VANCOUVER, BC, July 8, 2020 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) has just completed a geological remote sensing study at the
100% owned San Martin sediment-hosted copper-silver project in
Peru (Figure 1). Results from this
study are presented here.
- Hannan has completed a regional 17,500 square kilometre
stereographic geological remote study using detailed terrain
corrected topographic elevation data and the Sentinel-2
super-spectral satellite data from the European Space Agency
(ESA);
- The resultant product is a geological and target map
highlighting the prospective mineralized trends over 120 kilometres
of strike at the Company's sediment-hosted stratiform copper-silver
project in north-eastern Peru
(Figure 1) and identification of several new stratabound copper
silver target areas for immediate follow-up in the field (Figures 2
and 3).
Mr Michael Hudson states, "The
geological remote study over our copper-silver project in
Peru has provided an economical
and fast method to map multiple levels of prospective copper and
silver rocks over a vast area using the next generation
multispectral sensors such as Sentinel-2. Multiple structural and
stratigraphic targets in the San Martin project area have been
identified and are ready for immediate field follow-up."
Remote sensing in geology is a data acquisition method that
complements field observation, as it allows mapping of geological
characteristics without physical contact of the areas being
explored. Since the late 1970's geological remote sensing has
evolved in parallel with the progression of satellite technology
and has significantly improved remote sensed geological mapping.
The basis of remote sensing is that each object on earth has a
spectral signature that is a specific response to the radiation to
which it is subjected.
The study for Hannan was undertaken by stereographic imagery
experts, Gavin Daneel &
Associates. Expert interpretation of stereographic imagery
provides rapid and accurate mapping of a variety of features of
interest over a wide range of scales. Remote sensing proxies the
geology, using features such as soils and vegetation that
preferentially grow above different types of rocks, to help infer
the underlying geological patterns including stratigraphic and
lithological trends, structural controls and geobotanical anomalies
where vegetation stress and abnormal growth may be due to metal
accumulation in soils.
The remote sensing study utilized data from the
Sentinel-2 constellation of two twin satellites that
systematically acquire optical imagery at high spatial resolution
(10 metres to 60 metres) over land and coastal waters. Sentinel-2
has been developed and is being operated by the European
Space Agency, and the satellites were manufactured by a consortium
led by Airbus Defense and Space.
The studied area mapped the stratabound copper silver
mineralization at the Sacanche project area over 73 kilometres of
strike. An updated geological map with mineralized outcrops
at Sacanche is shown in Figures 2 and 3. Known mineralized zones
were identified (Figures 2 and 3) including those recent
discoveries mapped over a 20 kilometre strike trend at Sacanche
(Figures 2 and 3):
- 2.0 metres @ 5.9% copper and 66 g/t silver
- 0.6 metres @ 8.7% copper and 59 g/t silver
- 0.6 metres @ 0.8% copper and 12 g/t silver
- 3.0 metres @ 2.5% copper and 22 g/t silver
- 0.8 metres @ 2.8% copper and 14 g/t silver
- 0.2 metres @ 6.9% copper and 32 g/t silver
Channel samples are considered representative of the in-situ
mineralization samples and sample widths quoted approximate the
true width of mineralization.
Additionally, multiple new structural and stratigraphic targets
in the San Martin project area have been defined and are ready for
immediate field follow-up when the company resumes its onsite
activities.
Sediment-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
metres to 5.5 metres thick.
At San Martin, the Company believes it has identified an
opportunity that could result in a significant discovery and, as a
project generator, new opportunities are continually reviewed. At
the same time, Hannan needs to consider all options to advance a
district scale opportunity at San Martin. The results from our
initial work to date has attracted the interest of a number of
major mining companies. While in the early stages of our work
programs, it would remiss to not consider partnership opportunities
that the Company believes are in its best interests. To date the
Company remains in discussion with select parties.
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,
the closing of the Private Placement, the use of proceeds from the
Private Placement, 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 projections of future
performance or results expressed or implied by such forward-looking
statement. These risks and uncertainties include, but are not
limited to: the closing of the Private Placement, the use of the
net proceeds from the Private Placement, 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 additional 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.
