VANCOUVER, Nov. 16, 2017 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) (OTCPK: HANNF) is pleased to announce the commencement of a 40.6 line kilometre 2D seismic survey at the 100%-owned County Clare exploration license, which hosts the Kilbricken zinc-lead-silver deposit, Ireland. The survey will cover the most prospective areas within the 32,223 Ha prospecting licence area, and is designed to identify and map the geological structures that host and control base metal mineralization.
- A 40.6 line kilometre 2D seismic survey has commenced across Hannan's County Clare 100% owned prospecting licence area, employing the latest seismic geophysical exploration techniques used by the oil and gas industry;
- The survey will extend from the Kilbricken zinc-lead-silver resource area and will extend over an area of 12 kilometre by 14 kilometre within the Clare Basin where potential is very high for additional base metals discoveries (Figure 1);
- Seismic is not a technique commonly used in hard rock mining and is more popular in the oil and gas industry. Hannan is one of only a handful of exploration companies to use the method globally;
- The survey has the potential to propel understanding of the regional geology of the Clare Basin in a technological way, not previously possible. The survey aims to map subsurface structures that may host mineral deposits, allowing for highly effective drill targeting when used in combination with other data.
Mr. Michael Hudson, CEO and Chairman, states: "The application of an innovative technology such as seismic to our exploration program provides Hannan the opportunity to greatly accelerate discovery rate at our County Clare zinc project. Hannan is one of few hard rock companies to apply seismic surveying to mineral exploration globally. The geological data collected will allow our geological experts to identify structures that may host base metal deposits in the both the local area surrounding the Kilbricken resource, and beyond over a large regional area."
The seismic survey was designed by Hannan, together with its geophysical consultants and is being carried out by Gallego Technic Geophysics and Rees Onshore Seismic Ltd. A total of 34 people are currently at site in Ireland performing the survey. The operations have been permitted by the Clare County Council and comply with all relevant central and local government regulations. Three north-south lines and one east-west tie line is planned to test for structures in multiple orientations (Figure 1). The survey will run until the end of November.
Seismic surveys use sound waves to map features beneath the earth's surface. A convoy of specialized vehicles (Vibrators) (Photo 1) generate the sound waves which travel through the earth and are reflected back to surface from geological layers. These faint echoes are recorded by sensors (geophones – Photo 2), which are then processed to produce images of the underlying geological layers and structures. The seismic technique has advanced rapidly over the recent years as researchers adapt and introduce new methods, algorithms and approaches with increasing computing power (Photo 3).
About Hannan Metals Limited (TSX.V:HAN) (OTCPK: HANNF)
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.
The maiden mineral resource, dated July 10, 2017, immediately ranked 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.
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 Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
NI 43-101 Technical Report:
On August 22, 2017, Hannan filed an independent National Instrument 43-101 Technical Report (the "NI 43-101 Technical Report") on The Mineral Resource Estimate for the Kilbricken Zinc-Silver-Lead-Copper Project Co. Clare, Ireland For Hannan Metals Ltd 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 under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.hannanmetals.com.
On behalf of the Board,
Michael Hudson, Chairman & CEO
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 the current drill program, 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]