Hannan Metals Limited (CVE:HAN) (OTCPINK:HANNF) (FRA:C8MQ) has continued its ground-acquisition exercise in Peru, lifting its landholding to a total now of 1,864 square kilometers ( sq km), up from 937 sq km last month.
It has staked a further 932 sq km prospective for porphyry copper-gold systems in central-eastern Peru at a project named Previsto (250 km from San Martin) where a field team has already begun initial reconnaissance, it told shareholders on Thursday.
The move to increase its ground makes Hannan a top 10 concession holder in Peru, a space dominated by some of the world's largest mining companies.
"Late last year, Hannan concluded one of the strongest joint ventures in the junior space with JOGMEC in San Martin," noted Mike Hudson, CEO of Hannan, in a statement.
"Over the last six months, the lock-down has provided a unique opportunity to build a two-pronged Peruvian strategy.
"We now have secured a vast and extremely prospective copper-gold landholding in our own right, that we will actively explore alongside our JOGMEC partnership and own holdings in San Martin."
As reported last November, 660 sq km at the San Martin district were optioned and joint ventured to Japan Oil, Gas and Metals National Corporation (JOGMEC).
The latter can earn up to a 75% beneficial interest in the San Martin JV project by spending up to US$35 million to deliver to the joint venture a feasibility study.
Hudson added that some of the world's largest mining companies share Hannan's belief that big grassroots discoveries are best made within big land positions.
The company was now looking to repeat and define another large mineralizing system in 2021 in Peru's new frontier areas, he added.
The top ten Peruvian landholders average US$50 billion market capitalization and combined, hold 18% of the tenure held in Peru.
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