Hannan Announces Results of Airborne Survey at Valiente, PERU
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE NOVEMBER 09, 2022
HANNAN ANNOUNCES RESULTS OF AIRBORNE SURVEY AT VALIENTE, PERU
Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK: HANNF) is
pleased to announce that the company has successfully completed a high-resolution, airborne geophysical survey on its
100%-owned Valiente project in central Peru. The survey is the first of its kind in a previously unknown Miocene-age
porphyry-epithermal copper-gold mineralized belt. The Valiente project is contained within a 140 km by 50 km area.
Before the airborne survey, Hannan’s exploration team had identified at least 12 intrusion related porphyry/epithermal/skarn
target areas, which correlate with porphyry indicator minerals from stream sediment samples (BLEG) and/or hydrothermally
altered boulders in catchments across the 94,500 ha property. This is considered by Hannan to be an exceptional number
of copper-gold targets discovered in a new Miocene belt at such an early stage of exploration, none which have ever been
drill tested.
Highlights:
A 5,176-line kilometre airborne magnetic and radiometric survey has been completed and processed at the
Valiente project. The survey covers the entire 94,500 ha of Han nan’s 100%-owned mining concessions across
the project area. The data are now being analyzed with preliminary results presented here.
Hannan’s preliminary evaluation of the airborne data demonstrates at least 18 magnetic anomalies of significance
across the project.
Magnetic and radiometric data were recorded simultaneously during the survey. Both data sets are instrumental
for targeting porphyry deposits due to the presence of magnetic minerals (such as magnetite) and potassic
alteration (from minerals such a s biotite and K-feldspar), ofte n associated with the core of porphyry mineral
systems.
A strong correlation is observed with known mineralized areas and magnetic and potassic radiometric anomalies
such as at:
The Belen prospect with two porphyry targets at Ricardo Herrera and Sortilegio (Figure 2)
Valiente Norte, where four magnetic targets have been identified (Figure 3).
Michael Hudson, CEO, states: “Over 2022, the Valiente project has already delivered 12 diff erent
porphyry/epithermal/skarn target areas from geochemical and geological mapping. The airborne magnetic
and radiometric survey has now delivered at least 18 magnetic target areas, many which overlap with known
copper-gold mineralized areas, and equally many that we are yet to explore. The survey is a step change for
the project in terms of our under standing and direct targeting of copper-gold mineralization, as well as
aiding in the scale reduction of our vast land holding by helping us focus on key areas.“
DISCUSSION
The 100% owned and explored by Hannan Metals Ltd, is located in central eastern Peru, east of the city of Tingo Maria
(Figure 1). The area is characterized by steep topography on th e eastern flank of the Central Cordillera with elevations
between 800 m and 2,000 m above sea level (a.s.l.). The project was discovered in 2021 during an extensive greenfields
exploration program initiated by Hannan.
Peru has been a major copper and gold producer since precolonia l times. Currently known gold deposits include orogenic
gold, porphyry Cu-Au, porphyry Au, transitional porphyry-epithermal, epithermal, and placer gold. The Valiente project is a
new a porphyry-epithermal metallogenic belt in the central eastern Andes. The Valiente project is located further east than
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most of the conventional Andean porphyry settings and shows reg ional similarities to deposits such as the large Bajo de
Alumbrera copper-gold porphyry in Argentina. It is interpreted that Valiente was formed in a tectonically favourable area
associated with an arc-oblique wrench fault system, that may ha ve aided the ascent of oceanic arc-related magmas into
the transfer zone so far inboard from the magmatic arc.
The Valiente project is believed to consist of an overlapping s uit of porphyry targets with composition ranging from
conventional calc-alkalic to alkalic hosted Cu-Au mineralizatio n (reported here). It is anticipated that both high and low-
magnetic and radiometric correlations may exist within the prop erty and a detailed evaluation combing the airborne data
with 3D litho-structural interpretations and results from stream sediments samples (BLEG) is currently being undertaken.
The initial results presented demonstrate an excellent correlation between the known areas of mineralization and magnetic
and radiometric data. This positive correlation is thought to be augmented by two local factors. Firstly, the sedimentary
country rocks are non-magnetic which make detection of low magn etic bodies simpler. Secondly, the overburden of the
area is local and despite the thick jungle canopy, the detection of potassic alteration zones from radiometric data is straight
forward.
SURVEY DESCRIPTION
The high quality airborne geophysical survey was carried out by New Sense Geophysics S.A.C. (“NSG”), a specialized,
independent geophysical contractor based in Lima, Peru. The air borne survey was flown over the Valiente project in
September 2022, using NSG’s Stinger system attached to a helicopter. The helicopter survey flying height was approximately
30 m above the canopy. A total of 5,176-line kilometres were collected during the survey, on transverse 200 m-spaced lines
along the E-W orientation. Data processing was performed by Four Winds Technology Pty Ltd (Roland Hill).
About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and exploration co mpany developing sustainable resources of metal needed
to meet the transition to a low carbon economy. Over the last d ecade, the team behind Hannan has forged a long and
successful record of discovering, financing, and advancing mine ral projects in Europe and Peru. Hannan is a top ten in-
country explorer by 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
www.hannanmetals.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary,
+1 (604) 685 9316, [email protected]
Forward Looking Statements. Certain disclosure contained in this news release may constitut e forward-looking information or forward-looking
statements, within the meaning o f Canadian securities laws. The se statements may relate to this news release and other matters identified in the
Company's public filings. In making the forward-looking stateme nts the Company has applied certain factors and assumptions tha t are based on the
Company's current beliefs as well as assumptions made by and in formation currently available to the Company. These statements address future events
and conditions and, as such, involve known and unknown risks, u ncertainties and other factors which may cause the actual resul ts, performance or
achievements to be materially different from any future results , performance or achievements expressed or implied by the state ments. 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 vir uses and infectious diseases, including the novel COVID-19 viru s; risks related to negative
publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community rela tions. Readers are
cautioned not to place undue reliance on forward-looking statem ents. 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.
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