes were drilled over 3.5 kilometre strike and all
encountered geological evidence to support the seismic
interpretation of the fault zone. Drill hole 11-3643-10 is the most
significant and it intersected structurally hosted massive
sulphides at 166m depth (0.3m @ 56% zinc + lead). The drill extension of
11-3643-10 being undertaken by Hannan is the first test of the
fault zone (Figure 2). If the extension of 11-3643-10 is
successful, shallower ramp zones linking the fault segments will be
targeted at Kilmurry.
About Hannan Metals Limited
(TSX.V:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a base metal project generation
company. It has 100% ownership of the County Clare Zn-Pb-Ag project
in Ireland, which consists of 9
prospecting licenses for 35,444 hectares and has recently filed
mineral claim applications for 14,800 hectares within the San
Martin Province in Peru searching
for copper and silver.
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"
Michael
Hudson, Chairman & CEO
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, 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.
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 release.
SOURCE Hannan Metals Ltd.
