Zone at the San Martin Project in Peru
Hannan Samples 0.8 Metres @ 2.8% Copper
and 14 G/T Silver From New Copper-Silver
Zone at the San Martin Project in Peru
VANCOUVER, BC
,
June 22, 2020
/CNW/ -
Hannan Metals Limited
("Hannan" or the "Company")
(TSXV: HAN) (OTCPK: HANNF) provides assay results 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).
Figure 1. (CNW Group/Hannan Metals Ltd.)
Highlights:
Results from 5 separate outcrops sampled over 400 metres of strike have been received from a
new discovery area. New results include:
0.2 metres @ 6.9% copper and 32 g/t silver (partially sampled);
2.5 metres @ 0.8% copper and 14 g/t silver (one bulk sample);
0.8 metres @ 2.8% copper and 14 g/t silver (partially sampled);
Additional systematic sampling is required to determine the full width of mineralization (Figures
2, 5 and 6). The new results are located 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);
The style of copper and silver mineralization and the stratigraphic position is consistent with
previously defined copper silver mineralization found at the top of the Sarayaquillo Formation
within the 110 kilometres of strike of Hannan's 100% owned mining concessions;
Mapping of outcrops and boulders in creeks now define a zone that shows a level of continuity
at multiple points over 2 kilometres (Figure 5) in the southern Sacanche mining concession area;
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:
"Demonstrating continuity of mineralization at multiple points within
a 2 kilometre trend over potentially economic widths is the key next step in the evolving definition
of the basin-scale sediment-hosted stratiform copper-silver system at San Martin. Although
exploration remains at its early stages, the predictability and continuity of grades at these scales is
considered an extremely positive development."
Mineralization is located in the western fold limb of an open asymmetrical anticline which dips 25
degrees to the west (Figure 3 and 4). The new discoveries are located immediately upstream from
a creek where 10 mineralized grab samples from boulders assayed between 5.0% copper and 36
g/t silver to 0.4% copper and 3.9 g/t silver, and averaged 2.7% copper and 16.9 g/t silver. In
addition, a new reduced host rock was discovered stratigraphically higher than reported above. The
exposed zone was leached, 1 metre wide with minor copper oxides and assayed 1 metre @ 0.1%
Cu (Figure 2). 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.
Field discoveries were made in the days before field work was suspended due to the Covid-19
lockdown during mid-March. Samples were submitted to a geochemical laboratory in
Lima
last
week. Therefore, systematic sampling and trenching over the new discovery area has not yet been
carried out. The most strongly mineralized part of the host rock is only observed in 3 out of 5
outcrops (Figure 5). Further systematic sampling and mapping of the mineralized sequence to the
south and north will recommence over the short term when it is deemed safe for field teams and all
stakeholders.
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 to 5.5 metres thickness.
About Hannan Metals Limited
(TSXV: 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 2. (CNW Group/Hannan Metals Ltd.)
Figure 3. (CNW Group/Hannan Metals Ltd.)
Figure 4 and 5. (CNW Group/Hannan Metals Ltd.)
Figure 6. (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 18:45e 22-JUN-20