VANCOUVER, May 28, 2020 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) provides an update on its exploration and social
programs and on the status of further granted mining
concessions.
Highlights:
- A total of 42 granted mining concessions for 320 sq km at San
Martin have now been granted at the San Martin project in
Peru. This is an increase of 50%
from previously reported on February 10,
2020. The project consists of a total of 87 mining
concessions and applications for 65,600 hectares (656 sq km) that
cover multiple trends within 110 kilometres of combined strike for
sedimentary-hosted copper-silver mineralization (Figure 1). Granted
concessions provide secure tenure and allows for more advanced
social and exploration work programs to be executed;
- From December 2019 through to
mid-March 2020, Hannan completed an
active field work program at its San Martin project in north
eastern Peru. Numerous new copper
and silver discoveries were made over a 20-kilometre trend within
the 60 kilometre long Sacanche claim area (Figure 1). Geochemical
assays are pending for many of these areas and are expected to be
returned in the coming weeks;
- Peru initiated a state of
emergency and lock down on March 16,
2020, and recently extended this until the end of June to
contain the COVID-19 outbreak. Hannan has implemented safety and
physical distancing procedures, including working from home and
ceased all travel. We have also been keeping in regular contact
with all local stakeholders. The Peruvian government has indicated
that certain industries, including mineral exploration, will be
permitted to restart, with strict safety protocols, during
June 2020.
Michael Hudson, Hannan's CEO,
states, "Hannan now has large tracts of ground granted, and we
have completed an active and successful start to our 2020 field
program. We are excited to discover further copper and silver
mineralized zones in outcrop kilometres along strike from known
mineralization, and eagerly await assay results. We have been
working hard to continue to inform and engage with all
stakeholders, especially during these challenging times and look
forward to our field teams returning to our project area when it is
safe and permitted to do so."
Hannan's 100% owned San Martin project encompass a new,
basin-scale high-grade copper-silver system situated along the
foreland region of the eastern Andes Mountains in Peru. Geologically, Hannan's sedimentary
copper-silver deposits analogues include the vast
Kupferschiefer deposit in Eastern
Europe. Sedimentary-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 copper-silver sediment-hosted
operations 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.
Field work during Q1 concentrated on a 20 kilometre trend in the
Sacanche claim area (Figure 1). Numerous new copper and silver
discoveries have been made over a 20 kilometre trend within the
60-kilometre-long Sacanche claim area. Outcropping copper-silver
mineralization at Nueva Esperanza was identified 5 kilometres south
of earlier defined outcrops including 2m @ 5.9% Cu and 66g/t Ag (TC190536-38).
Additional multiple outcrops of copper-silver mineralization have
also been discovered within a 500 metre trend, located 2 kilometres
south of earlier defined outcrops that included 3m @ 2.5% Cu and 22g/t Ag (LD190517-19).
Geochemical assays are pending, and are expected to be returned in
the coming weeks.
The Company has received notice from the Geological, Mining and
Metallurgical Institute of Peru
("Ingemmet") that 42 mining concessions have been granted at the
100% owned San Martin Copper-Silver Project in Peru (Tabalosos (18), Sacanche (3) and Gera
(4)). Hannan now has a total of 87 mineral concessions which
have been either granted or are under application for a total of
65,600 hectares, covering multiple trends within 120 kilometres of
combined strike for sedimentary-hosted copper-silver
mineralization. The 35 granted mining concessions now cover
28,300 hectares, with an additional 52 mining concessions (37,300
hectares) remaining under application. Further mining
concessions at Sacanche, Gera and Tabalosos are expected to be
granted over the coming months in the order in which they were
applied. Under Peruvian mining law, a mining concession
provides the holder with exclusive rights to undertake exploration
(and mining activities subject to additional permitting) within a
pre-determined area. The concession provides secure tenure
and allows for more advanced social and exploration work programs
to be executed including drill permitting.
Engagement of Swiss Resource Capital
The Company announces that it will engage SRC Swiss Resource
Capital AG ("SRC") to provide investor relations and communication
services in Europe to increase
exposure and awareness to investors in the German speaking
financial community. SRC is led by Jochen Staiger, CEO. The Engagement is for an
initial term of twelve months but can be cancelled by both parties
with 30 days' notice. SRC will assist the Company's efforts to grow
investor awareness and expanding exposure to retail and
institutional investors, including by providing news dissemination
and marketing services in German. The engagement, including the
payment of €13,500 per month and the issuance of 100,000 options to
SRC at a price of 0.28 for a period of three years, is subject to
TSX Venture Exchange (TSX-V) approval. SRC does not currently
have any interest, direct or indirect in the Company or its
securities.
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, 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, 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
SOURCE Hannan Metals Ltd.
