VANCOUVER, Dec. 12, 2019 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces it has doubled its land holding at the
Sacanche area to now cover 60 kilometres of the prospective strike
at the 100% owned San Martin project in north central Peru (Figure 1).
Highlights:
- Hannan has doubled the land position at the Sacanche mining
concession to now cover 60 kilometres of the prospective
strike;
- The new Sapo mining concession application covers a further 30
kilometres along strike from the same prospective host rocks as
found at Sacanche, being located immediately along strike from
high-grade copper silver mineralization that Hannan recently
identified, assaying up to 2m @ 5.9 %
Cu and 66 g/t Ag (Hannan news release 01 Aug
2019);
- Mining concessions cover 49,300 hectares ("ha") at the San
Martin copper-silver project in Peru (Figure 1), with the new Sapo mining
concession application covering 10,800 ha.
Michael Hudson, Hannan's CEO,
states, "With competitor activity now high in the region, we
continue to reinforce our first-mover advantage in the new
sediment-hosted copper-silver basin. We look forward to further
developing trusted relationships with local communities during our
upcoming exploration programs which are due to recommence in early
January."
The new Sapo mining concession application covers an additional
30 kilometres along strike from the same prospective host rocks as
found at Sacanche, being located immediately along strike from
high-grade copper silver mineralization in outcrop that Hannan
recently identified, assaying up to 2m @ 5.9 % Cu and 66 g/t Ag (Hannan news release
01 Aug 2019). The new Sapo
trend was locally targeted with reconnaissance rockchip and stream
sediment sampling (Figure 2).
Importantly, Sapo is underlain by an inverted basement growth
fault. Lithostratigraphic data from different parts of the
Huallaga Basin have revealed that this fault was active during the
deposition of Early Cretaceous rocks, which is now manifested by
significant thickness changes of the Cushabatay Formation across
the growth structure (Figure 3). This is interpreted to
relate to syn-sedimentary faults caused by salt deformation.
Hannan believes the fault may have acted as fluid conduit
connecting deep metal bearing fluids with redox traps in the
stratigraphy. Growth faults are often recognized globally to be
contemporary with and act as feeders for sediment-hosted copper
mineralization.
Hannan believes the Sapo mining concession application is
prospective for two styles of sediment-hosted copper-silver
mineralization, observed throughout the 100 kilometres of strike of
prospective sedimentary rocks hosted within Hannan mining
concession claim areas:
- The first style is hosted by the Sarayaquillo Formation:
Mineralization is associated with reduced facies within red beds,
where in-house petrographic studies indicate that copper sulphides
replace both pyrite and organic material. This style is like
copper mineralization associated with Zechstein Basin in
Poland.
- The second style is hosted by the Cushabatay Formation:
Mineralization is hosted in quartzites with hydrocarbon metal
traps, and analogous to the giant Udokan copper deposit in
Russia and Spar Lake in the
USA.
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.
Sample preparation
All sampling by Hannan has been carried out by trained
personnel. The samples were transported from the field to the town
of Tarapoto by Hannan's staff. From there, the samples were
transported by commercial bus to the ALS facility in Lima, where the samples were prepared. Stream
sediment samples were dried and sieved to -180 microns (80 mesh)
and analyzed with an aqua regia digest followed by ICP-MS (ALS code
ME-MS41). Hannan did not insert any certified standard into the
batch, instead relied upon certified standards inserted by ALS. The
ALS laboratory in Lima is
accredited under ISO/IEC 17025:2005 and run internal sample
preparation and analytical quality control, round robin and
proficiency tests.
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
SOURCE Hannan Metals Ltd.
