5 April 2022

ASX Announcement

Moogie Cu-Au and Ni-Cu-PGE Project

Exploration Update

  • Ground-based Moving-Loop and Fixed-loop electromagnetic (EM) surveys completed.

  • Two priority helicopter EM targets confirmed with two discrete conductors defined; drill testing recommended.

  • Moogie is located at the boundary of the Pilbara and Yilgarn Cratons, regional positions known to host deep, crustal-scale structures, considered favourable sites for potential economic mineralisation.

  • Survey focused on priority helicopter-borne EM targets associated with deep, regionally-significant Cardilya Shear Zone, being explored for Cu-Au, Ni-Cu-PGE and orogenic Au mineralisation.

Hannans Ltd (ASX:HNR) has completed a ground electromagnetic (EM) survey at its 100% owned Moogie Copper-Gold and Nickel-Copper-PGE Project ("Moogie"), located approximately 260km north-west of Meekatharra and 300km east of Carnarvon in the East Gascoyne Region of Western Australia (refer Figures 6 to 8 on pages 4 and 5 for state, regional and project location maps).

Moogie is located within the Gascoyne Province proximal to the margin with the Yilgarn and Pilbara Cratons. Such collision belts at the margin of cratons are known to host deep crustal-scale structures, favourable target sites for mineralisation. The project hosts a significant strike length of the Cardilya Shear Zone, identified as such a deep-seated structure. The Cardilya Shear Zone is a 2-5km wide, east-west trending shear zone which buckles and thickens at its intersection with the northeast-trending Deadman Fault Zone, a second major structure transecting the project. Hannans is exploring the Cardilya Shear Zone and related structures for Cu-Au, Ni-Cu-PGE and orogenic Au mineralisation (refer to Figure 1 on page 2).

A series of moving-loop (MLEM) and detailed fixed-loop EM (FLEM) surveys were recently completed over Targets A, B and C, as previously identified in the February 2022 airborne EM (AEM) survey (refer to Figures 2 & 3 on page 2 and Hannans ASX announcement 17 February 2022). The aim of the ground surveys was to firstly verify the original AEM anomalies and provide an accurate location of the conductive target for potential drill testing.

All three targets, located in the centre of the project, occur within a zone of thickening of Cardilya Shear Zone proximal to its intersection with the Deadman Fault: a zone considered prospective for intrusive-hosted Ni-Cu-PGE mineralisation.

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Figure 1: Moogie Project structural interpretation (Modified after McCormack, B., 2020.). Ground EM survey shown in blue.

Figure 2: AEM Survey area centered on Minni Ritchi prospect (noted as B).

Figure 3: Ground EM survey lines, Targets A, B (Minni Ritchi) and C.

The results from Targets A & C confirmed the presence of two weak but discrete conductors at relatively shallow depths (100-150m below surface). Both targets are either associated with or adjacent to weakly magnetic units and recommended for drill testing (refer to Figures 4 & 5). The modelled dimensions of the conductive bodies are approximately 500x300m (Target A) and 250x250m (Target C).

The AEM anomaly at Target B (Minni Ritchi) was also confirmed in the ground EM data but is considered only a very weakly conductive target and has been downgraded.

Figure 4: Target A: 3-D modelling

Figure 5: Target C: 3-D modelling

Continued…

Figure 6: Hannans' Project location map

Figure 7: Regional location map showing Moogie and its proximity to several current and historic mines.

Figure 8: Project location, regional geology & priority targets.

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Hannans Limited published this content on 05 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2022 01:57:02 UTC.