Highlights
Results from 5 separate outcrops sampled over 400 metres of strike have been received from a new discovery area. New results include: 0.2 metres @ 6.9% copper and 32 g/t silver (partially sampled); 2.5 metres @ 0.8% copper and 14 g/t silver (one bulk sample); 0.8 metres @ 2.8% copper and 14 g/t silver (partially sampled); Additional systematic sampling is required to determine the full width of mineralization. The new results are located 2 kilometres south of a previously reported channel sample that assayed 3 metres @ 2.5% copper and 22 g/t silver including 0.5 metres @ 4.4% copper and 61 g/t silver at a 1% copper lower cut; The style of copper and silver mineralization and the stratigraphic position is consistent with previously defined copper silver mineralization found at the top of the Sarayaquillo Formation within the 110 kilometres of strike of Hannan's 100% owned mining concessions; Mapping of outcrops and boulders in creeks now define a zone that shows a level of continuity at multiple points over 2 kilometres in the southern Sacanche mining concession area; The analogue style for mineralization at San Martin is the Kupferschiefer in
Mineralization is located in the western fold limb of an open asymmetrical anticline which dips 25 degrees to the west. The new discoveries are located immediately upstream from a creek where 10 mineralized grab samples from boulders assayed between 5.0% copper and 36 g/t silver to 0.4% copper and 3.9 g/t silver, and averaged 2.7% copper and 16.9 g/t silver. In addition, a new reduced host rock was discovered stratigraphically higher than reported above. The exposed zone was leached, 1 metre wide with minor copper oxides and assayed 1 metre @ 0.1% Cu. Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization, while grab (boulder) samples are selective by nature and are unlikely to represent average grades on the property.
Field discoveries were made in the days before field work was suspended due to the Covid-19 lockdown during mid-March. Samples were submitted to a geochemical laboratory in
Sediment-hosted stratiform copper-silver deposits are among the two most important copper sources in the world, the other being copper porphyries. They are also a major producer of silver. According to the
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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 potential impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company's business, the granting of claim applications in
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