Hannan Metals Limited announced that it has discovered a new style of sediment hosted copper-silver mineralization at San Martin West located within the San Martin project in northern Peru. The mineralization is outcropping and has been mapped over 2.3 km of strike. It is located in a new area 45 km west from the recently approved drill permit area at Tabalosos East.

Highlights: Outcropping copper-silver mineralization has been mapped for over 2.3km of strike including 5.8 m at 3.1% copper and 65 g/t silver from surface. Copper sulfides have precipitated on the rims of carbonate concentrations (interpreted to have formed from methane and CO2 rich gases) and on organic carbon clasts within the host rocks. The San Martin Project covers a new, basin-scale high-grade sediment-hosted copper-silver system that extends over 200 km x 100 km along the foreland region of the eastern Andes Mountains.

Mineralization is geologically similar to the vast Kupferschiefer deposits in Eastern Europe. Sediment-hosted stratiform copper-silver deposits are among the two most important copper sources in the world, the other being copper porphyries. The new discovery at San Martin West was made during follow-up of BLEG samples during 2023.

To date mineral prospecting has been focusing on surface sampling and mapping in ravines and systematic soil samples on topographic ridge lines. The company expects that high grade copper mineralization extends into zones of less intense weathering at depth. Detailed geochemical sampling by handheld pXRF units has commenced and results will be released once the program has been completed.

Weighted averages of twelve channels sampled over 2.3 km averaged 13.2 m @ 0.3% Cu and 9 g/t Ag. Compared to the Tabalosos project area, which is located 45 km to the east, the new discovery is hosted 200 m to 300 m higher in the stratigraphy. Sediment-hosted Stratiform copper-silver deposits are Among the two most important copper sources In the world, the other being Copper porphyries.

Quoted resources in 2019 for KGHM were 1,518 Mt @ 1.86% copper and 55 g/t silver from a mineralized zone that averages 0.4 m to 5.5 m thickness. To provide context, Hannan's widths and grade (0.9 m @ 1.9 % copper and 27 g/t silver) from 105 channel surface samples reported at Tabalosos East (lower cut 0.5% copper), within an area about 9 km long and 1 km wide, compared with those found during the initial modern-day drill discovery of the Kupferschiefer copper-silver deposits. In 1957 the discovery drillhole (Sieroszowice IG 1) intersected 2.0 m @ 1.5% copper at the depth of 657 m. In 1959 the Lubin-Sieroszowice deposit, based on the results from 24 drillholes contained 1,365 Mt @ 1.4% copper and 26 g/t silver in indicated resources, with a thickness ranging between 0.2 m to 13.1 m in an area about 28 km long and 6 km wide between 400 m and 1,000 m.