Hannan Identifies Significant Copper-GOLD Porphyry-Epithermal Discoveries at Valiente, PERU
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7
Phone: +1 604 685 9316 / Fax: +1 604 683 1585
NEWS RELEASE MAY 12, 2022
HANNAN IDENTIFIES SIGNIFICANT COPPER-GOLD PORPHYRY-EPITHERMAL DISCOVERIES
AT VALIENTE, PERU
Vancouver, Canada – Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTCPK:
HANNF) is pleased to provide an update on exploration programs at the Belen project area at the 100%-owned
Valiente copper-gold porphyry project in central Peru (Figures 1 and 2).
The Valiente Project, located 19 km east from the township of Tingo Maria in central Peru, defines a previously
unknown Miocene-age porphyry-epithermal copper-gold mineralized belt within a 140 km by 50 km area in Peru
where Hannan’s exploration team has identified at least seven intrusion related porphyry /epithermal/skarn
targets.
Highlights:
Continued field work at the Belen prospect, which represents only a small proportion (4%) of Hannan’s total
landholding at the Valiente project, has identified four significant linked mineral systems , each with
significant size and tenor, within a 9 km by 2 km trend (Figures 2-5).
1. Southern porphyry copper -gold – epithermal gold target
o A highly anomalous Cu-Au-Mo soil anomaly believed to represent the upper levels of a
concealed copper-gold porphyry system over a 1,600m by 800m area, hosted by a Miocene-
age porphyry intrusion with artisanal gold workings located downstream.
2. Central Epithermal gold target
o A 2 km long epithermal target area identified by gold mineralized boulders of quartz-pyrite and
iron oxides as well as strongly gold anomalous soil samples over 1,500m. Up to 2.69 g/t Au
and 59 g/t Te in rockchip samples from large quartz iron oxide float in creeks, and 3.2 g/t Au,
0.6% Cu and 20 ppm Mo in outcrop (photo in Figure 7).
3. Central Skarn target
o Cretaceous limestone hosting a 400m long soil anomaly and open in all directions. Six soil
samples 100 - 200m apart with Zn values ranging from 200 - 2,577 ppm, Pb 22 ppm – 127
ppm and gold from <DL to 24 ppb Au.
4. Northern porphyry copper -gold target
o A Cu soil target defined by boulders and soil samples , over a 2,300m by 800m area with
porphyry related alteration assemblages and veining common including potassic alteration
and porphyry related veining with “A” type (quartz) and “M” type (magnetite) veins.
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Michael Hudson, CEO, states “At Valient e, we see the emergence of a major new copper -gold
mineral camp discovery . After five months our team has managed to define a n array of impressive
geological copper -gold targets in an area with little to no prior historic mineral exploration .
Hannan ’s land holding at Valiente secures the Miocene -age porphyry -epithermal copper -gold
mineralized belt with more than 1 ,000 km 2 under 100% -owned tenure , so what we see at Belen
may only represent the first discovery from a series of similar targets within the regional Valiente
project . With the wet season now behind us , we look forward to more detailed field work in the
coming months , including detailed grid sampling and hand trenching at Belen and the extension
of our field programs into surrounding areas .”
The Valiente project is located further east than most of the conventional Andean porphyry settings, and shows
regional 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 have aided the ascent of calc-alkaline oceanic arc-related magmas into the transfer zone
so far inboard from the magmatic arc.
The four linked porphyry copper-gold/epithermal gold mineral systems defined during recent field work
within a 9 km by 2 km trend (Figure 2-5) are described in further detail below:
1. Southern porphyry copper -gold – epitherma l gold target
o A highly anomalous Cu-Au-Mo soil anomaly believed to represent the upper levels of a concealed
copper-gold porphyry system, initially reported here, over a 1 ,600m by 800m area above a
mapped and radiometrically dated Miocene-age porphyry intrusion. Sampling shows:
44 soil samples from the porphyry target range from 26 - 1,461 ppm Cu with an average
of 331 ppm Cu. Au and Mo are also anomalous.
Where exposed the wall rock to the porphyry intrusion show hornfels alteration and a
channel sample from hornblende -bearing feldspar porphyry with milky quartz iron oxide
veinlets assayed 1m @ 0.3 g/t Au (reported here).
o A peripheral gold -antimony-tellurium soil anomaly up to 85 ppb gold extends 2 km by 0.4 km
around the porphyry-style geochemical signature.
16 soil samples from the epithermal gold anomaly range between 6 ppb and 85 ppb Au
and show strong correlation with Te.
o Detailed grid soils to be followed up during May followed by hand trench sampling.
2. Central Epithermal gold target
o A 1,500m long epithermal target area identified by large gold mineralized boulders of quartz-
pyrite and iron oxides as well as strongly gold anomalous soil samples.
43 rockchip samples from boulders have been collected with an average of 0.48 g/t
Au, 6 g/t Te and range from <DL to 2.69 g/t Au and below detection limit (“<DL”)
to 59 g/t Te. The boulders are interpreted to be locally sourced due their size and angular
shape, however their source has not yet been located.
o 1 km north of the epithermal gold boulder occurrence, a plutonic diorite with a magnetite and
iron oxide vein was sampled:
The 0.3m wide channel sample across the vein assayed 3.2 g/t Au, 0.6% Cu and 20
ppm Mo (photo in Figure 7).
In the same area an iron gossanous boulder assayed 0.1 g/t Au and 0.12% Cu.
This area may represent a third porphyry target within the 10 km Belen trend.
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o Soil sampling outlines a strongly gold anomalous topographic ridge that extends for 1,200m strike
and is anomalous over its entire strike length. This ridge is believed to represent weathering
resistant alteration related to underlying epithermal gold mineralization.
12 soil samples range from 5 ppb to 71 ppb Au (Figure 4)
o 250m north of the ridge named above a large gossanous boulder with boxwork of jarosite,
hematite and goethite with botryoidal chalcedony in cavities containing 42 ppb Au, 12 ppm Mo.
3. Central Skarn target
o Cretaceous limestone hosting a 400m long soil anomaly and open in all directions.
Six soil samples 100 - 200m apart with Zn values ranging from 200 - 2,577ppm, Pb 22
ppm – 127 ppm and gold from <DL to 24 ppb Au.
4. Northern porphyry copper -gold target
o A Cu soil target defined by boulders and soil samples, over a 2,300m by 800m area.
o Porphyry related alteration assemblages and veining common:
Potassic alteration in the form of pink potassic-feldspar veins (photo in Figure 6).
Porphyry related veining with “A” type (quartz) and “M” type (magnetite) veins.
o 55 ridge-top soil samples at 100 - 200m point spacing and 400 - 600m line spacing range from 5
- 276 ppm Cu related to strong soil colour changes.
At Belen, Hannan plans to expand the current ridge-top soil program to cover the entire 10 -km intrusive trend
with a systematic grid sampling program followed by trench sampling. Hannan also plans to survey an extensive
airborne magnetic survey over the Valiente project area. Field and social teams are actively engaged in the area,
with Hannan’s policy to undertake exploration activities only within areas where full support from local
stakeholders exists.
Technical Background
All mineralized 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 2mm, riffle split off 250g, pulverize split to better than 85% passing
75 microns. The crushers and pulverizes were cleaned with barren material after every sample. 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.
All soil samples were collected by Hannan geologists using an in -house protocol for soil sampling in jungle areas. The
samples were subsequently analyzed with a portable XRF deploying a protocol developed by Hannan for the San Martin
project. The method is designed to minimize risk of contamination and ground disturbance. In most cases the sample
media is the “B-horizon” of the soil profile. Only 100g of sample material is collected from each site. From the soil sample
a pellet is being produced which is dried and analyzed by a portable XRF (pXRF). Certified reference material, blanks and
field duplicates are routinely added to monitor the quality of the pXRF data. Gold was analyzed by ALS in Lima using a
standard sample preparation and 50g 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.
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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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