Canada - Hannan Metals Limited ('Hannan' or the 'Company') (TSXV: HAN) (OTCPK: HANNF) is pleased to announce initial field results from its 100% owned, 906 square kilometre, Ucayali project in Central Peru.
Initial exploration has focused on two areas: Previsto and Belen, about 20 kilometres apart, with both stream sediment and float sampling and subsequent TerraSpec spectral analysis being undertaken.
Key points
At Previsto, initial reconnaissance field work has identified a large-scale hydrothermal system within a 6 kilometre x 3 kilometre area, that has the potential to host a porphyry copper-gold mineral system with an associated skarn.
Multiple copper and gold mineralized float samples were identified within a 6 kilometre x 3 kilometre area defined by copper and gold anomalous stream sediment sampling. The best float sample assayed 25.6% copper and 28 g/t silver, sample 3703 from an interpreted supergene enrichment zone; Exploration focused on a range that extends 10 kilometres in a north-south direction. The trend remains open to the north, west and south.
Copper and gold mineralized porphyritic intrusive rocks were identified within float samples in creeks with propylitic, phyllic, intermediate argillic and potassium alteration, together with iron oxides, copper oxides, pyrite, chalcopyrite, chalcocite and neotocite; At Belen, a second copper and gold anomalous target was identified 20 kilometres south of Previsto. The zone is defined by altered outcrops and copper and gold anomalous stream sediment samples.
Michael Hudson, CEO states, 'The back-arc basins of Peru have been sporadically explored over the last 30 years. The area represents a true last frontier within the metal-rich Andes mountain chain. In a similar way to our vast sediment-hosted copper-silver project in San Martin, we have once again opened a new search space in Ucayali, this time for copper-gold porphyry systems. Big systems have big footprints, and in a rare event, field teams were able to sample up to 25.6% copper in creeks within the first day or so of visiting the Ucayali project. Hannan is extremely well poised for a strong 2021 with a top 10 ground position in Peru, two extremely prospective and large copper projects, and a great joint venture partner JOGMEC earning up to 75% of the at San Martin project by spending US$35,000,000 to deliver a feasibility study.'
About the Ucayali Project
The Ucayali Project comprises of 906 square kilometres of mining concession applications, and demonstrates the Hannan's strategy to open new search spaces and apply disruptive exploration models to previously unexplored terrain. During the last year Hannan has completed interpretations over the area with modern medium resolution satellite derived topographic (ALOS PALSAR, 15m), high resolution optical imagery from Sentinel-2 satellites (10m) and satellite imagery from the Landsat program (30m).
Hannan has also reprocessed airborne magnetic and gravimetric data obtained from PeruPetro and utilized in-house geological datasets. This work has led the company to develop a robust regional exploration model for the area. The combined geological observations, such as host regional setting, rock composition, metal content and alteration suggest that the copper gold mineralized boulders discovered at Previsto relates to a back-arc alkalic porphyry copper-gold system.
To the best of Hannan's knowledge, the exploration history of the area is limited. Between 1999 and 2013 regional airborne surveys, both magnetic and gravimetric have been flown by the petroleum industry due to the proximity to productive hydrocarbon basins. Limited government funded geological mapping was carried out in the late 1990s. In combination with remote-sensed data, available at the time of mapping, the government funded geological data has formed the basis for the public geological maps for the area.
The Ucayali Project is in the sub-Andean zone, at an altitude between 700-2,000m above sea level. To the west the project borders the Andean Cordillera and to the east the Pachitea Basin. The infrastructure within the project is well developed, with National Road '5' traversing the central parts of the project, connecting the towns of Pucallpa and Tingo Maria.
Geologically the project is dominated by uplifted and deformed Cretaceous to Early Paleogene sediments. The sediments are dominated by arenites, shales, some micritic limestones and dolomites which are generally flat lying to openly folded that steepen to sub-vertical dips proximal to faults. The western part of the area is intruded by small monzonitic stocks composed of potassic feldspar and hornblende, sodium pyroxene, biotite and chlorite. The intrusions were dated 1979 by 'Mision Japonesa' using K-Ar. The results suggest intrusive ages of 27 m.a according to INGEMMET Boletin No 80.
With reconnaissance field crews active on the Ucayali Project, further information on this and other new areas will be made as it becomes available. The time to grant mining concession applications in Peru takes up to one year. One hundred percent ownership of the Ucayali Project is held through Hannan subsidiaries or in trust via other private companies.
Technical Background
All samples were collected by Hannan geologists during two weeks of recognizance work in the region. Rock and sediment samples were transported to ALS in Lima via third party services using traceable parcels. At the laboratory rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. The crushers and pulverizes were cleaned with barren material after every sample. Samples were analyzed by method ME-MS61, a four acid digest preformed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Gold was analyzed using method Au-ICP22 on a 50g sample charge. The method uses fire assay and ICP-AES.
All crushed rejects if the rock samples were scanned using TerraSpec 4HR scanning and aiSIRSITM expert spectral interpretation.
Sediment samples collected at multiple points of active sedimentation in creeks. They were pre-screened in the field using a steel sieve and subsequently bagged. At the lab, the samples were first dried at
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