Hannans Ltd (ASX: HNR) advises shareholders that it has applied for two large exploration licences (1,100km2 in area) in the Gascoyne Province, Western Australia, located 260kms north-west of Meekatharra and 270kms east of Carnarvon.

This new project is called 'Moogie'.

Hannans Director Damian Hicks said, 'Analogies are being drawn between the structural position of the Gascoyne Province and the Fraser Range located on the eastern margin of the Yilgarn Craton. Moogie covers the intersection of some major structures and we're focussed on discovering a large, long life, low cost gold and or copper deposit. Today we started a detailed airborne magnetic survey and we'll be on the ground after the interpretation is completed. Interestingly the 1Moz Glenburgh gold deposit is located close to our applications. Moogie is an exciting new project for Hannans.'

Moogie is located within the Glenburgh Terrane of the Gascoyne Province, a Proterozoic1 metamorphic belt located at the northern margin of the Yilgarn Craton. The project tenure covers the intersection of the crustal scale Cardilya Fault with the northeast trending Deadman Fault. The project is considered prospective for orogenic2 gold and or copper mineralisation and intrusionrelated Ni-Cu-PGE mineralisation. The Glenburgh Gold Project, owned by Gascoyne Resources Ltd (ASX:GCY), is located 7km due south of Hannans' new applications and contains a Measured, Indicated and Inferred mineral resource of 21.3 Mt @ 1.5 g/t Au for 1.0M ounces of gold3 .

The gold mineralisation at Glenburgh is hosted within silica altered quartz-feldspar-biotite-garnetgneiss and is located along the northeast trending Deadman Fault which continues along strike into Hannans' applications. The Deadman Fault zone is a sinistral transcurrent fault4 hosting not only gold but also copper mineralisation (Dalgety Downs). The Deadman Fault zone forms a 14km low ridge on Hannans' E09/2373 tenement application and Aster satellite imagery shows argillic alteration5 along its length; the ridge has not previously been drill tested nor subject to systematic surface geochemical sampling.

Hannans has commenced a 100m-spaced gradiometer airborne magnetic survey over Moogie (11,500 line kms in total) to obtain detailed magnetic data across the tenure. The known gold and copper mineralisation in the area is primarily structurally controlled so it is important to have a good understanding of the structural architecture of the project. The detailed magnetic survey will provide this information. A comprehensive structural interpretation of the newly acquired magnetic data will commence in January / February 2020 followed by a maiden field reconnaissance program during April / May 2020.

Contact:

Damian Hicks

Tel: +61 8 9324 3388

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