VANCOUVER, BC, June 15, 2020 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) provides observations from a new copper-silver
discovery located 2 kilometres south from known mineralization at
Hannan's 100% owned Sacanche mining concessions at the San Martin
sediment-hosted copper-silver project in Peru (Figure 1).
Highlights:
- Extensions of a mineralized horizon have been discovered 2
kilometres south of a previously reported channel sample that
assayed 3 metres @ 2.5% copper and 22 g/t silver including 0.5
metres @ 4.4% copper and 61 g/t silver at a 1% copper lower cut
(Figure 2);
-
- Five new outcrops have been found along a 400 metre strike.
Mineralization thickness varies between 1.5 to 2.5 metres. Visible
green and black copper oxides are seen over 0.8 to 1.0 metres width
(Figure 3);
- The new discoveries are located immediately upstream from a
creek where 10 mineralized grab samples from boulders which assayed
between 5.0% copper and 36 g/t silver to 0.4% copper to 3.9 g/t
silver and averaged 2.7% copper and 16.9 g/t silver;
- Mapping of outcrops and boulders in creeks now define a zone
that shows a level of continuity at multiple points over 2
kilometres;
- Samples from the new discovery area were submitted to a
geochemical laboratory in Lima
last week and results are expected shortly;
- The analogue style for mineralization at San Martin is the
Kupferschiefer in Poland where
KGHM Polska Miedz's ("KGHM") three copper-silver sediment-hosted
mines are the 6th largest copper producer and the
leading silver producer in the world. In 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.
Michael Hudson, CEO, states:
"Our work in San Martin has demonstrated copper-silver
mineralization at multiple stratigraphic positions over the scale
of the 110-kilometre-long claim position. These new
discoveries go to the next level of detail, and are starting to
define continuity at multiple points within a 2 kilometre trend
over potentially economic widths."
The new discovery area is located 2 kilometres south of an area
of previously reported channel sampling of outcrops include 3
metres @ 2.5% copper and 22 g/t silver including 0.5 metres @ 4.4%
copper and 61 g/t silver at a 1% copper lower cut. At a lower
cut-off, the zone assayed 5.0 metres @ 1.7% copper and 14 g/t
silver. A second area 60 metres away assayed 1.5 metres
@ 1.0% copper and 52 g/t silver, however only partial sampling was
possible and the width of mineralization remains
unknown. Channel samples are considered representative of the
in-situ mineralization samples and sample widths quoted approximate
the true width of mineralization, while grab (boulder) samples are
selective by nature and are unlikely to represent average grades on
the property.
On Thursday June 4th, the
Government of Peru authorized
Phase 2 reactivation. Mineral exploration is included as one of the
Phase 2 activities. Hannan has decided to monitor the situation in
Peru on a weekly basis and will
not restart field activities immediately. However, we look
forward to our technical and social field teams returning to San
Martin when it is deemed safe to do so for all stakeholders and
staff.
The San Martin project is an early stage exploration project.
Previous mineral exploration in the area is limited. RTZ
worked in the southern and northern areas for one year in the late
1990's and conducted reconnaissance sampling and drilled 3 diamond
drillholes in the transitional lead-zinc parts of the system in the
south (Figure 3). A private Canadian company completed soil
sampling and some geophysics during a one year period in the
southern project area. These data are not available to
Hannan. Hannan's in-depth regional geological understanding
has been derived from the substantial data gathered during
petroleum exploration activities undertaken in the Huallaga Basin
since 1989. This data, which recently has been made publicly
available, includes >2,000 kilometres of 2D seismic, 618
kilometres of geological traverses, 1,600 gravity stations, 13,000
kilometres of aeromagnetic surveys and >2,000 rock samples for
geochemical and petrological studies. This information has
provided Hannan a tremendous amount of data to guide exploration
and support geological models.
Sedimentary-hosted stratiform copper-silver deposits are among
the two most important copper sources in the world, the other being
copper porphyries. They are also a major producer of
silver. According to the 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. This is
almost twice the production of the second largest producing mine.
The Polish mines are also the sixth largest global copper miner and
in 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.
About Hannan Metals Limited
(TSX.V:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and
exploration company developing sustainable and ethical 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.
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 potential impact of
epidemics, pandemics or other public health crises, including the
current outbreak of the novel coronavirus known as COVID-19 on the
Company's business, the granting of 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
SOURCE Hannan Metals Ltd.
