Hannan Outlines a New Copper-Silver Zone Located 2km From Known Mineralization at the San Martin Project in Peru
Hannan Outlines a New Copper-Silver Zone
Located 2km From Known Mineralization at
the San Martin Project in Peru
VANCOUVER, BC
,
June 15, 2020
/CNW/ -
Hannan Metals Limited
("
Hannan" or the "Company")
(TSXV: HAN) (OTCPK: HANNF)
provides observations from a new copper-silver discovery located 2
kilometres south from known mineralization at Hannan's 100% owned Sacanche mining concessions
at the San Martin sediment-hosted copper-silver project in
Peru
(Figure 1).
Highlights:
Extensions of a mineralized horizon have been discovered 2 kilometres south of a
previously reported
channel sample that assayed 3 metres @ 2.5% copper and 22 g/t silver
including 0.5 metres @ 4.4% copper and 61 g/t silver at a 1% copper lower cut (Figure 2);
Five new outcrops have been found along a 400 metre strike. Mineralization thickness
varies between 1.5 to 2.5 metres. Visible green and black copper oxides are seen over 0.8
to 1.0 metres width (Figure 3);
The new discoveries are located immediately upstream from a creek where 10 mineralized
grab samples from boulders which assayed between 5.0% copper and 36 g/t silver to
0.4% copper to 3.9 g/t silver and averaged 2.7% copper and 16.9 g/t silver;
Mapping of outcrops and boulders in creeks now define a zone that shows a level of
continuity at multiple points over 2 kilometres;
Samples from the new discovery area were submitted to a geochemical laboratory in
Lima
last week and results are expected shortly;
The analogue style for mineralization at San Martin is the Kupferschiefer in
Poland
where KGHM
Polska Miedz's ("KGHM") three copper-silver sediment-hosted mines are the 6
th
largest copper
producer and the leading silver producer in the world.
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 to 5.5 metres thickness.
Michael Hudson
, CEO, states: "Our work in San Martin has demonstrated copper-silver
mineralization at multiple stratigraphic positions over the scale of the 110-kilometre-long claim
position. These new discoveries go to the next level of detail, and are starting to define continuity
at multiple points within a 2 kilometre trend over potentially economic widths."
The new discovery area is located 2 kilometres south of an area of
previously reported
channel
sampling of outcrops include 3 metres @ 2.5% copper and 22 g/t silver including 0.5 metres @
4.4% copper and 61 g/t silver at a 1% copper lower cut. At a lower cut-off, the zone assayed 5.0
metres @ 1.7% copper and 14 g/t silver. A second area 60 metres away assayed 1.5 metres @
1.0% copper and 52 g/t silver, however only partial sampling was possible and the width of
mineralization remains unknown. Channel samples are considered representative of the in-situ
mineralization samples and sample widths quoted approximate the true width of mineralization, while
grab (boulder) samples are selective by nature and are unlikely to represent average grades on the
property.
On
Thursday June 4th
, the Government of
Peru
authorized Phase 2 reactivation. Mineral exploration
is included as one of the Phase 2 activities. Hannan has decided to monitor the situation in
Peru
on a
weekly basis and will not restart field activities immediately. However, we look forward to our
technical and social field teams returning to San Martin when it is deemed safe to do so for all
stakeholders and staff.
The San Martin project is an early stage exploration project. Previous mineral exploration in the area
is limited. RTZ worked in the southern and northern areas for one year in the late 1990's and
conducted reconnaissance sampling and drilled 3 diamond drillholes in the transitional lead-zinc parts
of the system in the south (Figure 3). A private Canadian company completed soil sampling and
some geophysics during a one year period in the southern project area. These data are not available
to Hannan. Hannan's in-depth regional geological understanding has been derived from the
substantial data gathered during petroleum exploration activities undertaken in the Huallaga Basin
since 1989. This data, which recently has been made publicly available, includes >2,000 kilometres
of 2D seismic, 618 kilometres of geological traverses, 1,600 gravity stations, 13,000 kilometres of
aeromagnetic surveys and >2,000 rock samples for geochemical and petrological studies. This
information has provided Hannan a tremendous amount of data to guide exploration and support
geological models.
Sedimentary-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 to 5.5 metres thickness.
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, 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 projects of
future performance or results expressed or implied by such forward-looking statement. These risks
and uncertainties include, but are not limited to: The Company's expectations regarding timing to
complete field work and outcome of results, 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 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
Figure 1. Overview of the San Martin sediment-hosted copper-silver project, Peru. The four project
areas now cover 65,600 hectares of the prospective host horizon within a 110 kilometre long trend.
(CNW Group/Hannan Metals Ltd.)
Figure 2. New outcrop mineralization discovered 2 kilometres south of previously known
mineralization. The zone consist of 5 new outcrops along 400m of strike. Assays have been
submitted to the lab and results are expected shortly. (CNW Group/Hannan Metals Ltd.)
Figure 3. Field photos of the new copper-silver discovery. (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 16:05e 15-JUN-20