VANCOUVER, Aug. 1, 2019 /CNW/ - Hannan Metals Limited
("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces new sampling results from the northern
part of the Sacanche claim application area (8,900 hectares) from
the 100% owned San Martin project (38,400 hectares under claim
application) in north central Peru
(Figure 1).
Highlights:
- Rock chip channel samples from outcrop separated by 5.4
kilometres:
-
- 2 metres @ 5.9% copper and 66 g/t silver with the
wider zone assaying 3 metres @ 4.1 % copper and 45 g/t
silver (Figure 2);
- 0.6 metres @ 8.7% copper and 59 g/t silver (Figure
2);
- High-grade grab sample from float assayed 30.1%
copper and 595 g/t silver within close proximity to channel
samples (Figure 2);
- Multiple mineralized stratigraphic positions and styles have
now been defined across the property. Two bituminous quartz
sandstones from the Cushabatay Formation returned 2.6% to 2.8%
copper and 36 to 50 g/t silver confirming the copper/silver
potential of this thick sandstone horizon. Lead-zinc bearing
gossans greater than 50m in thickness
have been discovered across an 11 kilometre strike;
- The footprint of mineralization at Sacanche has now been
defined within a 27 kilometre strike.
Michael Hudson, Hannan's CEO,
states, "In our first exploration field season at Sacanche,
sediment-hosted copper-silver mineralization has been discovered
across 27 kilometres of strike. Mineralization has been
defined within multiple stratigraphic levels. Our initial
expectations have been exceeded and the concept of a new copper
district is well supported by data. Further prospecting
results from south Sacanche and Tabalosos, located 80 kilometres to
the north, will follow over the coming months as further results
from the field season start to be received."
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.
Geological Discussion
High grade copper mineralization has been discovered in multiple
mineralized positions at Sacanche, over a 27 kilometre strike.
Two distinct sub-types of the sediment hosted copper style
are described throughout Hannan's claim application areas:
1. The first style is hosted by the Cushabatay
Formation:
- Mineralization in quartzites with hydrocarbon metal traps,
analogous to the giant Udokan copper deposit in Russia and Spar Lake in the USA. This is
the first time this style of mineralization has been described in
the target area.
- The Cushabatay Formation hosts >50-metre-thick gossanous
outcrops with zinc-lead across 11 kilometres of strike, that is
interpreted to form distally to copper-silver mineralization.
- The discovery of two bituminous quartz sandstones from the
Cushabatay Formation that assayed 2.6% to 2.8% copper and 36 – 50
g/t silver confirms the copper-silver potential of this thick
sandstone horizon.
2. The second style is hosted by the Sarayaquillo
Formation:
- Mineralization is associated with reduced facies within red
beds, where petrographic studies show copper sulphides replace both
pyrite and organic material. This style is similar to copper
mineralization associated with Zechstein Basin in Poland and Central African Copper Belt.
- Copper within the Sarayaquillo Formation has been discovered
throughout Hannan's claim application and extends along an 80
kilometre trend from Tabalosos to Sacanche.
- Evidence for this style is demonstrated by the high grade
copper in channel samples reported here at Sacanche (i.e. 2 metres
@ 5.9% copper and 66 g/t silver) and by the initial sampling by
Hannan in 2018 that discovered four areas of high-grade copper and
silver over 15 kilometres of strike within the Tabalosos claim
application area. Nineteen grab samples from mineralized float in
river beds (>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 27.2 g/t silver.
- The Sarayaquillo Formation/Cushabatay Formation contact is an
angular erosional unconformity that is interpreted to relate to
salt tectonics (halokinesis).
Hannan's interpretation is that copper and silver were deposited
from low‐temperature oxidised saline brines formed from the several
hundred metre thick Pareni Salt Formation. The brines scavenged
metals (principally copper ± silver and associated lead and zinc)
from the deeper Mitu Group red beds and volcaniclastics which were
deposited in a failed Traissic rift. The circulation of saline
fluids across the redox boundary was induced and focused by
halokinesis.Geological relationships suggest halokinesis was
initiated during Jurassic rifting and was active until the early to
mid-Cretaceous which coincides with the formation of an Andean
foreland basin.
In other news, two claim applications with a total area of 2,000
hectares has been submitted to Ingemmet, covering high grade copper
mineralization at Sacanche North.
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.
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SOURCE Hannan Metals Ltd.
