Hannan Discovers a New Alkalic Porphyry-Epithermal GOLD-Copper Cluster at Valiente
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NEWS RELEASE DECEMBER 11, 2023
HANNAN DISCOVERS A NEW ALKALIC PORPHYRY-EPITHERMAL GOLD-COPPER CLUSTER AT VALIENTE
Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK: HANNF) is
pleased to announce the definition of a new porphyry -epithermal copper-gold cluster at the Previsto project area located
within the northern part of the 100% owned Valiente project in central Peru (Figure 1).
Excitingly, recent detailed field work at Previsto has discovered two new targets (beyond the initial discovery of the Previsto
Central porphyry) at Previsto Norte (porphyry) and Previsto East (alkalic-type epithermal system) within a total area of 15
km by 7 km. Initial rock chip and soil sampling in both areas is extremely encouraging for an early-stage discovery (Figures
4 and 5).
Over the last three years, at Valiente Hannan has discovered a Miocene-age porphyry-epithermal gold-copper mineralized
belt that extends over 150 km by 40 kms in area , located in central -eastern Peru. Within this belt a clustered
porphyry/epithermal camp has emerged where five porphyry copper-gold targets and associated skarns have now been
discovered (Ricardo Herrera, Sortilegio, Divisoria, Previsto Central and Previsto Norte), and two epithermal prospects (Vista
Alegre and Previsto East) (Figures 2 and 3).
Highlights:
The first exploration work reported from the Previsto area has identified three priority areas:
1. A 1,200 m long alkalic gold epithermal anomaly at Previsto East defined by:
o 17 soil samples over 1,200m strike ranged from below detection to 0.4 g/t Au in thick scree cover and
averaged 0.1 g/t Au. These early-stage samples are highly anomalous.
o Two styles of gold mineralized boulders have been described so far: 1. G ossanous polymictic
hydrothermal breccias and 2. p hyllic alteration with thin veins of quartz pyrite and disseminated
roscoelite, a vanadium-bearing mica common as a marker in alkalic gold systems (Figure 5) and:
2. A second target, Previsto Norte (Figures 2 and 3), located 4 km north of Previsto East has also been discovered
with copper mineralized boulders. Copper is hosted in fractures and seams within sandstones, porphyritic and
phaneritic intrusive rocks with weak propylitic alteration and pervasively leached gossanous dolomite boulders.
Further work is being undertaken and Hannan believes the copper in the sandstones is associated with a
mineralized porphyry target in the area.
3. Previously reported initial reconnaissance field work from the third target area, Previsto Central, located 3 km
West of Previsto East has identified a large-scale hydrothermal system within a 6 km x 3 km area. This area also
demonstrates alkalic porphyry style mineralization with the best float sample assaying 25.6% copper and 28 g/t
silver, from an interpreted supergene enrichment zone.
Michael Hudson, CEO, states: “Now that we have established access and initial exploration at Previsto, it is shaping up
as one of the most exciting target areas within the 100%-owned Valiente project , where we have now outlined an
overlapping suit of multiple porphyry and epithermal targets alkalic hosted copper-gold mineralization.
“The initial work at Previsto East is very exciting with such relatively high grades of gold in soil sampling extending over
more than 1 km. The anomalous band of soil anomalies is associated with mineralized and high altered rocks that point
excitingly to what may lay below the surface. Field teams are active within the area collecting further exploration data as
we continue to unravel the opportunities at Previsto.”
Geological Discussion
The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Fig ure 1). 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 greenfields exploration program initiated
by Hannan. Hannan holds 1,001 sq km of mineral tenure prospective for back -arc porphyry copper-gold systems at the
Valiente Project in central eastern Peru. A total of 84 granted mining concessions for 811 sq km have been granted, while
the remainder remain under application.
The Previsto area hosts a cluster of Miocene calc-alkaline intrusions within a 15 km by 7 km area. The Previsto Central
prospect was discovered by Hannan in early 2021 during reconnaissance field work (Figures 2 and 3). At the time, multiple
copper and gold mineralized float samples were identified within a 6 km x 3 km area defined by copper and gold anomalous
stream sediment sampling. The best float sample assayed was 25.6% copper and 28 g/t silver, from an interpreted
supergene enrichment zone. A total of 62 grab samples from boulders in creeks, ranged from 25.6% Cu and 0.11 g/t Au to
below detection, and averaged 0.1% Cu and 0.01 g/t Au. Copper and gold mineralized porphyritic intrusive rocks were
identified within float samples in creeks with propylitic, phyllic, intermediate argillic and potassium alteration, together with
iron oxides, copper oxides, pyrite, chalcopyrite, chalcocite and neotocite.
This exploration took place over a period of a few weeks in 2021. Exploration was temporary put on hold while Hannan
invested further in social licensing within the area and technical teams became more focused at the Belen area, located 25
km to the SW. Belen consists of another porphyry copper-gold and epithermal gold mineral cluster (Ricardo Herrera calc-
alkalic Cu-porphyry, Vista Alegre epithermal gold and Sortilegio alkalic porphyry within an 8 km by 2 km trend. Hannan
recent reinitiated field work in Previsto after an agreement was signed with local stakeholders in the area during September
2023.
Since September, surface exploration has shifted to expanding into new areas of the Previsto project. This has included the
discovery of a 1,200 m long alkalic gold epithermal anomaly at Previsto East defined by:
• 17 soil samples over 1,200m strike ranged from below detection t o 0.4 g/t Au in thick scree cover and averaged
0.1 g/t Au. These initial values are considered to be highly anomalous.
• Two styles of gold mineralized boulders have been described so far:
o Gossanous polymictic hydrothermal breccias (Figure 5).
o Phyllic alteration with thin veins of quartz pyrite and disseminated roscoelite (Figure 5), a vanadium-bearing
mica common as a marker in alkalic gold systems, was present throughout most samples, selectively
replacing feldspar phenocrysts and in fractures and veinlets associated with pyrite and trace chalcopyrite.
o Rock chip grab samples (11) ranged from 1.6 g/t Au to below detection limit and averaged 0.27 g/t Au and
ranged from 0.2 g/t Cu to below detection limit and averaged 0.1 g/t Au. Trace elements associated with
the mineralization were V, Ag, Te, Mo, Zn.
• According to USGS Alkalic epithermal deposits from some of the largest epithermal gold deposits in the world.
Considered a subset of low-sulfidation epithermal deposits, they are spatially and genetically linked to small stocks
or clusters of intrusions containing high alkali-element contents.
Separately (Figures 2 and 3), a third target at Previsto Norte is emerging 4 km to the north. Here copper mineralized
boulders have been discovered. Copper is hosted in fractures and seams of sandstones and within the same area porphyritic
and phaneritic intrusive rocks with weak propylitic alteration, with pervasively leached gossanous dolomitic boulders also
occurring frequently. Further work is being undertaken and Hannan believes the copper in the sandstones are associated
with a mineralized porphyry.
Technical Background
All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using
traceable parcels. 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 o f mineralization, while grab samples are
selective by nature and are unlikely to represent average grades on the property. Gold was analyzed by ALS in Lima using
a standard sample preparation and 25g fire assay sample charge.
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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