Mineralization Defined over 7 Kilometres at Sacanche, PERU
Hannan Samples 3 Metres @ 2.5% Copper and 22 g/t Silver
in Outcrop
MINERALIZATION DEFINED OVER 7 KILOMETRES AT SACANCHE,
PERU
VANCOUVER
,
June 24, 2019
/CNW/ -
Hannan Metals Limited
("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF)
announces first field results from the Sacanche area of the San Martin sediment-hosted copper-silver project in
north-central
Peru
. Sacanche (Figure 1) is located 80 kilometres south of Tabalosos, where Hannan has previously sampled
high grade copper-silver
mineralization
.
Key points:
Prospecting at Sacanche over the past month discovered multiple stratigraphic levels of copper and zinc-lead
mineralization in outcrop and boulders
over 7 kilometres
of strike;
Detailed mapping and sampling of copper-mineralized outcrops was completed over 1 kilometre of strike, with highlight
rock chip panel sampling results including (Figures 2, 3 and 5):
3 metres @ 2.5% copper ("Cu") and 22g/t silver ("Ag")
;
Two areas of high-grade copper and silver have been found over
3.5 kilometres
within creeks at the Sacanche claim
application area. Ten grab samples from mineralized float in riverbeds (>0.1% copper) ranged in grade from 0.4% to
5.0% copper and 4 g/t to 33 g/t silver and
averaged 2.7% copper and 17 g/t silver
;
A
>50-metre-wide gossanous zinc-lead outcrop
that was discovered with over 50 metres strike length. Four grab
samples from different parts of the outcrop ranged in grade from 0.1% to 2.4% zinc ("Zn") and 0.2% to 1.0% lead ("Pb")
and
averaged 1.0% zinc and 0.7% lead
(Figures 2, 4 and 7);
An exploration team will be stationed at the San Martin project until late September exploring the vast land holding.
Michael Hudson
, Hannan's CEO, states,
"In our first month of prospecting at Sacanche, we have discovered a new zone of
sediment hosted copper mineralization over 7 kilometres of strike. We are encouraged by the first discovery of high-grade
copper in outcrop and thick (>50 metre wide) lead-zinc gossans on the project. This is an important proof of concept in
defining potential for a large high-grade mineral system. Importantly, we interpret a zonation between lead-zinc and copper
rich areas and observe mineralization formed at multiple stratigraphic levels. Field work continues and results will follow."
During May and early
June 2019
, Hannan's exploration team prospected 8 kilometres of the 24-kilometre-long Sacanche claim
application. Sixty-seven rock samples from outcrops and boulders and 37 stream sediment samples have been analysed and
are reported here. Copper mineralization and related zinc-lead gossans in outcrop and boulders have been mapped across
greater than 7 kilometres of strike at Sacanche.
Data from field mapping is being interpreted, however distinctive characteristics have emerged including:
1
.
Mineralization forms at multiple levels within a 1,000-metre-thick stratigraphic package;
2
.
Mineralization is spatially linked to salt structures, and
3
.
Both copper-silver and zinc-lead are interpreted to relate to one mineralizing system, where zinc-lead deposited distal to
copper mineralization, implying potential for additional copper mineralization hosted by grey sandstones of the upper
Grupo Oriente
.
Highlights from channel sampling of outcrops include
3 metres @ 2.5% copper ("Cu") and 22 g/t silver ("Ag)
including 0.5
metres @ 4.4 % copper ("Cu") and 61 g/t silver ("Ag") at a 1% copper lower cut. At a lower cut-off, the zone assayed 5.0
metres @ 1.7% Cu and 14 g/t Ag. A second area 60 metres away assayed
1.5 metres @ 1.0 % Cu and 52 g/t
Ag
,
however only partial sampling was possible and the width of mineralization remains unknown.
A
>50 metre wide gossanous zinc-lead outcrop
was discovered with over 50 metres strike. Four grab samples from
different parts of the outcrop ranged in grade from 0.1% to 2.4% zinc ("Zn") and 0.2% to 1.0% lead ("Pb") and
averaged
1.0% zinc and 0.7% lead
from (Figures 2, 4 and 7). Field indications suggest that the gossanous zone may continue
intermittently over 5 kilometres of strike.
While most copper mineralized boulders located during creek prospecting can be correlated to the stratiform copper
mineralization style discovered in outcrop, mineralized boulders in the south of the project include diverse lithologies
suggesting copper targets exist which have not yet been located in outcrop (Figures 2, 3 and 6). Creek sampling by Hannan
on the Sacanche claim application outlined 2 areas of high-grade copper and silver over 3.5 kilometres of strike. Ten grab
samples from mineralized float in riverbeds (>0.1% copper) ranged in grade from 0.4% to 5.0% copper and 4 g/t to 33 g/t
silver with an average grade of 2.7% copper and 17 g/t silver. These results are of similar tenor to those achieved by Hannan
in creeks some 80 kilometres to the north in the Tabalosos claim area where 19 grab samples from mineralized float (>0.1%
copper) ranged in grade from 0.1% to 8.3% copper and 0.2 g/t silver to 109 g/t silver with an average grade of 2.8% copper
and 27 g/t silver.
Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate
the true width of mineralization, rock chip panel sampling is considered moderately representative of in-situ mineralization
while grab samples are selective by nature and are unlikely to represent average grades on the property.
Management of Hannan have significant prior experience in
Peru
, which is the world's second largest copper producer
. The
country's copper output is forecast to increase from 2.5 million tonnes ("Mt") in 2018 to 3.8Mt by 2027, averaging 4.7%
annual growth. Sediment-hosted deposits are the world's
second-most
important source of copper accounting for
approximately 20% of world production.
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 granting of the 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. Overview of the San Martin sediment-hosted Cu-Ag project, Peru. Hannan's mineral claim applications now cover 76
kilometres strike (35,400 hectares) of the prospective host horizon within a 110 kilometre long basin. (CNW Group/Hannan
Metals Ltd.)
Figure 2. Mineralization and alteration has been mapped over 7km of strike at the southern part of Sacanche. The preliminary
field and assay results is interpreted to reflect a metal zonation typical for sediment hosted copper mineralization. (CNW
Group/Hannan Metals Ltd.)
Figure 3. Overview of copper mineralized samples. The inset map shows a zone of stratiform copper mineralization mapped
>1km of strike and inferred for an additional one kilometer. (CNW Group/Hannan Metals Ltd.)
Figure 4. Overview of zinc and lead mineralized or anomalous samples. The inset map shows a zone quartzose gossanous
sandstones with rich impregnation of iron oxides after pyrite, galena and sphalerite. (CNW Group/Hannan Metals Ltd.)
Figure 5. Photos from mineralized outcrop at Sacanche. The outcrop consists of bleached siltstone with fine lamination of
plant carbon in bedding planes. Three continous and representative chip samples across bedding. The zone assayed: 3m@
2.5% Cu and 22 g/t Ag. The greater zone is 5m wide and assayed: 5m @ 1.7% Cu and 14 g/t Ag (CNW Group/Hannan
Metals Ltd.)
Figure 6. Photos of mineralized float discovered at Sacanche. Demonstrating copper mineralization in other lithologies than
what has been discovered in outcrop to date. (CNW Group/Hannan Metals Ltd.)
Figure 7. Photos of zinc and lead mineralized outcrops and boulders found at Sacanche. The zinc-lead mineralization is
interpreted to be associated with a metal zonation associated with stratiform copper deposits, where zinc-lead is distal to the
copper core. (CNW Group/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 06:30e 24-JUN-19