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Hannan Metals Ltd
Symbol HAN
Shares Issued 40,263,702
Close 2018-04-20 C$ 0.205
Market Cap C$ 8,254,059
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Hannan Metals identifies multiple drill targets in Ireland

2018-04-24 09:43 ET - News Release

Mr. Michael Hudson reports

HANNAN SEISMIC SURVEY IDENTIFIES MULTIPLE NEW DRILL TARGETS IN IRELAND

Hannan Metals Ltd. has presented initial results of processing and interpretation of the 40.6-kilometre seismic survey completed at the company's Kilbricken zinc-lead-silver prospect and extensive 35,444-hectare Clare project in County Clare, Ireland.

Key points:

  • The 40.6-line-kilometre 2-D seismic survey identified the high-grade zinc mineralized position at Kilbricken and defined multiple new high-priority targets in similar settings over a combined 12-kilometre trend immediately along strike and up dip from the Kilbricken resource.
  • Over the regional scale, multiple drill targets were also identified across much of the Clare project, including major north-dipping faults that are well documented to preferentially host economic zinc deposits in Ireland.
  • The 20,000-metre drill program currently being planned will initially test targets over the combined 12-kilometre trend immediately along strike and up dip from the Kilbricken resource.
  • In total, the Clare project now has 68 kilometres of 2-D seismic and five square kilometres of 3-D seismic surveys that constrain depths and geometry of potentially mineralized targets, which will substantially decrease exploration costs and increase exploration effectiveness.
  • Seismic surveying is not a technique commonly used in hard-rock mining while is endemic in the oil and gas industry. Hannan is one of few hard-rock exploration companies to use the method globally. A variation on the seismic method won this year's Disrupt Mining competition at the PDAC (Prospectors and Developers Association of Canada) conference in Toronto.

Michael Hudson, chairman and chief executive officer, stated: "In the search for the next giant zinc deposit in Ireland, bold new strategies are required as exploration moves to deeper and untested levels. Reflection seismic presents an opportunity to use new data to think differently in a well-understood geological environment. This survey has rewritten the geological understanding of the Clare basin and opens the door to a new generation of major zinc deposits. We look forward to drill testing these exciting targets."

The regional seismic survey is a first for the area and has delivered a critical new set of subsurface data across Hannan's 35,444-hectare prospecting licence. Combined with earlier surveys, Hannan now owns 68 kilometres of 2-D seismic and a five-square-kilometre 3-D seismic survey. The company has also invested in the processing of historical seismic data acquired in 2011 and 2012 by earlier operators to refine structural architecture interpretation and substantially decrease future exploration cost and risk.

Base metal mineralization in Ireland is consistently developed within well-known stratigraphic and structural settings. The seismic program not only identified the high-grade zinc mineralized position at Kilbricken, but defined multiple new targets in similar settings. This includes a highest-priority 12-kilometre-long trend immediately along strike and up dip from the Kilbricken resource. These new and untested targets, in combination with Hannan's extensive soil sampling, present compelling drill-ready targets across much of the Clare prospecting licence.

Importantly, it has been previously well documented that north-facing faults in the Irish Midlands zinc district (which dip away from interpreted topographic highs) may preferentially host economic deposits. Major north-dipping faults in the new seismic data are therefore considered significant, both on the southerly extent of Kilbricken and nine kilometres south-southeast at Kilmurry, where 5.0 metres of 3 per cent zinc plus lead were drill intersected in an interpreted footwall position adjacent to a large, north-dipping fault in the seismic data set. This area is coincident with anomalous zinc and lead surface geochemical sampling.

Seismic surveys use sound waves to map features beneath the Earth's surface. A convoy of specialized vehicles (vibrators) generate sound waves that travel through the Earth and are reflected back to surface from geological layers. These faint echoes are recorded by sensors, which are then processed to produce images of the underlying geological layers and structures. The seismic technique has advanced rapidly over the recent years as researchers adapt and introduce new methods, algorithms and approaches with increasing computing power. Hannan is one of only a handful of hard-rock exploration companies to use the method globally. A variation on the seismic method won this year's Disrupt Mining competition at the PDAC conference in Toronto.

The seismic survey was designed by Hannan, together with its geophysical consultants, and was carried out by Gallego Technic Geophysics and Rees Onshore Seismic Ltd. A crew of 34 people performed the survey. Three north-south lines and one east-west tie line were completed to test for structures in multiple orientations. IMC Geophysical Services Ltd. was selected to process all of Hannan's new data. Charles Hope acted as client representative and quality control for the survey design, execution and processing. Glenn Morgan from Morgan Geophysics acted as quality control during processing and conducted the interpretation of all seismic data.

About Hannan Metals Ltd.

Hannan Metals has 100-per-cent ownership of the County Clare zinc-lead-silver-copper project in Ireland, which consists of nine prospecting licences for 35,444 hectares.

Michael Hudson, FAusIMM, Hannan's chairman and chief executive officer, a qualified person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

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