Hannan Metals (TSXV:HAN) says a recent forest clearing programme has allowed it to make the “extremely uncommon” discovery of outcropping mineralisation, 600m north of its Kilbricken zinc-lead-silver deposit in Ireland.
Its geologists were soil sampling at Finanagh to follow up seismic structural re-interpretation and found high lead and zinc values, of up to 2,650ppm and 921ppm respectively, which led to the discovery of 14 subcrops in a recently deforested area.
"To highlight the potential significance of this find, Hannan's Kilbricken deposit was first discovered in 2008 when a private Irish exploration company drilled beneath similar galena, sphalerite and calcite veined shelf carbonates at a small Victorian-era lead mine," chairman and CEO Michael Hudson said.
Hannan acquired the project in County Clare from Lundin Mining in January 2017 and established a maiden resource in July, of an indicated 2.7 million tonnes at 8.8% zinc equivalent and an inferred 1.7Mt at 8.2% ZnEq.
Hudson said most surface occurrences were found in Victorian times and the Finanagh outcrop discovery gave "great encouragement that many additional deposits remain to be found in close proximity".
The company had about C$678,000 in working capital at the end of February.
It said late last month it had adequate resources to maintain its core operations and conduct its planned exploration programmes.
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