VANCOUVER, BC, July 8, 2020
VANCOUVER, BC, July 8, 2020 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK: HANNF) has just completed a geological remote sensing study at the 100% owned San Martin sediment-hosted copper-silver project in Peru (Figure 1). Results from this study are presented here.
- Hannan has completed a regional 17,500 square kilometre stereographic geological remote study using detailed terrain corrected topographic elevation data and the Sentinel-2 super-spectral satellite data from the European Space Agency (ESA);
- The resultant product is a geological and target map highlighting the prospective mineralized trends over 120 kilometres of strike at the Company's sediment-hosted stratiform copper-silver project in north-eastern Peru (Figure 1) and identification of several new stratabound copper silver target areas for immediate follow-up in the field (Figures 2 and 3).
Mr Michael Hudson states, "The geological remote study over our copper-silver project in Peru has provided an economical and fast method to map multiple levels of prospective copper and silver rocks over a vast area using the next generation multispectral sensors such as Sentinel-2. Multiple structural and stratigraphic targets in the San Martin project area have been identified and are ready for immediate field follow-up."
Remote sensing in geology is a data acquisition method that complements field observation, as it allows mapping of geological characteristics without physical contact of the areas being explored. Since the late 1970's geological remote sensing has evolved in parallel with the progression of satellite technology and has significantly improved remote sensed geological mapping. The basis of remote sensing is that each object on earth has a spectral signature that is a specific response to the radiation to which it is subjected.
The study for Hannan was undertaken by stereographic imagery experts, Gavin Daneel & Associates. Expert interpretation of stereographic imagery provides rapid and accurate mapping of a variety of features of interest over a wide range of scales. Remote sensing proxies the geology, using features such as soils and vegetation that preferentially grow above different types of rocks, to help infer the underlying geological patterns including stratigraphic and lithological trends, structural controls and geobotanical anomalies where vegetation stress and abnormal growth may be due to metal accumulation in soils.
The remote sensing study utilized data from the Sentinel-2 constellation of two twin satellites that systematically acquire optical imagery at high spatial resolution (10 metres to 60 metres) over land and coastal waters. Sentinel-2 has been developed and is being operated by the European Space Agency, and the satellites were manufactured by a consortium led by Airbus Defense and Space.
The studied area mapped the stratabound copper silver mineralization at the Sacanche project area over 73 kilometres of strike. An updated geological map with mineralized outcrops at Sacanche is shown in Figures 2 and 3. Known mineralized zones were identified (Figures 2 and 3) including those recent discoveries mapped over a 20 kilometre strike trend at Sacanche (Figures 2 and 3):
- 2.0 metres @ 5.9% copper and 66 g/t silver
- 0.6 metres @ 8.7% copper and 59 g/t silver
- 0.6 metres @ 0.8% copper and 12 g/t silver
- 3.0 metres @ 2.5% copper and 22 g/t silver
- 0.8 metres @ 2.8% copper and 14 g/t silver
- 0.2 metres @ 6.9% copper and 32 g/t silver
Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization.
Additionally, multiple new structural and stratigraphic targets in the San Martin project area have been defined and are ready for immediate field follow-up when the company resumes its onsite activities.
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 metres to 5.5 metres thick.
At San Martin, the Company believes it has identified an opportunity that could result in a significant discovery and, as a project generator, new opportunities are continually reviewed. At the same time, Hannan needs to consider all options to advance a district scale opportunity at San Martin. The results from our initial work to date has attracted the interest of a number of major mining companies. While in the early stages of our work programs, it would remiss to not consider partnership opportunities that the Company believes are in its best interests. To date the Company remains in discussion with select parties.
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, 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, the closing of the Private Placement, the use of proceeds from the Private Placement, 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 projections of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: the closing of the Private Placement, the use of the net proceeds from the Private Placement, 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 additional 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.
SOURCE Hannan Metals Ltd.
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