Hannan Completes a 17,500 Sq km Regional Geological Remote Study at the San Martin Copper-Silver Project in Peru
Hannan Completes a 17,500 Sq km Regional
Geological Remote Study at the San Martin
Copper-Silver Project in Peru
VANCOUVER, BC
,
July 8, 2020
/CNW/ -
Hannan Metals Limited
("Hannan" or the "Company")
(TSXV: HAN) (OTCPK: HANNF) has just completed a geological remote sensing study at the 100%
owned San Martin sediment-hosted copper-silver project in
Peru
(Figure 1). Results from this study
are presented here.
Hannan has completed a regional 17,500 square kilometre stereographic geological remote
study using detailed terrain corrected topographic elevation data and the Sentinel-2 super-
spectral satellite data from the European Space Agency (ESA);
The resultant product is a geological and target map highlighting the prospective mineralized
trends over 120 kilometres of strike at the Company's sediment-hosted stratiform copper-silver
project in north-eastern
Peru
(Figure 1) and identification of several new stratabound copper
silver target areas for immediate follow-up in the field (Figures 2 and 3).
Mr
Michael Hudson
states,
"The geological remote study over our copper-silver project in
Peru
has
provided an economical and fast method to map multiple levels of prospective copper and silver
rocks over a vast area using the next generation multispectral sensors such as Sentinel-2. Multiple
structural and stratigraphic targets in the San Martin project area have been identified and are
ready for immediate field follow-up."
Remote sensing in geology is a data acquisition method that complements field observation, as it
allows mapping of geological characteristics without physical contact of the areas being explored.
Since the late 1970's geological remote sensing has evolved in parallel with the progression of
satellite technology and has significantly improved remote sensed geological mapping. The basis of
remote sensing is that each object on earth has a spectral signature that is a specific response to
the radiation to which it is subjected.
The study for Hannan was undertaken by stereographic imagery experts,
Gavin Daneel
& Associates
. Expert interpretation of stereographic imagery provides rapid and
accurate mapping of a variety of features of interest over a wide range of scales. Remote sensing
proxies the geology, using features such as soils and vegetation that preferentially grow above
different types of rocks, to help infer the underlying geological patterns including stratigraphic and
lithological trends, structural controls and geobotanical anomalies where vegetation stress and
abnormal growth may be due to metal accumulation in soils.
The remote sensing study utilized data from the Sentinel-2 constellation of two twin satellites that
systematically acquire optical imagery at high spatial resolution (10 metres to 60 metres) over land
and coastal waters. Sentinel-2 has been developed and is being operated by the European Space
Agency, and the satellites were manufactured by a consortium led by Airbus Defense and Space.
The studied area mapped the stratabound copper silver mineralization at the Sacanche project area
over 73 kilometres of strike. An updated geological map with mineralized outcrops at Sacanche is
shown in Figures 2 and 3. Known mineralized zones were identified (Figures 2 and 3) including those
recent discoveries mapped over a 20 kilometre strike trend at Sacanche (Figures 2 and 3):
2.0 metres @ 5.9% copper and 66 g/t silver
0.6 metres @ 8.7% copper and 59 g/t silver
0.6 metres @ 0.8% copper and 12 g/t silver
3.0 metres @ 2.5% copper and 22 g/t silver
0.8 metres @ 2.8% copper and 14 g/t silver
0.2 metres @ 6.9% copper and 32 g/t silver
Channel samples are considered representative of the in-situ mineralization samples and sample
widths quoted approximate the true width of mineralization.
Additionally, multiple new structural and stratigraphic targets in the San Martin project area have
been defined and are ready for immediate field follow-up when the company resumes its onsite
activities.
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 metres to 5.5 metres thick.
At San Martin, the Company believes it has identified an opportunity that could result in a significant
discovery and, as a project generator, new opportunities are continually reviewed. At the same time,
Hannan needs to consider all options to advance a district scale opportunity at San Martin. The
results from our initial work to date has attracted the interest of a number of major mining
companies. While in the early stages of our work programs, it would remiss to not consider
partnership opportunities that the Company believes are in its best interests. To date the Company
remains in discussion with select parties.
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, the closing of the
Private Placement, the use of proceeds from the Private Placement, 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 projections of future performance or
results expressed or implied by such forward-looking statement. These risks and uncertainties
include, but are not limited to: the closing of the Private Placement, the use of the net proceeds from
the Private Placement, 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 additional 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 release.
Figure 1. (CNW Group/Hannan Metals Ltd.)
Figure 2. (CNW Group/Hannan Metals Ltd.)
Figure 3. (CNW Group/Hannan Metals Ltd.)
SOURCE
Hannan Metals Ltd.
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For further information:
www.hannanmetals.com; 1305 - 1090 West Georgia St., Vancouver, BC,
V6E 3V7; Mariana Bermudez, Corporate Secretary, +1 (604) 685 9316, [email protected]
CO: Hannan Metals Ltd.
CNW 17:05e 08-JUL-20