VANCOUVER, BC, June 22, 2020 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) provides assay results from a new copper-silver discovery
located 2 kilometres south from known mineralization at Hannan's
100% owned Sacanche mining concessions at the San Martin
sediment-hosted copper-silver project in Peru (Figure 1).
Highlights:
- Results from 5 separate outcrops sampled over 400 metres of
strike have been received from a new discovery area. New results
include:
-
- 0.2 metres @ 6.9% copper and 32 g/t silver (partially
sampled);
- 2.5 metres @ 0.8% copper and 14 g/t silver (one bulk
sample);
- 0.8 metres @ 2.8% copper and 14 g/t silver (partially
sampled);
- Additional systematic sampling is required to determine the
full width of mineralization (Figures 2, 5 and 6). The new results
are located 2 kilometres south of a previously reported channel
sample that assayed 3 metres @ 2.5% copper and 22 g/t silver
including 0.5 metres @ 4.4% copper and 61 g/t silver at a 1% copper
lower cut (Figure 2);
- The style of copper and silver mineralization and the
stratigraphic position is consistent with previously defined copper
silver mineralization found at the top of the Sarayaquillo
Formation within the 110 kilometres of strike of Hannan's 100%
owned mining concessions;
- Mapping of outcrops and boulders in creeks now define a zone
that shows a level of continuity at multiple points over 2
kilometres (Figure 5) in the southern Sacanche mining concession
area;
- The analogue style for mineralization at San Martin is the
Kupferschiefer in Poland where
KGHM Polska Miedz's ("KGHM") three copper-silver sediment-hosted
mines are the 6th largest copper producer and the
leading silver producer in the world. 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 to 5.5 metres thickness.
Michael Hudson, CEO, states:
"Demonstrating continuity of mineralization at multiple points
within a 2 kilometre trend over potentially economic widths is the
key next step in the evolving definition of the basin-scale
sediment-hosted stratiform copper-silver system at San Martin.
Although exploration remains at its early stages, the
predictability and continuity of grades at these scales is
considered an extremely positive development."
Mineralization is located in the western fold limb of an open
asymmetrical anticline which dips 25 degrees to the west (Figure 3
and 4). The new discoveries are located immediately upstream
from a creek where 10 mineralized grab samples from boulders
assayed between 5.0% copper and 36 g/t silver to 0.4% copper and
3.9 g/t silver, and averaged 2.7% copper and 16.9 g/t silver. In
addition, a new reduced host rock was discovered stratigraphically
higher than reported above. The exposed zone was leached, 1 metre
wide with minor copper oxides and assayed 1 metre @ 0.1% Cu (Figure
2). Channel samples are considered representative of the in-situ
mineralization samples and sample widths quoted approximate the
true width of mineralization, while grab (boulder) samples are
selective by nature and are unlikely to represent average grades on
the property.
Field discoveries were made in the days before field work was
suspended due to the Covid-19 lockdown during mid-March. Samples
were submitted to a geochemical laboratory in Lima last week. Therefore, systematic
sampling and trenching over the new discovery area has not yet been
carried out. The most strongly mineralized part of the host rock is
only observed in 3 out of 5 outcrops (Figure 5). Further systematic
sampling and mapping of the mineralized sequence to the south and
north will recommence over the short term when it is deemed safe
for field teams and all stakeholders.
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
to 5.5 metres thickness.
About Hannan Metals Limited (TSXV: 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 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 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
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accuracy of this news.
SOURCE Hannan Metals Ltd.