VANCOUVER, Feb. 25, 2019 /CNW/ - Hannan
Metals Limited ("Hannan" or the "Company") (TSXV: HAN)
(OTCPK: HANNF) is pleased to announce it has doubled the
area under mineral claim application at the San Martin
sediment-hosted copper-silver project in north-central Peru. A district-scale exploration target is
now secured with applications covering more than 50 kilometres
strike of the prospective host horizon.
Highlights:
- Hannan has doubled the area of its mineral claim applications
at the San Martin sediment-hosted copper-silver project;
- Permit applications now cover 29,800ha and provide Hannan with
control of an area exceeding 51km of strike and up to 7km width
over two anticlinal trends;
- Hannan's experience in the interpretation of seismic data for
mineral exploration has provided a unique target development
opportunity;
- Field work on new areas set to start in mid-March 2019;
Michael Hudson, Chairman and CEO
states, "San Martin is a high-grade copper and silver discovery
in north-central Peru where Hannan
has secured over 50 kilometres of prospective mineralized horizon.
Hannan's first mover position has allowed claiming of a
district-scale target, strengthened by the advantage of basin scale
seismic data in a new sediment-hosted copper terrane with a
geological record similar to basins that host giant sediment-hosted
copper deposits."
Hannan has doubled its mineral claim application area at the San
Martin sediment-hosted copper-silver project in north-central
Peru (Figure 1). Claim
applications at Tabalosos have been increased to 19,500ha, and a
new application ("Gera") selected, which covers 10,000ha. Gera is
located immediately NW of Tabalosos along an anticline that exposes
the prospective Saraquillo Formation for an addition al 25km of
strike (Figure 2). The total application area now covers
29,800ha and provides Hannan with control of an area exceeding 51km
of strike and up to 7km width over two anticlinal trends.
Field teams will be mobilized to the expanded Tabalosos application
and the new Gera application in mid-March
2019.
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 1000
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. The Cordillera Ayu Mayo is
comprised of two parallel anticlines striking north-northeast and
flanked by east and west dipping thrusts. Dips vary from 0 to 35
degrees and steepen immediately adjacent to thrust faults.
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.
Initial sampling recently announced 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.
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 14,800 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.