Hannan Extends Mineralization by 3 Kilometres Strike at San Martin, Peru Channel Samples 0.4 Metres @ 10.8% Copper and 124 g/t Silver
JANUARY 25, 2022 Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK: HANNF - https://www.commodity-tv.com/ondemand/companies/profil/hannan-metals-ltd/) is pleased to report Hannan has doubled the number of systematic channel samples collected at the Tabalosos East prospect within the San Martin JOGMEC Joint Venture (“JV”) sediment-hosted copper-silver project in Peru (Figure 1). Results continue to demonstrate high grades with continuity.
Highlights:
- Definition of a new zone of mineralization at Renaco that extends mineralization 3 kilometres further south than previously recognized, where a total of 17 channels average 1.1 metres @ 2.1% copper and 29 g/t silver. Highlights at Renaco include some of the highest grades seen on the project to date (Figure 2):
CH3927: 0.4 metres @ 10.8% copper and 124 g/t silver CH243: 2.5 metres @ 2.7% copper and 61 g/t silver CH22317: 0.9 metres @ 4.4% copper and 76 g/t silver
- Systematic surface channel sampling of the mineralized copper shale at surface has been conducted over 5 separate areas within a 9-kilometre-long by 1-kilometre-wide area that is interpreted to extend with shallow dips to the west for between 2-4 kilometres, with a target depth ranging from surface to 500 metres (Figures 2 and 3). New channel results include (Table 1):
CH4321: 3.0 metres @ 3.4% copper and 36 g/t silver CH22330: 1.4 metres @ 5.5% copper and 68 g/t silver CH3917: 2.8 metres @ 1.9% copper and 34 g/t silver Across Tabalosos East, which represents only 1% of Hannan’s 656 sq km of tenure at the San Martin JV area, a total of 91 channels average 1.0 metre @ 1.9% copper and 28 g/t silver using a lower cut of 0.5% copper over 0.2 metres and range from 3.0 metres @ 3.4% copper and 36 g/t silver to 0.2 metres @ 0.6% copper and 2 g/t silver. Widths and grades remain consistent with the drill discovery of the Kupferschiefer copper-silver deposits in 1957.
- A geophysical trial induced-polarization pole-dipole survey will commence in February at Tabalosos East with the aim to map mineralization to depth.
- A public participation meeting with all stakeholders, to conclude the DIA drill permitting field work component, is expected to be held in February when recently implemented Peruvian COVID-19 capacity restrictions are lifted.
Michael Hudson, CEO, states “Comprehensive channel sampling provides further excitement, with average widths and grades continuing to show context with drill numbers found during the discovery of the vast Kupferschiefer copper-silver deposits. We have also extended mineralization via channel sampling a further 3 kilometres south into the Renaco area with some of the highest grades we have seen on the project to date including channeling 0.4 metres @ 10.8% copper and 124 g/t silver. With social and geophysical programs planned for February we highly anticipate moving toward our maiden drill program in this expanding mineral system around the middle of the year”.
At San Martin outcrop is extremely poor with <1% exposed rock in the area. Individual outcrops were located with the aid of soil samples and LiDAR surveying. Nevertheless, Hannan’s detailed geological facies analysis across the project has identified the economic geological implications for high-grade stratabound sediment hosted copper mineralization that may have significant lateral continuity.
Copper mineralization is located at the base of a transition between the Sarayaquillo Formation and the Cushabatay Formation. This transition has previously been recognized in the district in academic literature, but is not well documented. The mineralized zone is located in the transition between fluvial-aeolian sediments and the onset of marine sedimentation. Copper mineralization is hosted in well-sorted sediments with the main reductant consisting of carbonized plant fragments varying in size from silt to several decimetres, at the top of a red-bed unit. Furthermore, initial observations suggest that the mineralization is mineralogically very simple with the dominant hypogene copper minerals being chalcocite and minor cuprite. Overall, the mineralization is extremely sulfur poor and very little sulfides can be observed in hand specimens. Leaching of the copper mineralization by supergene processes has been observed by Hannan geologists in some zones of Tabalosos and it is possible that the mineralization will show higher grades at depth due to the absence of surface leaching.
Context with the discovery of the Kupferschiefer
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. KGHM Polska Miedz’s (“KGHM”) three copper-silver sediment-hosted mines in Poland (the “Kupferschiefer”) were the leading silver producer in the world and seventh largest global copper miner in 2020. Quoted resources in 2019 for KGHM were 1,518 Mt @ 1.86% copper and 55 g/t silver from a mineralized zone that averages 0.4 metres to 5.5 metres thickness.
To provide context, Hannan’s widths and grade (0.9 metre @ 1.9 % copper and 27 g/t silver) from 105 channel surface samples reported here at San Martin (lower cut 0.5% copper), within an area about 9 kilometres long and 1 kilometre wide, compare with those found during the initial modern-day drill discovery of the Kupferschiefer copper-silver deposits.
- In 1957 the discovery drillhole (Sieroszowice IG 1) intersected 2.0 metres @ 1.5% copper at the depth of 657 metres.
- In 1959 the Lubin-Sieroszowice deposit, based on the results from 24 drillholes contained 1,365 Mt @ 1.4% copper and 26 g/t silver in indicated resources, with a thickness ranging between 0.2–13.1 metres in an area about 28 kilometres long and 6 kilometres wide between 400 metres and 1,000 metres depth.
Hannan’s sampling, to date, has been confined to surface channel sampling, although mineralization at Tabalosos East is interpreted to extend with shallow dips to the west for between 2-4 kilometres, with a target depth ranging from surface to 500 metres (Figure 3).
Technical Background
All samples were collected by Hannan geologists. Rock and sediment samples were transported to ALS in Lima via third party services using traceable parcels. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2mm, 250g riffle split, pulverize split to better than 85% passing 75 microns. The crushers and pulverizes were cleaned with barren material after every sample. Samples were analyzed by method ME-MS61, a four acid digest preformed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS.
Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property.
About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and exploration company developing sustainable 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. Hannan is a top ten in-country explorer by tenured area in 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
Further Information
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary,
+1 (604) 685 9316, info@hannanmetals.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law
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.
Table 1: Results from 91 channel samples from Tabalosos East reported through August 2021 to current date. Lower cut >0.5 % copper over 0.2 metres. Channel samples average of 1.0 metres @ 1.9% copper and 28 g/t silver. Grid projection WGS84 Zone 54 South ESPG:32718.
Hole
UTME
UTMN
From (m)
To (m)
Width (m)
Cu%
Ag ppm
Reported date
CH4321
315191
9291943
1.1
4.1
3.0
3.4
36
here
CH23760
313990
9291964
0.0
2.0
2.0
4.9
62
9-Aug-21
CH3860
312531
9294550
0.0
2.8
2.8
3.3
49
20-Sep-21
CH22330
314051
9293379
0.0
1.4
1.4
5.5
68
here
CH243
315635
9290654
0.7
3.2
2.5
2.7
61
here
CH23999
314038
9293412
0.0
1.2
1.2
5.4
62
9-Aug-21
CH3917
312980
9294375
0.2
3.0
2.8
1.9
34
here
CH207
313998
9291961
1.2
2.1
0.9
5.6
51
here
CH3891
314038
9293411
0.0
1.6
1.6
3.0
34
30-Nov-21
CH3927
312083
9295880
0.8
1.2
0.4
10.8
124
here
CH3803
314047
9293404
0.0
0.7
0.7
5.9
70
9-Aug-21
CH22317
315691
9290491
2.5
3.4
0.9
4.4
76
here
CH211
313994
9291957
4.1
5.3
1.2
3.3
34
here
CH22309
316025
9289377
0.0
1.5
1.5
2.6
29
here
CH3824
313911
9291977
0.0
0.6
0.6
5.0
139
9-Aug-21
CH23764
314341
9291977
0.0
0.4
0.4
7.2
163
9-Aug-21
CH4520
315795
9290211
0.0
2.3
2.3
1.2
14
here
CH49
313984
9291968
0.5
1.5
1.0
2.8
45
here
CH23763
314355
9291977
0.0
0.4
0.4
6.3
152
9-Aug-21
CH101
313553
9295172
0.0
3.1
3.1
0.8
10
20-Sep-21
CH23640
312515
9294485
0.0
2.7
2.7
0.9
17
here
CH4310
314136
9291859
0.5
1.4
0.9
2.7
39
30-Nov-21
CH22331
314108
9293297
0.7
1.9
1.2
2.1
24
here
CH22301
313979
9291959
1.5
4.7
3.2
0.7
11
here
CH3862
312531
9294540
0.0
2.0
2.0
1.1
14
20-Sep-21
CH62
314169
9291861
0.7
2.1
1.4
1.5
30
here
CH43
313967
9291968
1.0
2.5
1.5
1.4
21
here
CH23992
313967
9291967
0.0
2.0
2.0
1.0
19
9-Mar-21
CH4313
314296
9291961
3.5
5.2
1.7
1.2
27
30-Nov-21
CH226
315493
9290591
0.7
2.0
1.3
1.6
20
here
CH3888
315286
9291745
0.0
0.8
0.8
2.3
24
30-Nov-21
CH3818
313955
9291907
0.0
1.1
1.1
1.6
28
9-Aug-21
CH3896
314034
9293427
1.8
2.8
1.0
1.7
19
30-Nov-21
CH4336
315384
9290598
0.2
1.3
1.1
1.5
27
here
CH215
314070
9291932
2.6
4.2
1.6
1.0
17
here
CH3823
313910
9291978
0.0
0.7
0.7
2.3
40
9-Aug-21
CH23758
313984
9291966
0.0
1.3
1.3
1.2
18
9-Aug-21
CH23778
312936
9294177
1.4
1.6
0.2
6.9
89
20-Sep-21
CH4309
314126
9291862
0.0
0.4
0.4
3.4
30
30-Nov-21
CH58
314092
9291845
1.1
2.7
1.6
0.8
17
here
CH114
312053
9295650
0.5
1.1
0.6
2.2
43
30-Nov-21
CH15
315794
9290237
2.0
2.8
0.8
1.7
19
here
CH3821
313970
9291966
0.0
1.8
1.8
0.7
12
9-Aug-21
CH14
314414
9291977
0.0
0.3
0.3
4.3
56
20-Sep-21
CH23781
312937
9294175
0.0
0.2
0.2
6.0
63
20-Sep-21
CH201
313987
9291952
0.7
2.6
1.9
0.6
7
here
CH237
315525
9290801
0.6
2.5
1.9
0.6
16
here
CH3903
313184
9295770
1.5
1.9
0.4
2.7
35
here
CH23784
313497
9295279
0.0
0.6
0.6
1.8
30
30-Nov-21
CH23993
313968
9291903
0.0
0.5
0.5
2.0
35
9-Mar-21
CH24
315808
9290283
0.8
1.3
0.5
1.9
10
here
CH23787
312982
9294376
0.0
0.7
0.7
1.3
13
30-Nov-21
CH3908
313566
9295040
1.0
2.5
1.5
0.6
6
here
CH3806
314093
9293333
0.0
1.0
1.0
0.9
9
9-Aug-21
CH22321
315657
9290599
3.0
4.3
1.3
0.7
12
here
CH3846
313402
9295437
0.0
1.0
1.0
0.9
10
20-Sep-21
CH4507
315796
9290245
0.0
0.4
0.4
2.1
29
30-Nov-21
CH3803
314047
9293404
1.6
2.2
0.6
1.4
18
9-Aug-21
CH222
314346
9291976
0.7
1.8
1.1
0.8
23
here
CH4326
315289
9291745
1.9
2.3
0.5
1.8
20
here
CH109
312250
9295604
0.6
0.8
0.2
4.0
36
30-Nov-21
CH3891
314038
9293411
2.5
3.4
0.9
0.9
10
30-Nov-21
CH75
315304
9291243
0.3
0.9
0.6
1.2
15
here
CH23998
314033
9293426
0.0
0.7
0.7
1.0
11
9-Aug-21
CH49
313984
9291968
2.0
3.0
1.1
0.6
9
here
CH23991
313966
9291966
0.0
1.2
1.2
0.5
7
9-Mar-21
CH229
315533
9290795
0.8
1.1
0.3
1.9
30
here
CH3814
314335
9291976
0.0
0.8
0.8
0.7
16
9-Aug-21
CH22326
314019
9293454
0.7
1.4
0.7
0.7
8
here
CH4508
314415
9291978
0.0
0.5
0.5
1.0
10
30-Nov-21
CH23791
312307
9295506
2.4
2.6
0.2
2.3
21
30-Nov-21
CH3858
312937
9294178
0.0
0.2
0.2
2.2
27
20-Sep-21
CH23775
312531
9294540
0.0
0.3
0.3
1.5
20
20-Sep-21
CH3814
314335
9291976
2.0
2.4
0.4
1.1
16
9-Aug-21
CH233
315548
9290777
0.6
1.0
0.4
1.1
12
here
CH23786
313355
9295498
0.0
0.5
0.5
0.8
9
30-Nov-21
CH23790
312310
9295500
2.2
2.8
0.7
0.5
4
30-Nov-21
CH4333
315204
9291896
0.0
0.5
0.5
0.7
3
here
CH23776
312940
9294179
0.0
0.5
0.5
0.6
8
20-Sep-21
CH2
313354
9295495
2.9
3.4
0.5
0.6
8
20-Sep-21
CH123
312737
9294437
3.2
3.5
0.3
0.9
11
here
CH252
315586
9290719
1.0
1.3
0.3
0.9
13
here
CH23778
312936
9294177
0.0
0.2
0.2
1.2
12
20-Sep-21
CH23762
314415
9291976
0.0
0.4
0.4
0.6
7
9-Aug-21
CH3853
315387
9290592
0.0
0.4
0.4
0.5
8
20-Sep-21
CH4542
313401
9295438
0.3
0.7
0.4
0.5
7
here
CH129
311979
9296031
0.5
0.7
0.2
1.0
8
here
CH22312
314432
9291983
0.5
0.7
0.3
0.8
11
here
CH219
314092
9291926
1.0
1.2
0.2
0.9
6
here
CH123
312737
9294437
1.9
2.2
0.3
0.5
6
here
CH106
312988
9294371
0.0
0.2
0.2
0.8
18
20-Sep-21