VANCOUVER, Sept. 3, 2019 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces new sampling results from the Tabalosos
claim application area (19,700 hectares) from the 100% owned San
Martin project (38,400 hectares under claim application) in north
central Peru (Figure 1).
Highlights:
- A new zone of high-grade grab copper-silver mineralization has
been discovered over 16 kilometres of strike at Tabalosos (Figure
2);
- At Tabalosos North West, grab samples from six mineralized
boulders (>0.1% copper) range in grade from 0.8% to 11.5%
copper and 8 g/t silver to 28 g/t silver with an
average grade of 4.2% copper and 17 g/t silver over a 5
kilometre strike:
-
- Tabalosos North West is located 3.5 kilometres immediately west
of Tabalosos North East where grab samples from sixteen mineralized
boulders (>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 2.7%
copper and 29 g/t silver East (Hannan News Release January 17, 2019) over a strike length of 9
kilometres (Figures 2 and 3).
- Tabalosos is located 80 kilometres north of Hannan's Sacanche
application claim area where high grade outcrops with have recently
been identified (2 metres @ 5.9% copper and 66 g/t silver with the
wider zone assaying 3 metres @ 4.1 % copper and 45 g/t silver, 0.6
metres @ 8.7% copper and 59 g/t silver (Figure 1) (Hannan News
Release August 01, 2019).
- Additionally, a grab sample from a boulder located 8.5
kilometres south of Tabalosos South West assayed 12.3% copper
and 70 g/t silver in an adjacent anticlinal fold limb (Figures
2 & 3):
-
- This boulder is located 3 kilometres north of three mineralized
boulders (Figure 2) (>0.1% copper) which ranged in grade from
0.2% to 6.9% copper and 2 g/t silver to 27 g/t silver with an
average grade of 3.3% copper and 12 g/t silver (Hannan News Release
January 17, 2019).
Michael Hudson, Hannan's CEO,
states, "Initial reconnaissance exploration at Tabalosos
suggests that copper-silver mineralization is laterally extensive,
with similar style high-grade boulders discovered along a strike
length of 16 kilometres, across 4 kilometres of multiple antiformal
structures. A significant new copper-silver mineral camp is
developing at San Martin with the Tabalosos discoveries similar in
geological style to mineralization found 80 kilometres south at
Hannan's Sacanche claim application area, where high-grade samples
been recently been defined i.e. 3 metres @ 4.1 % copper and 45 g/t
silver in outcrop (Hannan News Release August 01, 2019). Further results from
the 2019 field program over the large project area remain to be
released."
Two distinct sub-types of the sediment-hosted copper-silver
style are found throughout Hannan's claim application areas at San
Martin:
1. The first style is hosted by the Sarayaquillo
Formation:
- Mineralization is associated with reduced facies within red
beds, where in-house petrographic studies indicating that copper
sulphides replace both pyrite and organic material. This style is
like copper mineralization associated with Zechstein Basin in
Poland and Central African Copper
Belt.
2. 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.
At Tabalosos, initial reconnaissance exploration suggests that
the copper-silver mineralization is laterally extensive and is
hosted in Sarayaquillo Formation, with similar style high-grade
boulders discovered across two anticlinal structures within an area
of 4 kilometres by 5 kilometres at Tabalosos East and West and a
parallel zone found on an adjacent anticlinal limb 8.5 kilometres
south (Figures 2 and 3). Exploration to date has focused on
prospecting most prospected creeks and riverbeds, with minimal work
yet undertaken to follow up outcropping mineralization.
Although two key stratigraphic positions have been identified,
mineralized rock types from other parts of the stratigraphy have
been discovered. A shale boulder in the south western part of
Tabalosos (Fig 2-3) assayed 12.3% copper and 70 g/t silver with
only minor secondary copper oxides (Figure 5). The
stratigraphic position of the shale is unknown.
Sarayaquillo Formation hosted copper-silver mineralization is
also found 80 kilometres south at the Sacanche application claim
area where high grade outcrops with have recently been identified
(2 metres @ 5.9% copper and 66 g/t silver with the wider zone
assaying 3 metres @ 4.1 % copper and 45 g/t silver, 0.6 metres
@ 8.7% copper and 59 g/t silver (Hannan News
Release August 01, 2019).
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.
Hannan's geological interpretation for the formation of the
sediment-hosted copper and silver at San Martin is mineralization
was deposited from low‐temperature oxidised saline brines formed
from the several hundred metre thick Pareni Salt Formation (Figure
4). The brines scavenged metals (principally copper ± silver
and associated lead and zinc) from the deeper Mitu Group red beds
and volcaniclastics which were deposited in a failed Traissic rift.
The circulation of saline fluids across the redox boundary
was induced and focused by halokinesis (salt tectonics). Geological
relationships suggest halokinesis was initiated during Jurassic
rifting and was active until the early to mid-Cretaceous which
coincides with the formation of an Andean foreland basin.
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.
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.