Mike Fagan,
Editor
Aug. 13, 2024
Hannan Metals Ltd. (TSX-V: HAN)(OTC: HANNF) — currently trading around C$0.50 per share — has announced channel sample assays from the Previsto Central prospect at its co-flagship Valiente copper-gold exploration project in central Peru.
Highlights include:
- 126 meters at 0.22% Cu
- 192 meters at 0.16% Cu
At present, a team of six geologists is working on the project’s advancement supported by two technicians and further accompanied by a group of local residents acting as field support during Peru’s dry season.
The ongoing program has further expanded the footprint of the copper-gold mineralized porphyry system at Previsto Central from 4 km by 2 km, previously, to now over 5 km by 3 km.
Hannan Metals CEO Michael Hudson — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the progress being made at Previsto Central via press release:
“Field work during the optimal dry season with a large 30-person team continues to expand the Previsto Central porphyry system with top of ridge soil sampling, mapping, and prospecting in creeks over 5 km x 3 km. We are now starting to understand this mineralized system better, with gold-rich areas in the upper western areas (800 m higher vertical relief) transitioning to more copper-rich areas lower in the system to the east. We look forward to further results, including the first geophysics on the project, as the large team continues to de-risk the project and move it forward to drill permitting as soon as possible.”
Integral to that de-risking process, HAN is making final preparations for a 70-line-km IP survey across the entire system at Previsto (slated for September 2024) with the aim of demonstrating the scale and extent of the mineralized system to-depth in three dimensions.
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The forthcoming program will additionally include a large-scale LiDAR survey across the Previsto Central and Previsto East areas to accelerate exploration by identifying outcrops and mapping the geology of the mineralized system.
Situated ~300 km southeast of Hannan’s other co-flagship property — the 656 sq km (65,600-hectare) San Martin copper-silver project — Valiente’s project area spans 1,164 sq km (116,400 hectares) and is prospective for back-arc porphyry copper-gold systems with 18 porphyries identified to-date.
Combined, the two projects give Hannan a Top-Ten tenure position in Peru of 1,820 sq km.
The 100%-owned Valiente project defines a previously unknown Miocene-age porphyry-epithermal copper-gold mineralized belt within a large 140 km by 50 km area.
The Previsto discovery is the eighth significant porphyry and/or epithermal target discovered within an area of 25 km by 10 km at the Previsto and Belen prospects, which the Hannan team now believes represents a district-scale porphyry cluster at Valiente.
The project has attracted the attention of Teck Resources (NASDAQ: TECK) — Canada’s largest mining company — which has come in with a C$2.6 million strategic investment (9.9% interest) in Hannan.
At the Belen prospect, fieldwork is ongoing at three primary targets: Ricardo Herrera, Vista Alegre, and Sortilegio.
The Environmental Impact Statement (or “DIA”) application for the Belen area was submitted in January 2024 and has been progressing through the Peruvian system at a much faster rate than previously anticipated by Hannan’s management. Social support for the Valiente project remains robust.
Mineralization at the Belen trend has been defined over an expansive footprint (8 km to 10 km of strike) with initial indicators of a high-grade system developing at the Sortilegio target with assays up to 16.0% copper and 4.4 grams per tonne gold from a porphyry boulder grab sample.
San Martin Copper-Silver Project:
Hannan’s 656 sq km San Martin project represents mining concessions covering 120 km of combined strike, encompassing a newly-identified, basin-scale, high-grade copper-silver sediment-hosted system extending over 200 km x 100 km situated along the foreland region of the eastern Andes Mountains.
The project is under a US$35M joint venture agreement with JOGMEC (Japan Oil, Gas and Metals National Corp.) — the main mining arm of the Japanese government. JOGMEC has the option to earn up to a 75% interest in the project by spending up to US$35 million leading to the production of a Feasibility Study.
The Hannan team spent the last two-plus years conducting the early-stage grassroots exploration at San Martin, including geophysics and mapping.
HAN has received a DIA from Peru’s Ministry of Mines to allow for low-impact mineral exploration programs, including drilling. The initial DIA allows for 40 drill platforms spanning an area of roughly 7 km by 3 km (2,700 hectares) at San Martin’s Tabalosos East target.
The Hannan team expects to have drill rigs on the ground at San Martin (following final authorization from the Ministry of Mines and receipt of a Water Use Permit) in 2H 2024 for the commencement of a two-stage drill program. JOGMEC will be funding the drilling expenditures as part of the JV agreement.
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Importantly, the strategic investments by both Teck and JOGMEC were entered into prior to the start of drilling at the two early exploration stage co-flagships, which points to the large discovery potential of the vastly underexplored Peruvian mineral belts HAN will soon be exploring via the drill-bit.
For much more on that, our own Gerardo Del Real of Junior Resource Monthly caught up with Hannan Metals CEO Michael Hudson to discuss the company’s first-mover advantage in Peru’s foreland basins, plus next-steps in the advancement of the two co-flagship properties prior to the start of drilling. Please enjoy!
For additional information on Vancouver-based Hannan Metals, be sure to contact Ms. Mariana Bermudez at the company’s IR department at 604-685-9316 or via email at info@hannanmetals.com.
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Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
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