MINERALIZATION DEFINED OVER 7 KILOMETRES AT
SACANCHE, PERU
VANCOUVER, June 24, 2019 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces first field results from the Sacanche
area of the San Martin sediment-hosted copper-silver project in
north-central Peru. Sacanche
(Figure 1) is located 80 kilometres south of Tabalosos, where
Hannan has previously sampled high grade copper-silver
mineralization.
Key points:
- Prospecting at Sacanche over the past month discovered multiple
stratigraphic levels of copper and zinc-lead mineralization in
outcrop and boulders over 7 kilometres of strike;
- Detailed mapping and sampling of copper-mineralized outcrops
was completed over 1 kilometre of strike, with highlight rock chip
panel sampling results including (Figures 2, 3 and 5):
-
- 3 metres @ 2.5% copper ("Cu") and 22g/t silver
("Ag");
- Two areas of high-grade copper and silver have been found over
3.5 kilometres within creeks at the Sacanche claim
application area. Ten grab samples from mineralized float in
riverbeds (>0.1% copper) ranged in grade from 0.4% to 5.0%
copper and 4 g/t to 33 g/t silver and averaged 2.7% copper and
17 g/t silver;
- A >50-metre-wide gossanous zinc-lead outcrop that was
discovered with over 50 metres strike length. Four grab
samples from different parts of the outcrop ranged in grade from
0.1% to 2.4% zinc ("Zn") and 0.2% to 1.0% lead ("Pb") and
averaged 1.0% zinc and 0.7% lead (Figures 2, 4 and 7);
- An exploration team will be stationed at the San Martin project
until late September exploring the vast land holding.
Michael Hudson, Hannan's CEO,
states, "In our first month of prospecting at Sacanche, we have
discovered a new zone of sediment hosted copper mineralization over
7 kilometres of strike. We are encouraged by the first
discovery of high-grade copper in outcrop and thick (>50 metre
wide) lead-zinc gossans on the project. This is an important
proof of concept in defining potential for a large high-grade
mineral system. Importantly, we interpret a zonation between
lead-zinc and copper rich areas and observe mineralization formed
at multiple stratigraphic levels. Field work continues and results
will follow."
During May and early June 2019,
Hannan's exploration team prospected 8 kilometres of the
24-kilometre-long Sacanche claim application. Sixty-seven rock
samples from outcrops and boulders and 37 stream sediment samples
have been analysed and are reported here. Copper
mineralization and related zinc-lead gossans in outcrop and
boulders have been mapped across greater than 7 kilometres of
strike at Sacanche.
Data from field mapping is being interpreted, however
distinctive characteristics have emerged including:
- Mineralization forms at multiple levels within a
1,000-metre-thick stratigraphic package;
- Mineralization is spatially linked to salt structures, and
- Both copper-silver and zinc-lead are interpreted to relate to
one mineralizing system, where zinc-lead deposited distal to copper
mineralization, implying potential for additional copper
mineralization hosted by grey sandstones of the upper Grupo Oriente.
Highlights from channel sampling of outcrops include 3 metres
@ 2.5% copper ("Cu") and 22 g/t silver ("Ag) including 0.5
metres @ 4.4 % copper ("Cu") and 61 g/t silver ("Ag") at a 1%
copper lower cut. At a lower cut-off, the zone assayed 5.0 metres
@ 1.7% Cu and 14 g/t Ag. A second area 60 metres away
assayed 1.5 metres @ 1.0 % Cu and 52 g/t Ag, however
only partial sampling was possible and the width of mineralization
remains unknown.
A >50 metre wide gossanous zinc-lead outcrop was
discovered with over 50 metres strike. Four grab samples from
different parts of the outcrop ranged in grade from 0.1% to 2.4%
zinc ("Zn") and 0.2% to 1.0% lead ("Pb") and averaged 1.0% zinc
and 0.7% lead from (Figures 2, 4 and 7). Field
indications suggest that the gossanous zone may continue
intermittently over 5 kilometres of strike.
While most copper mineralized boulders located during creek
prospecting can be correlated to the stratiform copper
mineralization style discovered in outcrop, mineralized boulders in
the south of the project include diverse lithologies suggesting
copper targets exist which have not yet been located in outcrop
(Figures 2, 3 and 6). Creek sampling by Hannan on the
Sacanche claim application outlined 2 areas of high-grade copper
and silver over 3.5 kilometres of strike. Ten grab samples
from mineralized float in riverbeds (>0.1% copper) ranged in
grade from 0.4% to 5.0% copper and 4 g/t to 33 g/t silver with an
average grade of 2.7% copper and 17 g/t silver. These results
are of similar tenor to those achieved by Hannan in creeks some 80
kilometres to the north in the Tabalosos claim area where 19 grab
samples from mineralized float (>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 g/t silver.
Channel samples are considered representative of the in-situ
mineralization samples and sample widths quoted approximate the
true width of mineralization, rock chip panel sampling is
considered moderately representative of in-situ mineralization
while grab samples are selective by nature and are unlikely to
represent average grades on the property.
Management of Hannan have significant prior experience in
Peru, which is the world's second
largest copper producer. 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 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,
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.
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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.
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SOURCE Hannan Metals Ltd.