Nov. 15, 2022
Hannan Metals Ltd. (TSX-V: HAN)(OTC: HANNF) — currently trading around C$0.30 per share — has released preliminary results from a 5,176-line-km airborne magnetic and radiometric survey at its 100%-owned Valiente copper porphyry project in Peru.
Early results demonstrate a minimum of 18 magnetic anomalies of significance across the project, which the company will further distill and de-risk into key focus areas for boots-on-the-ground exploration and potential drilling with permitting underway.
The company currently has a team of six geologists, plus a support team, on the ground at Valiente where ongoing geological mapping and sampling has identified 12 additional porphyry centers.
Hannan Metals CEO Michael Hudson — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“Over 2022, the Valiente project has already delivered 12 different porphyry/epithermal/skarn target areas from geochemical and geological mapping. The airborne magnetic and radiometric survey has now delivered at least 18 magnetic target areas, many which overlap with known copper-gold mineralized areas, and equally many that we are yet to explore. The survey is a step change for the project in terms of our understanding and direct targeting of copper-gold mineralization, as well as aiding in the scale reduction of our vast land holding by helping us focus on key areas.”
The 94,500-hectare Valiente project is a brand new porphyry and epithermal mineralized belt within an expansive 140 km by 50 km area in the central eastern Andes that has yet to be drilled.
Initial survey results show excellent correlation between the known areas of mineralization and the newly-received magnetic and radiometric data.
Importantly, the company has dated the porphyries as Miocene age, which is the same age as belts situated about 50 to 80 km to the west, on the other side of the Andes, that are the main producers of copper in the world.
Hannan is simultaneously advancing its San Martin copper-silver project (located 250 km north of Valiene) via a joint venture with JOGMEC (Japan Oil Gas & Metals National Corp.).
JOGMEC has an option to earn up to a 75% interest by spending up to US$35 million culminating in a feasibility study; a phase-one drill program is planned pending approval of the company’s Environmental Impact Statement (or “DIA” in Peru).
Combined between the two flagships, Hannan Metals has established a top-ten in-country tenure position in Peru at a staggering 2,100 sq km (~800 sq mi).
Major mining firm Teck Resources (NASDAQ: TECK) has also come in with a C$2.6 million strategic investment in Hannan, which demonstrates the district-scale potential of Hannan’s position in this emerging, yet massively underexplored mineral belt.
Our own Gerardo Del Real of Junior Resource Monthly caught up with Hannan Metals CEO Michael Hudson to go over the initial survey results plus next-steps in the advancement of both Valiente and San Martin. Enjoy!
Editor, Resource Stock Digest