VANCOUVER, March 21, 2019 /CNW/ - Hannan
Metals Limited ("Hannan" or the "Company") (TSXV: HAN)
(OTCPK: HANNF) is pleased to announce it has further
expanded the area under mineral claim application at the San Martin
sediment-hosted copper-silver project in north-central Peru. A district-scale sediment-hosted copper
terrane is now secured, with applications covering more than 76
kilometres strike of the prospective host horizon.
Key Points:
- 5,900 hectares of claim applications have been lodged for the
Sacanche area, located 44 kilometres south of the central and
initial Tabalosos claim application;
- Hannan's mineral claim applications now cover 76 kilometres of
combined strike (35,400 hectares) of the prospective host horizon
within a 110 kilometre long basin (Figure 1);
- Sacanche delivers an additional 25 kilometres of host horizon
strike under application, and is interpreted to be an extension of
the mineralized position discovered in Hannan's Tabalosos claim
applications where initial sampling by Hannan outlined four areas
of high-grade copper and silver over 15 kilometres of strike within
at least two structural corridors. Nineteen grab samples from
mineralized float in river beds (>0.1% copper) ranged in grade
from 0.1% to 8.3% copper and 0.2 g/t silver to 109 g/t silver with
an average grade of 2.8% copper and 27.2 g/t silver.
- Historic prospecting at Sacanche identified both
sediment-hosted copper and lead-zinc showings with multiple gossans
up 80 metres in thickness with anomalous zinc, lead and copper and
grab samples from creeks assaying significant copper and silver
within the 25 kilometre strike of the claim application area
(Figure 2).
Michael Hudson, Chairman and CEO
states, "San Martin demonstrates the initial makings of a
high-grade sediment-hosted copper and silver discovery in
north-central Peru. Hannan's
first mover position has allowed claiming of a district-scale
sedimentary copper-silver target over 76 strike kilometres in
length and we look forward to a multi-team exploration program
during 2019 to target areas of grade and thickness."
Hannan's claim applications extend over a combined 76 kilometres
of strike within a 110 kilometre basin scale trend. Early
stage historic exploration at Sacanche identified both
sediment-hosted copper and lead-zinc showings. Multiple gossans up
80 metres in thickness with anomalous zinc, lead and copper have
been recorded over multiple kilometre strike (Figure 2). The thick
lead-zinc gossans are interpreted to be developed at different
stratigraphic positions than the interpreted location of the
stratabound sedimentary-hosted copper-silver mineralized target
zone. Scant historic sampling records grab samples from river float
assaying significant copper and silver discovered intermittently
along the 25 kilometre strike of the Sancache claim application
area (Figure 2). Hannan interprets the separate copper and
lead-zinc mineralized zones as products of an evolving basinal
system, related to processes observed in other sedimentary-hosted
copper districts where lead and zinc can be locally elevated.
The Sacanche claims are an extension of the sediment hosted
copper-silver mineralized position discovered in Gera and
Tabalosos claim applications where initial sampling by
Hannan outlined four areas of high-grade copper and silver
over 15 kilometres of strike within at least two structural
corridors within the Tabalosos claim application area. Nineteen
grab samples from mineralized float in river beds (>0.1% copper)
ranged in grade from 0.1% to 8.3% copper and 0.2 g/t silver to 109
g/t silver with an average grade of 2.8% copper and 27.2 g/t
silver.
Hannan has commenced the 2019 dry-season exploration program
with field reconnaissance and plans to have a multi-team
exploration program commence from mid to late April 2019. The areas under claim are sparsely
populated. No indigenous land designation is recorded within Gera
and Sacanche claim areas and only a small area (13%) of the
Tabalosos application is defined as indigenous lands, which the
Company views as a positive for future drill permitting. The
Company has begun to identify and involve local stakeholder groups,
and will continue to engage with communities and authorities during
the 2019 field programs.
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 is associated with the mineralization, where the
former dominates in more strongly mineralized samples.
Management of Hannan have had significant prior experience in
Peru, which is the world's second
largest copper producer, with steady growth predicted over the
coming years. The country's copper output is forecast to increase
from 2.5 million tonnes ("Mt") in 2018 to 3.8Mt by 2027, averaging
4.7% annual growth. Sediment-hosted deposits are the world's
second-most important source of copper accounting for
approximately 20% of world production.
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 35,400 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.
