VANCOUVER, Aug. 22, 2017 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) (OTCPK: HANNF) announces the filing of an independent National Instrument 43-101 Technical Report on The Mineral Resource Estimate for the Kilbricken Zinc-Silver-Lead-Copper Project Co. Clare, Ireland For Hannan Metals Ltd (the "NI 43-101 Technical Report") in support of the Company's news release dated July 10, 2017.
The NI 43-101 Technical Report was authored by Mr. Geoff Reed of Reed Leyton Consultants and Dr. John Colthurst who are independent "qualified persons" as defined by National Instrument 43-101. The NI 43-101 Technical Report may be found on the Company's website at www.hannanmetals.com or under the Company's profile on SEDAR at www.sedar.com.
Mr. Michael Hudson, CEO and Chairman, states: "The initial resource outlined in the technical report that was filed today is a substantial start for the Company. Our aim is now to grow the initial zinc resource by drill testing the areas that lie open in all directions around the resource area. We currently have one drill rig operating and after closing our recent financing, will soon be mobilizing an additional drill rig. Drill results are expected to be released shortly."
Highlights of the initial Mineral Resource Estimate for the Kilbricken Project, include:
- Total indicated mineral resource of 2.7 million tonnes at 8.8% zinc equivalent ("ZnEq"), including 1.4 millions tonnes at 10.8% Zneq;
- Total inferred mineral resource of 1.7 million tonnes at 8.2% ZnEq, including 0.6 million tonnes at 10.4% ZnEq;
- This resource estimate is the first for the Kilbricken deposit, and immediately ranks it as one of the top ten base metal deposits discovered in Ireland by tonnes and grade (data sourced from the Irish Exploration, Mining Division website);
- Two styles of mineralization are evident at Kilbricken. The upper Chimney Zone demonstrates the classic high-grade (>10% Zneq) Irish stratabound mineralization targeted by Hannan. This body has been drilled within an area of 750 metres by 200 metres and averages 12 metres thickness. The lower Fort Zone was found later than the Chimney zone and has been tested with fewer drill holes. It is structurally hosted, lower grade, but thicker, averaging 40 metres, and drilled within a 400 metre by 200 metres area.
- Importantly, the initial resource is expandable at all scales, from near resource to prospect scale, and Hannan has already commenced a drill resource expansion program;
About Hannan Metals Limited (TSX.V:HAN)
Hannan Metals Limited has 100% ownership of the County Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting licences for 32,223 hectares. Zinc remains in tight supply amidst rising demand and stagnant supply. Ireland is a leading global jurisdiction for zinc mining and exploration. In 2015, Ireland was the world's 10th largest zinc producing nation with 230,000 tonnes produced.
This maiden mineral resource for Kilbricken was published in July 2017, and immediately ranks Kilbricken as one of the top ten base metal deposits discovered in Ireland by tonnes and grade. Total indicated mineral resources were calculated as 2.7 million tonnes at 8.8% zinc equivalent ("ZnEq"), including 1.4 million tonnes at 10.8% Zneq and total inferred mineral resources of 1.7 million tonnes at 8.2% ZnEq, including 0.6 million tonnes at 10.4% ZnEq. Importantly, the initial resource is expandable at all scales, from near resource to prospect scale.
Over the last decade, the team behind Hannan has forged a long and successful record of financing and discovering mineral projects in Europe. Additionally, the team holds extensive zinc experience, gained from the world's largest integrated zinc producer of the time, Pasminco Ltd.
Mr. Michael Hudson FAusIMM, Hannan's CEO and Chairman, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
On behalf of the Board,
Michael Hudson, CEO & Chairman
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: liabilities inherent in mine development and production, geological risks, the financial markets generally, and the ability of the Company to raise additional capital to fund future operations. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Hannan Metals Ltd.
For further information: www.hannanmetals.com; 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7, Mariana Bermudez, Corporate Secretary, +1 (604) 685 9316, [email protected]