Hannans : Moogie Nickel-Copper-PGE Project Update

17 February 2022

Moogie Cu-Au and Ni-Cu-PGE Project

Exploration Update

• Helicopter-borneelectromagnetic (EM) & magnetics survey completed.
• Several new, high priority targets identified and existing target areas advanced.
• 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 targets associated with deep, regionally-significant Cardilya Shear Zone, being explored for Cu-Au,Ni-Cu-PGE and orogenic Au mineralisation.
• Follow-upground EM surveying and field mapping being scheduled.

A helicopter-borne EM survey has been completed by Hannans Ltd (ASX:HNR) 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 5 to 7 on pages 4 and 5 for state, regional and project location maps1).

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).

During January 2022, Hannans completed a 413 line kilometre high resolution helicopter borne EM and magnetic survey using the NRG XciteTM system. The line spacing over the priority Mission Bore, Breccia, Minni Ritchi and Ghallangee prospects was 200m and the line spacing for the regional survey was 400m (refer Figure 2 on page 2).

Minni Ritchi & Ghallangee prospects, located in the east of the project, lie within a zone of thickening of Cardilya Shear Zone proximal to its intersection with the Deadman Fault: a zone considered prospective for intrusive-hostedNi-Cu-PGE mineralisation. Weak multi-element soil anomalism is present over prominent magnetic anomalies and could represent the presence of a mafic-ultramafic intrusive at depth, an interpretation supported by mapping of deformed ultramafic rocks at Ghallangee.

1 A comprehensive introduction to the Project can be found here.This was released to ASX on 3 June 2020.

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Figure 1: Structural interpretation for the Moogie Project (Modified after McCormack, B., 2020.).

Mapping is planned for the southern applications in the coming field season.

Figure 2: Helicopter-borne EM & magnetic survey flights lines covering Mission Bore, Breccia,

Minni Ritchie and Ghallangee targets.

The recent airborne EM (AEM) survey showed an elevated EM response in the vicinity of the Minni Ritchi prospect (labelled B in Figure 3 on page 3) and coincident with magnetic and geochemical anomalism. Wide spaced lines of surface moving loop EM (MLEM) are recommended to test for deeper targets beyond the detection limit of the helicopter borne survey (approximately 200m from surface).

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Figure 3: AEM survey area centred on Minni Ritchi prospect (noted as B).

A new target (labelled C) has been identified to the southeast of Minni Ritchi, where a well-defined AEM anomaly of moderate conductance (~100 Siemens) is spatially related to an offset in a NE-SW trending magnetic unit, parallel to the Deadman Fault. The modelled target size is approximately 200-300m and starting at only 50-100m below surface.

The Mission Bore and Breccia prospects are located in the west of the project area. At the Mission Bore prospect the recent AEM survey noted a magnetic anomaly coincident with a previously identified gravity anomaly but only weak EM anomalism, offset to the south. The AEM survey did not replicate the historic state-derived airborne EM anomaly and the prospect has been downgraded. At the Breccia prospect outcropping copper-oxide mineralisation is associated with an approximately 4km long zone of intensely altered and brecciated suite of gneissic rocks. The alteration suite of albite-silica-k-feldspar,copper-magnetite mineralisation and structural position all support a possible IOCG/ porphyry base metal deposit model. The AEM survey at Breccia noted a minor EM response approximately 500m south of copper outcrop. Follow-up mapping and reconnaissance soil sampling is recommended at both Mission Bore and Breccia prospects.

Figure 4: AEM survey area centred on Mission Bore and Breccia Prospects.

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Figure 5: Hannans' Project location map

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Figure 6: Regional location map showing Moogie and its proximity to several current and historic mines.

Figure 7: Project location, regional geology & priority targets.

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