Hannan Metals Limited provided an update on the Belen copper-gold target at the 100% owned Valiente project in Peru where a large field team has continued to be active over the last months. The Belen Cu-Au porphyry is located 19 km east from the township of Tingo Maria in central Peru, within a previously unknown Miocene-age porphyry-epithermal copper-gold mineralized belt. The Belen project is contained within a 140 km by 50 km area, named the Valiente Project, where Hannan's exploration team has identified at least seven intrusion related porphyry/epithermal/skarn targets, of which Belen is the most advanced and described here in more detail.

At the Sortilegio porphyry target, detailed geological mapping has now commenced with 70% of the area mapped (5 sq km) . A total of 22 channel samples have been taken for 130.7 m. Assays are pending. In addition, 450 soil samples have been collected demonstrating moderate to strong copper (gold) values over 1,800 m by 900 m. Two zones of interests have emerged: Hornblende felspar porphyry of diorite composition overprinted by phyllic alteration and secondary copper oxides seen within multiple boulders in creeks.

Assays are pending. Board supergene mineralization marked by fine grains of native copper hosted by a lamprophyre intrusive that is broadly coinciding with the soil copper anomaly covering 1,800 m of strike. The potential for high-grade mineralization at Sortilegio has been highlighted by the discovery of high-grade copper-gold bearing massive goethite boulders with remnants of secondary biotite with one boulder assaying 16.0% Cu and 4.4 g/t Au (Figure 3).

In total 147 boulders ranged from <0.001 % Cu to 16.0% Cu to and averaged 0.15% Cu and <0.001 g/t Au to 4.4 g/t Au and averaged 0.03 g/t Au. Strong indications are also emerging of a 4 km long skarn hosted gold-base metal target (the Belen Skarn zone) north and east of Sortilegio, expanding the footprint of the mineral system to cover 10 km (Figure 2). The soil anomalous trend is parallel to an Andean thrust fault and initial soil data suggest a strike >4km.

190 soil samples have been analyzed with pXRF and 90 samples with fire assay from the area with results ranging from 6 ppm Zn to 2,031 ppm Zn and averaging 109 ppm Zn, 2 ppm Pb to 266 ppm Pb and averaging 18 ppm Pb and <0.001 g/t Au to 0.103 /t Au and averaging 0.008 g/t Au. At theRiccardo Herreraporphyry target, detailed mapping over 9 sq km has been completed. A 850 m x 250 m copper-gold target has been identified.

An updated geological interpretation is now being completed combining the information from the surface geology, airborne magnetic data and the recently collected pole-dipole IP geophysical data. The 100% owned Valiente project is located in central eastern Peru, east of the city of Tingo Maria. The area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between 800 m and 2,000 m above sea level (a.s.l.).

The project was discovered in 2021 during an extensive greenfields exploration program initiated by Hannan. Peru has been a major copper and gold producer since precolonial times. Currently known gold deposits include orogenic gold, porphyry Cu-Au, porphyry Au, transitional porphyry-epithermal, epithermal, and placer gold.

The Valiente project is a new a porphyry-epithermal metallogenic belt in the central eastern Andes. The Valiente project is located further east than most of the conventional Andean porphyry settings and shows regional similarities to deposits such as the large Bajo de Alumbrera copper-gold porphyry in Argentina. It is interpreted that Valiente was formed in a tectonically favourable area associated with an arc-oblique wrench fault system, that may have aided the ascent of oceanic arc-related magmas into the transfer zone so far inboard from the magmatic arc.

The Valiente project is believed to consist of an overlapping suit of porphyry targets with composition ranging from conventional calc-alkalic to alkalic hosted Cu-Au mineralization (reported here). It is anticipated that both high and low-magnetic and radiometric correlations may exist within the property and a detailed evaluation combining the airborne data with 3D litho-structural interpretations and results from stream sediments samples (BLEG) is currently being undertaken. In 1984 Ingemmet, the Peruvian Geological Survey, conducted mapping in the central part of the Central Cordillera in the Departments of Huanuco and Ucayali.

The area was sporadically explored during the 1990's by Gitennes, Newcrest, BHP, WMC and others but records are sparse. At this time, access to the area was restricted because of unpredictable security conditions and poor infrastructure. From 2020 to 2021, Hannan launched a greenfields exploration program for porphyry and epithermal gold deposits in the high jungle areas of the Eastern Cordillera of Peru, which included regional database compilation, target generation, and field mapping.

Hannan also conducted regional stream sediment sampling (fine clay fraction). The target generation permitted definition of prospective area, one of which was the Valiente block located along the eastern flank of the Central Cordillera, Department of Ucayali. In 2022, field work started in the Belen area which represents a small proportion (4%) of Hannan's total landholding at Valiente.

In this area, several geochemical anomalies were found, with boulders of diorite porphyry containing quartz-sulfide and magnetite veinlets. Subsequent mapping, soil and rock sampling at Belen during the last two months has identified porphyry-style alteration and veinlets. Field and social teams are actively engaged in the area, with Hannan's policy to undertake exploration activities only within areas where full support from local stakeholders exists.