- Early exploration results support model for a major sediment-hosted copper system
- Early stage yet advanced regional geological understanding
- Company has a commanding footprint over 940 sq km of prospective geology
What Hannan Metals does:
Hannan Metals Limited (CVE:HAN) (OTCMKTS:HANNF) is a copper-silver explorer with first-mover advantage in a new frontier copper district in Peru - the world's second-largest producer of the red metal.
The firm says it saw the potential of the area and has staked a commanding position of more than 940 square kilometres (sq km) of ground. The firm's mineral claim applications cover over 100km of combined strike.
Its wholly-owned San Martin project is a new, basin-scale high-grade copper-silver system situated along the eastern Andes Mountains in Peru. There are three different project areas there named Tabalosos, Gera and Sacanche.
The Tabalosos claim covers 19,500 hectares and 27km of strike potential, while the Sacanche claim also covers 19,500 hectares with 60 kilometres of strike potential. The Gera Claim covers 10,000 hectares and a prospective strike of 25km.
The area has thus far been overlooked by mineral firms but is a centre for oil and gas. At the San Martin project alone, the firm says there is 2,000km of 2D seismic data available.
Best results from the outcrop, 20km apart, include channel sampling of 3 metres (m) at 2.5% copper and 22 grams per ton (g/t) silver, and 2m at 5.9% copper and 66 g/t silver.
Hannan also owns 100% of the County Clare zinc-lead-silver project in the Republic of Ireland, which consists of nine prospecting licenses for 35,444 hectares.
How is it doing:
On August 26 this year, Hannan updated investors on its ongoing exploration program at the Tabalosos copper-silver claim, where it said it has defined four key zones within a 30km trend.
The explorer has completed a remote geological study at the claim on the San Martin project and identified two target styles on the property along the trend and over a 5km cross strike width. The new interpretation at Tabalosos is the first in the district to combine seismic data with modern remote observation from high-resolution satellite imagery.
And in June this year, the firm said a new 2 km-long zone of high-grade copper-silver mineralization had been defined by mapping at the Nueva Esperanza prospect within the Sacanche claim.
Mineralization was located within three east-west creeks during a follow up of previously reported outcrop and boulder samples that assayed 0.6 metres at 8.7% copper, 59 g/t silver and 30% copper and 595 g/t silver respectively.
Best new results from boulders in adjacent creeks include 10% copper and 70 g/t silver and 1.5% copper and 31 g/t silver.
Also in the summer, the group closed a non-brokered private placing of up to 4 million units with an unnamed strategic investor group at C$0.25 a unit for total gross proceeds of C$1 million to advance its exploration in Peru.
"We welcome the new strategic Investor to Hannan’s register. The investor has already been a great support for the company, and we look forward to working together as we go forward to further enhance shareholder value as we build on our copper-silver discovery at San Martin in Peru," Hannan had said.
- More exploration results
- Copper/silver price moves
What the boss says:
In the release updating on its Tabalosos copper silver project, Mike Hudson, Hannan's chief executive, said: "While our field work earlier this year focused on the Sacanche area, the Tabalosos project, located 80 kilometres north is shaping up over a vast scale as another key area for our San Martin project.
"Of course, we look forward to getting back in the field when the time is right, to conduct further reconnaissance exploration, stream sediment sampling and channel sampling of outcropping mineralization. In the meanwhile, the company is considering and planning airborne geophysical surveys to advance drill targeting."
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