Hannan Commences 79 LINE Kilometres Geophysical Survey ON Five Porphyry- Epithermal Targets at Valiente, PERU
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE AUGUST 26, 2024
HANNAN COMMENCES 79 LINE KILOMETRES GEOPHYSICAL SURVEY ON FIVE PORPHYRY-
EPITHERMAL TARGETS AT VALIENTE, PERU
Vancouver, Canada – Hannan Metals Limited’s (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK: HANNF)
is pleased to announce that it has commenced a 79 line km Induced Polarization (“IP) geophysical survey at five porphyry
– epithermal targets at the 100%-owned Valiente Project in Peru (Figure 1 and 2).
Highlights:
Five porphyry – epithermal targets are being surveyed with 79 line km of IP geophysics over the next two
months (Figure 2). The aim of the surveys is to both refine drill targets as well as demonstrate the scale to depth
of five large mineral systems developed at Valiente. Specific areas to be surveyed include:
1. Previsto Central Copper-Gold Porphyry 2D survey: A 12.5 line km dipole-dipole IP survey transecting
the very large 5 km x 3 km footprint of a porphyry mineralized system where the company has sampled 126
m @ 0.22% Cu (reported here) (Figure 3).
2. Previsto East Epithermal Gold 2D survey: A 2.5 line km dipole-dipole IP survey transecting the 1.8 km
x 0.4 km wide strong gold-copper soil and boulder anomaly thought to represent a blind alkalic epithermal
target (reported here) (Figure 3).
3. Ricardo Herrera Porphyry Copper 3D survey: A 28 line km offset array 3D IP survey crossing the
Riccardo Herrera outcropping Miocene calc -alkalic porphyry target where copper mineralization on surface
coincides with strong phyllic and intermediate argillic alteration over 800 m x 250 m. A 2D orientation survey
in 2023 mapped the Riccardo Herrera porphyry to at least 500 m depth (reported here) (Figure 4). The
survey covers the area where the company is currently permitting 14 drill platforms.
4. Vista Alegre Epithermal Gold and Porphyry Copper 3D survey: A 23 line km offset array 3D IP survey
over the Vista Alegre multi-signature target with strong similarities to both high-sulphidation epithermal gold
and porphyry copper mineralization. Sampling of soil and mineralized boulders has outlined a 1.7 km long
gold trend with boulders assaying up 2.69 g/t Au (reported here). Surface mapping has also identified zones
of porphyry related alteration with strong supergene overprint (Figure 5). The survey covers the area where
the company is currently permitting 13 drill platforms.
5. Sortilegio Copper-Gold Porphyry 3D survey: A 13 line km offset array 3D IP survey over the Sortilegio
1.8 km x 1 km alkalic porphyry target. The porphyry is cut by goethite veinlets stockworks where 26 channels
averaged 3.3 m @ 687 ppm Cu and with a maximum of 4,365 ppm Cu and minimum of 258 ppm and high
grade copper gold boulders assayed up to 16% Cu and 4.39 g/t Au (reported here) (Figure 6). The survey
covers the area where the company is currently permitting 13 drill platforms.
Drill permitting at Valiente: Ricardo Herrera, Vista Alegre and Sortilegio are progressing well, and the Company
believes the final drill permit may be granted during Q4 2024 with drilling to commence soon thereafter. Previsto
Central and Previsto East are currently being evaluated and drill permitting is anticipated to commence later this
year.
Michael Hudson, CEO, states: “Over the course of this year we have continued to discover a previously unknown district-
scale Miocene-porphyry cluster in the back arc of Peru, within an area of 25 km by 10 km at the Previsto/Belen areas held
within the 100%-owned Valiente project. We now have identified eight porphyry and/or epithermal targets in detail with
up to 10 earlier stage targets awaiting further work. “
“The geophysical surveys we have just commenced aim to test five of the most advanced targets area to refine drill targets
at Ricardo Herrera, Vista Alegre and Sortilegio. These projects are all going through the final drill permitting process.
Additionally, the geophysical surveys aim to demonstrate the opportunities at depth below the large scale Previsto Central
and Previsto East targets.
“Only Ricardo Herrara has been surveyed with an earlier and more preliminary geophysical survey, and we highly anticipate
the results from the first ever IP surveys on the other areas as we work to derisk and move all these large-scale copper-
gold mineral systems toward their maiden drill programs.”
About the Valiente project
The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Figures 1 and 2). The area is
characterized by steep topography on the 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 mineral prospecting exploration program
initiated by Hannan for back-arc porphyry copper-gold systems. The Company has been actively exploring the project since
2021 and has successfully gained social permits progressively in all areas of interest.
During 2021 Hannan staked and still holds 1,002 km2 of 100% owned mining concessions at Valiente covering unexplored
terrain for potential mineralized porphyry targets in central eastern Peru. Early surface prospecting discovered two
outcropping copper-gold porphyry targets and one epithermal target at Belen (see Press Release Feb 16, 2023) that is now
being drill permitted (Figures 1 and 2). Porphyry discoveries quickly followed at Serrano Norte, Serrano and Pucacunga.
The focus more recently has been on Previsto. At Previsto and Belen, a district-scale porphyry cluster within an area of 25
km by 10 km, with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier stage targets
awaiting further work.
In January 2024 Hannan submitted it first drilling application (DIA) covering two porphyry targets and one epithermal target
at the Belen zone (here for news release). The company is now expanding the footprint by exploring new areas to build a
pipeline of projects that will be permitted, and drill tested over the coming five years.
Technical Background
All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using
trackable parcels and by company staff. At the laboratory, rock samples were prepared and analyzed by standard methods.
The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250g, pulverize split to better than 85%
passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest preformed on 0.25g of the sample to
quantitatively dissolve most geological materials. Analysis is via ICP-MS. 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. Gold was analyzed in rock
and soils by ALS in Lima using a standard sample preparation and 30g fire assay sample charge. Soil samples were analyzed
by a portable XRF (VANTA-VMR) using an inhouse protocol which includes routing use of CRM and field duplicates as well
as 10% check samples analyzed by ALS Lima.
About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and exploration company developing sustainable 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. 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]
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