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Hannan Metals Ltd
Symbol HAN
Shares Issued 74,664,211
Close 2020-07-08 C$ 0.395
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Hannan completes San Martin geological sensing study

2020-07-08 17:20 ET - News Release

Mr. Michael Hudson reports

HANNAN COMPLETES A 17,500 SQ KM REGIONAL GEOLOGICAL REMOTE STUDY AT THE SAN MARTIN COPPER-SILVER PROJECT IN PERU

Hannan Metals Ltd. has completed a geological remote sensing study at the 100-per-cent-owned San Martin sediment-hosted copper-silver project in Peru. Results from this study are presented herein.

  • Hannan has completed a regional 17,500-square-kilometre stereographic geological remote study using detailed terrain-corrected topographic elevation data and the Sentinel-2 superspectral satellite data from the European Space Agency (ESA).
  • The resultant product is a geological and target map highlighting the prospective mineralized trends over 120 kilometres of strike at the company's sediment-hosted stratiform copper-silver project in northeastern Peru and identification of several new stratabound copper silver target areas for immediate follow-up in the field.

Michael Hudson stated: "The geological remote study over our copper-silver project in Peru has provided an economical and fast method to map multiple levels of prospective copper and silver rocks over a vast area using the next-generation multispectral sensors such as Sentinel-2. Multiple structural and stratigraphic targets in the San Martin project area have been identified and are ready for immediate field follow-up."

Remote sensing in geology is a data acquisition method that complements field observation as it allows mapping of geological characteristics without physical contact of the areas being explored. Since the late 1970s, geological remote sensing has evolved in parallel with the progression of satellite technology and has significantly improved remote sensed geological mapping. The basis of remote sensing is that each object on earth has a spectral signature that is a specific response to the radiation to which it is subjected.

The study for Hannan was undertaken by stereographic imagery expert, Gavin Daneel & Associates. Expert interpretation of stereographic imagery provides rapid and accurate mapping of a variety of features of interest over a wide range of scales. Remote sensing proxies the geology, using features such as soils and vegetation that preferentially grow above different types of rocks, to help infer the underlying geological patterns, including stratigraphic and lithological trends, structural controls, and geobotanical anomalies where vegetation stress and abnormal growth may be due to metal accumulation in soils.

The remote sensing study utilized data from the Sentinel-2 constellation of two twin satellites that systematically acquire optical imagery at high spatial resolution (10 metres to 60 metres) over land and coastal waters. Sentinel-2 has been developed and is being operated by the European Space Agency, and the satellites were manufactured by a consortium led by Airbus Defense and Space.

The studied area mapped the stratabound copper silver mineralization at the Sacanche project area over 73 kilometres of strike. Known mineralized zones were identified, including those recent discoveries mapped over a 20-kilometre strike trend at Sacanche:

  • 2.0 metres of 5.9 per cent copper and 66 grams per tonne silver;
  • 0.6 metre of 8.7 per cent copper and 59 g/t silver;
  • 0.6 metre of 0.8 per cent copper and 12 g/t silver;
  • 3.0 metres of 2.5 per cent copper and 22 g/t silver;
  • 0.8 metre of 2.8 per cent copper and 14 g/t silver;
  • 0.2 metre of 6.9 per cent copper and 32 g/t silver.

Channel samples are considered representative of the in situ mineralization samples, and sample widths quoted approximate the true width of mineralization.

Additionally, multiple new structural and stratigraphic targets in the San Martin project area have been defined and are ready for immediate field follow-up when the company resumes its on-site activities.

Sediment-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 three copper-silver sediment-hosted mines in Poland are the leading silver producer in the world with 40.2 million ounces 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, and in 2018, KGHM produced 30.3 million tonnes of ore at a grade of 1.49 per cent copper and 48.6 g/t silver from a mineralized zone that averages 0.4 metre to 5.5 metres thick.

At San Martin, the company believes it has identified an opportunity that could result in a significant discovery, and, as a project generator, new opportunities are continually reviewed. At the same time, Hannan needs to consider all options to advance a district-scale opportunity at San Martin. The results from the company's initial work to date have attracted the interest of a number of major mining companies. While in the early stages of the company's work programs, it would be remiss to not consider partnership opportunities that the company believes are in its best interests. To date, the company remains in discussion with select parties.

About Hannan Metals Ltd.

Hannan Metals is a natural resource 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.

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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