Part of the Stock Digest group of websites: Visit Tech Stock Digest  

Hannan unveils maiden resource statement for Irish Kilbricken deposit

VANCOUVER (miningweekly.com) – TSX-V-listed junior explorer Hannan Metals has published a National Instrument 43-101-compliant maiden resource estimate for its 100%-owned Kilbricken zinc/lead/silver/copper deposit, in Ireland.

According to information provided IN 2006 by the Irish Department of Communications, Energy and Natural Resources, the resource estimate immediately ranks the deposit as one of the top ten base metals deposits discovered in Ireland by tonnes and grade.

Vancouver-based Hannan reported an indicated mineral resource of 2.7-million tonnes grading 8.8% zinc equivalent (Zneq), including 1.4-millions tonnes at 10.8% Zneq. Kilbricken, located in County Clare, the western edge of which lies 1.5 km east of the town of Ennis, also has an inferred resource estimate of 1.7-million tonnes grading 8.2% Zneq, including 600 000 t at 10.4% Zneq.

"The maiden resource is an important milestone for Hannan. It demonstrates the high-grade potential of the deposit and immediately ranks Kilbricken as one of the top ten base metals deposits discovered to date in Ireland. This is a significant initial achievement in a country that is ranked first in the world in terms of zinc discovered per square kilometre since the 1950s,” chairperson and CEO Michael Hudson stated in a news release.

The technical report describes two styles of mineralisation at Kilbricken. The upper Chimney zone demonstrates the classic high-grade (>10% Zneq) Irish stratabound mineralisation targeted by Hannan. This body has been drilled within an area of 750 m x 200 m and averages 12 m thickness.

The lower Fort zone was found later than the Chimney zone and has been tested with fewer drill holes. It is structurally hosted; of a lower grade, but thicker; averages 40 m; and it is drilled within a 400 m x 200 m area.

Importantly, the initial resource is expandable at all scales, from near resource to prospect scale, and Hannan has already started a drill resource expansion programme, the company reported.

Hannan currently has one drill rig operating a resource expansion programme and the team will be mobilising additional drill rigs.

“We are able to approach our exploration and expansion programmes with the benefit of extensive technical databases and an increased understanding of the controls on mineralisation, providing an excellent chance for continued discovery,” Hudson added.

The objectives of the 2017 drill programme are: to further delineate the underground potential around the current resource area where drilling is now ongoing and initial drill results are expected within the next three weeks (to date, two holes have been completed for 1 365 m); to test conceptual and advanced exploration targets within 1 km to 5 km defined by recent structural and stratigraphic interpretation of reprocessed two-dimensional and three-dimensional seismic data, lithogeochemistry and soil geochemistry; and to test for first-order mineralisation within the 40 km under-tested Waulsortian host horizon that exists within Hannan's 100%-owned 32 223 ha of prospecting licences.

The Kilbricken project lies within the Clare zinc-silver-lead-copper property, which consists of nine prospecting licences (PLs) for a total of 32 223 ha.  The project is in County Clare, Ireland, the western edge of which lies 1.5 km east of the town of Ennis.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

MARKET SUMMARY

INDICES

Name Last Change
DOW 21580.10 31.71
S&P 500 2472.54 0.91
NASDAQ 6387.75 2.2480
TSX 15183.13 81.51
TSX-V 760.88 3.65

Resource Commodities

Name Last Change
Gold 1255.03 10.45
Silver 16.52 0.19
Copper 2.71 0.24%
Platinum 935.00 0.000
Oil 45.77 2.51%
Natural Gas 2.97 2.46%
Uranium 20.25 N/A
Zinc 1.24 0.0104

@RSDigest ON TWITTER