Mike Fagan,
Editor
Oct. 14, 2022
Hannan Metals Ltd. (TSX-V: HAN)(OTC: HANNF) — currently trading around C$0.25 per share — has provided a detailed exploration update at the Belen copper-gold porphyry prospect at its 100%-owned Valiente project in central Peru.
The Valiente project defines a previously unknown Miocene-age porphyry-epithermal copper-gold mineralized belt within an expansive 140 km by 50 km area.
The Hannan field team, which includes six geologists and a full support crew onsite at Valiente, has identified at least seven intrusion-related porphyry/epithermal/skarn targets of which the Belen prospect is the most advanced.
Field work is underway at three primary Belen targets: Ricardo Herrera, Vista Alegre, and Sortilegio:
- Ricardo Herrera: a newly-identified leached copper-gold porphyry with well-developed quartz veining.
- Vista Alegre: a 1.8-km-long gold-bearing epithermal target area characterized by large gold mineralized boulders of quartz-pyrite and iron oxides.
- Sortilegio: an emerging copper-gold porphyry target located 7 km northwest of Ricardo Herrera.
Hannan Metals CEO Michael Hudson — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“We are now starting to unlock the potential of our first mover-advantage at the new Miocene-age copper-gold mineral camp within a 140 km by 50 km area at Valiente. At Belen we see extensive and systematic soil and rock geochemical anomalies over >8 km with the emergence of two copper-gold porphyry targets separated by an epithermal gold target area. What is most encouraging is that more detailed work at Ricardo Herrera has highlighted the presence of outcropping leached copper-gold porphyry mineralization with well-developed porphyry-style alteration and quartz veining at upper topographic levels with evidence of an enriched chalcocite blanket within lower lying creeks. This is the first bone fide bedrock find at the Valiente project. Additionally, the completion of the extensive airborne magnetic survey is a step change for the project. The Company is also initiating work to commence drill permitting.”
As a Top-Ten mineral explorer by area in Peru — at a staggering 2,100 sq km — Hannan Metals presents a true first-mover advantage in Peru’s underexplored foreland mineral basin area by way of two flagship properties: Valiente (100%-owned) and San Martin (JV with JOGMEC).
Even prior to the start of phase-one drilling, the junior firm has been able to successfully attract and secure a C$2.6 million strategic investment from Canada’s largest mining company — Teck Resources (NASDAQ: TECK) — and establish a key joint venture agreement with JOGMEC — Japan’s main mining arm.
To get an overall sense of the sheer scale involved and the nearly unlimited number of high-priority targets at-hand, the Belen prospect represents just 4% of Hannan’s total landholdings at Valiente with the San Martin project adding another 656 sq km to the total land package.
Today’s press release is quite technical in nature so to help make sense of it all, our own Gerardo Del Real of Junior Resource Monthly caught up with Hannan Metals CEO Michael Hudson to distill all the techy details into layman’s terms. Enjoy!
Mike Fagan
Editor, Resource Stock Digest
Click here to see more from Hannan Metals Ltd.