Hannan Channel Samples 126 Metres @ 0.22 % Copper from Previsto Central in Peru
VANCOUVER, August 6, 2024 - Hannan Metals Ltd.'s ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) is pleased to announce that a significant copper-gold porphyry discovery continues to expand at the Previsto Central prospect within the 100%-owned Valiente Project in Peru (Figures 1 and 2).
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Michael Hudson, CEO, states: "Field work during the optimal dry season with a large 30-person team continues to expand the Previsto Central porphyry system with top of ridge soil sampling. mapping and prospecting in creeks over 5 km x 3 km. We are now starting to understand this mineralized system better, with gold-rich areas in the upper western areas (800 m higher vertical relief) transitioning to more copper-rich areas lower in the system to the east. We look forward to further results, including the first geophysics on the project, as the large team continues to de-risk the project and move it forward to drill permitting as soon as possible."
Top of ridge soil sampling, mapping and prospecting in creeks has expanded the footprint of the porphyry mineralized system at Previsto Central over 5 km x 3 km (Figures 3-8). The K-feldspar porphyry with meta-crystic K-feldspar porphyry dykes show moderate to pervasive phyllic alteration assemblage with some zones of argillic intermediate alteration. Impressively field teams have now started to discover extensive zones of outcropping copper mineralization within creeks traversed for the first time, over 700 m of strike. Copper mineralization is hosted within strongly leached phyllic altered, fractured K-felspar porphyry with disseminated pyrite-chalcopyrite, malachite, chrysocolla, neotocite, goethite and jarosite. Two channel samples are reported here:
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CH14455: 126 m @ 0.22% Cu, including:
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2.5 m @ 0.10 g/t Au and 0.41 % Cu from 50m
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3 m @ 0.11 g/t Au and 0.15 % Cu form 82m
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CH15391: 192 m @ 0.16% Cu
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Previsto Central is defined by a large 10 km by 5 km airborne magnetic and radiometric anomaly. Alteration associated with porphyry intrusions is often magnetic (from magnetite) and potassic (from sericite/biotite/K-feldspar). At Previsto anomalous soil anomalies are associated with areas of elevated magnetics and potassium indicating minerals associated with porphyry alteration. The footprint dimensions of the alteration system at Previsto are considered significant on a global scale for a porphyry system. This area remains the main focus of the Company's field programs during the dry season.
This Previsto Central prospect is located 2.5 km west of the Previsto East (reported on April 10, 2024). The style of mineralization observed at both prospects show strong similarities, where alteration assemblages and mineralization styles include hydrothermal breccias, intense phyllic alteration and relics of potassic alteration, roscoelite veining/dissemination and replacement of feldspars, observed sulfide minerals include chalcopyrite, molybdenite, pyrite. Veining is rare and generally only thin quartz and quartz-pyrite-iron oxide veinlets have been observed in boulders. The porphyries intrude Cretaceous sandstones and limestone sediments.
Litho-geochemistry at Previsto shows a clear alkaline composition of the porphyry instructive host. The porphyries intrude sediments (sandstone, limestone, and shale) which show contact metasomatism around dykes and intrusive stocks.
Hannan is planning a 15-line km pole-dipole induced polarization geophysical survey to demonstrate the scale and extent of the mineral system at Previsto in three dimensions. The Company also plans a regional LiDAR survey across the Previsto Central and Previsto East areas to help define outcropping areas and plan logistics.
About the Valiente project
The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Figures 1 and 2). 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 prospecting program initiated by Hannan for back-arc porphyry copper-gold systems. The Company has been actively prospecting on the project since 2021 and has successfully gained social permits progressively in all areas of interest.
During 2021 Hannan staked and still holds 1,002 km2 of 100% owned mining concessions at Valiente covering unexplored terrain for potential mineralized porphyry targets in central eastern Peru. Early surface prospecting discovered two outcropping copper-gold porphyry targets and one epithermal target at Belen (see Press Release Feb 16, 2023) that is now being drill permitted (Figures 1 and 2). Porphyry discoveries quickly followed at Serrano Norte, Serrano and Pucacunga. The focus more recently has been on Previsto. At Previsto and Belen, a district-scale porphyry cluster within an area of 25 km by 10 km, with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier stage targets awaiting further work.
In January 2024 Hannan submitted it first drilling application (DIA) covering two porphyry targets and one epithermal target at the Belen zone (here for news release). The company is now expanding the footprint by prospecting new areas to build a pipeline of projects that will be permitted, and drill tested over the coming five years.
Technical Background
All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using trackable parcels and by company staff. 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 of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property. Gold was analyzed in rock and soils by ALS in Lima using a standard sample preparation and 30g fire assay sample charge. Soil samples were analyzed by a portable XRF (VANTA-VMR) using an inhouse protocol which includes routing use of CRM and field duplicates as well as 10% check samples analyzed by ALS Lima.
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" | Further Information |
Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
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