VANCOUVER, March 4, 2019 /CNW/ - Hannan Metals Limited
("Hannan" or the "Company") (TSXV: HAN) (OTCPK: HANNF) is
pleased to announce completion of drilling at the Kilmurry
prospect, located 9 kilometres south of Hannan's Kilbricken
zinc-lead-silver resource in Co.
Clare, Ireland. Intense hydrothermal alteration
typical of Waulsortian hosted Zn-Pb-Ag deposits was encountered
over a wide interval.
Key points:
- Existing drill hole (11-3643-10) was extended 65 metres by
Hannan from 754 metres to 819 metres depth to test the mineralized
target zone at the base of the Waulsortian limestone (Figure 3)
within the hanging wall of the Kilmurry fault;
- The original upper parts of the hole 11-3643-10 intersected
dissolution textures, alteration and mineralization in the upper
sequence of the hanging wall, including 0.3m @ 56% zinc and lead at 166m depth. Extensive fault scarp debris material
was encountered suggesting the Kilmurry fault was active during
sedimentation. The drill hole ended (before this extension) in 3 to
4 times background levels of zinc (>60 ppm) in highly altered
limestone;
- Hannan's extension of hole 11-3643-10 encountered intense
hydrothermal hematite for 4 metres at the base of the potential
mineralized position and calcite/dolomite breccia over more than 60
metres thickness, with sporadic gossanous patches after pyrite and
calcite textures suggesting replacement of barite. The hydrothermal
hematite alteration is highly significant as it lies proximal to
mineralization at Irish-style deposits such as Lisheen, Tynagh and
Silvermines and can be considered a near-miss indicator;
- Drilling confirmed seismic interpretations of the north-dipping
Kilmurry syn-sedimentary 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 (>600
metres) mapped in Ireland (Figures
4 and 5);
- Drilling has constrained the Kilmurry Zn-Pb-Ag target and
defined drill targets for 6 km of strike of the syn-sedimentary
fault system (Figure 1). The target depth is also significantly
shallower than previously interpreted with a maximum depth of
800m;
- Geochemical assays are awaited, and although strongly altered
no base metal mineralization was visible in the core;
Michael Hudson, Chairman and CEO
states, "The upper parts of drill hole 11-3643-10 discovered
high grade zinc mineralization, and Hannan's extension of this hole
into the main mineralized target position has intersected a
strongly altered "near-miss" signal. Our seismic
interpretation of the north-dipping Kilmurry syn-sedimentary relay
has been validated, and the next step at Kilmurry is further
drilling on the extensive 15 kilometre long target structure
(Figure 2)."
The extension of drill hole 11-3643-10 at Kilmurry intersected
more than 60 metres of strongly calcite-dolomite altered limestone
with sporadic gossanous patches after pyrite and calcite textures
suggesting replacement of barite between 747.6m and 798m
depth. The alteration terminates at the base of the Waulsortian
Reef limestone. The top of the Ballysteen Limestone Formation or
more informally the "ABL" (argillaceous bioclastic limestone),
immediately below the Waulsortian Reef, was strongly hematite
altered for over 4 metres width (Figure 2). This hydrothermal
alteration type is important as it is interpreted to be proximal
alteration to mineralization at Waulsortian hosted deposits such as
Tynagh and Lisheen at the Rathdowney trend.
Further drilling is recommended at Kilmurry, with four priority
targets defined within the ramp-relay system over 6 kilometres
(Figure 1). However, the Company's immediate plans are to focus on
the dry-season field exploration program at its Peruvian San Martin
sediment-hosted copper-silver project where field work on new
areas is set to start in mid-March
2019.
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 29,800 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, completion of planned drill programs, 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.
