Mike Fagan,
Editor
Oct. 15, 2024
Hannan Metals Ltd. (TSX-V: HAN)(OTC: HANNF) — currently trading around C$0.58 per share — has confirmed a large copper-gold system at the Previsto prospect at its 100%-owned Valiente project, Peru.
The 116,400-hectare (1,164 sq km) Valiente project defines a previously unknown Miocene-age porphyry-epithermal copper-gold mineralized belt within an expansive 140 km by 50 km area.
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.
To-date, a total of 8 intrusion-related porphyry / epithermal-skarn targets have been identified at Valiente’s Previsto and Belen prospects, of which the Belen prospect is currently the most advanced.
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The latest results from the Previsto prospect are from a newly completed 79-line-km IP geophysical survey, supported by an extensive mapping and sampling program, which has now confirmed a 6 km x 6 km copper-gold porphyry and epithermal gold mineral system.
With that dataset now in-hand, the Hannan team is moving forward with the evaluation of 7 high-priority targets at Previsto for drill permitting: Two porphyry targets within a 5 km long and up to 1 km wide intrusive trend – and five epithermal targets correlated with extensive gold in soil anomalies.
With data evaluation continuing, the IP survey at Valiente now shifts from the Previsto prospect to the Belen prospect, and more specifically, the Ricardo Herrera target — a recently-identified leached copper-gold porphyry with well-developed quartz veining.
Hannan Metals CEO Michael Hudson — whom you’re about to hear from directly in our exclusive interview coming right up — commented on the ongoing IP survey via press release:
“The footprint of the Previsto mineral system now covers 6 km x 6 km and consists of two alkalic porphyry targets and five epithermal targets. The IP geophysical survey has been fundamental to refine our understanding and comprehend the scale of the mineral system that we are uncovering. Field work is now focused on providing further information on these selected targets for drill permitting. At the same time the IP survey crew has mobilized to the next target area, Belen, located 25 km to the south west. Belen contains two porphyry targets (Ricardo Herrera and Sortilegio) and an epithermal system (Vista Alegre) over a 9 km strike.”
Following completion of IP at the Ricardo Herrera target, the survey will shift over to the Vista Alegre target — a 1.8-km-long gold-bearing epithermal target area characterized by large gold-mineralized boulders of quartz-pyrite and iron oxides.
Additionally, in Peru, Hannan Metals is advancing its co-flagship San Martin copper-silver project.
Situated 300 km northwest of the Valiente project, the 65,600-hectare (656 sq km) San Martin project is being advanced by way of a strategic joint venture agreement with Japan’s national mining arm — JOGMEC — Japan Oil, Gas and Metals National Corp.
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.
HAN has received its environmental permit — Environmental Impact Statement (“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 the Tabalosos East target. The Hannan team anticipates approval of Authorization to Initiate activities before the end of 2024 with drilling slated to commence in Q1 2025.
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That forthcoming program will be the first-ever drilling to take place at the San Martin property:
Stage 1: 2,000-meter diamond drilling program over a 2 km strike of mapped surface mineralization down to 800 meters depth.
Stage 2: Subject to Stage 1, a further 1,500-meter drill program to test the continuity of mineralization.
Subject to results of Stage 1 and/or Stage 2: Additional areas may be tested within the 7-km-long permitted area.
Finally, in Chile, Hannan is in the process of permitting a small drill program to test a potential shallow porphyry-copper conductor at the Cerro Rolando project, of which it has an option to earn 100%.
As promised, our own Gerardo Del Real of Junior Resource Monthly — who recently returned from a site visit to the Valiente project — caught back up with Hannan Metals CEO Michael Hudson to bring you a firsthand look at professional exploration and permitting work getting done in mineral-rich Peru. 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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