VANCOUVER, Feb. 10, 2020 /CNW/ - Hannan Metals Limited
("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) announces it has increased its land under tenure by
27% at the 100% owned San Martin project in north central
Peru to 600 square kilometres ("sq
km"). The Company also provides an update on the status of
further granted mining concessions and announces the commencement
of the 2020 exploration and social permitting programs.
Highlights:
- Hannan has added 27% additional mining concession applications
at the San Martin project in Peru
for a total of 88 mining concessions (28 granted) for 66,000
hectares (600 sq km) at San Martin, covering multiple trends within
110 kilometres of combined strike for sedimentary-hosted
copper-silver mineralization;
- A further 3 mining concessions have been granted over the last
4 weeks. A total of 28 mining concessions have now been granted at
the Tabalosos (19 concessions), Sacanche (3) and Gera (6) areas at
the San Martin project in Peru;
- Geological field and social permitting teams have commenced
their 2020 programs.
Michael Hudson, Hannan's CEO,
states, "With our first mover advantage cemented and large tracts
of ground secured under tenure and now granted, our field teams are
now actively exploring multiple trends within 110 kilometres of
combined strike for sedimentary-hosted copper-silver
mineralization. We are excited to see what our second field
season will discover from this newly identified, basin-scale
high-grade copper-silver system. Mission critical for Hannan has
always been social permitting, and we have been working hard to
inform and engage all stakeholders."
Hannan has staked a total of 88 mining concessions (28 granted)
for 66,000 hectares (600 sq km) at San Martin, covering multiple
trends within 110 kilometres of combined strike for
sedimentary-hosted copper-silver mineralization. The 28 granted
mining concessions now cover 20,800 hectares (208 sq km), with an
additional 60 mining concessions (45,200 hectares, 452 sq km)
remaining under application. Further mining concessions at
Sacanche, Gera and Tabalosos are expected to be granted over the
coming months in the order in which they were applied. Under
Peruvian mining law, a mining concession provides the holder with
exclusive rights to undertake exploration (and mining activities
subject to additional permitting) within a pre-determined area. The
concession provides secure tenure and allows for more advanced
social and exploration work programs to be executed including drill
permitting.
Exploration and social permitting programs are now underway.
Geological field teams are active prospecting, mapping and sampling
over Hannan's vast land holding, with the aim to define initial
drill targets. Three sociologists have also been working over
the last 3 weeks gaining social licence. Further geological teams
will be added over the coming months as additional mining
concessions are granted and further sign-off is received from local
stakeholders. Field work will continue throughout the
year.
The San Martin mining concessions cover a newly identified,
basin-scale high-grade copper-silver system situated along the
foreland region of the eastern Andes Mountains in Peru and neighboring countries. Geologically,
these shares similarities with sedimentary copper-silver deposits
including the vast Kupferschiefer deposit in Eastern Europe and deposits of the African
Copper Belt situated in sub-Saharan Africa, two of the largest
copper districts on earth. Hannan recognized the exceptional
potential for large copper-silver deposits in this part of
Peru and has aggressively staked a
commanding position over 600 square kilometres ("sq km") of
prospective geology.
About Hannan Metals Limited
(TSX.V:HAN) (OTCPK: HANNF)
Hannan Metals Limited is a natural resources and
exploration company developing sustainable and ethical resources of
metal needed to meet the transition to a low carbon economy. Over
the last decade, the team behind Hannan has forged a long and
successful record of discovering, financing and advancing mineral
projects in Europe and
Peru.
Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a
Qualified Person as defined in National Instrument 43-101, has
reviewed and approved the technical disclosure contained in this
news release.
On behalf of the Board,
"Michael
Hudson"
Michael Hudson, Chairman &
CEO
Forward Looking Statements
Certain information set forth in this news release contains
"forward-looking statements", and "forward- looking information"
under applicable securities laws. Except for statements of
historical fact, certain information contained herein constitutes
forward-looking statements, which include the Company's
expectations regarding future performance based on current results,
expected cash costs based on the Company's current internal
expectations, estimates, projections, assumptions and beliefs,
which may prove to be incorrect. These statements are not
guarantees of future performance and undue reliance should not be
placed on them. Such forward-looking statements necessarily involve
known and unknown risks and uncertainties, which may cause the
Company's actual performance and financial results in future
periods to differ materially from any projects of future
performance or results expressed or implied by such forward-looking
statement. These risks and uncertainties include, but are not
limited to: The Company's expectations regarding timing to complete
field work and outcome of results, the granting of the claim
applications in Peru, community
relations, liabilities inherent in mine development and production,
geological risks, the financial markets generally, and the ability
of the Company to raise additional capital to fund future
operations. There can be no assurance that forward-looking
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news
SOURCE Hannan Metals Ltd.
