VANCOUVER, May 2, 2017 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) announces a diamond drill rig has been mobilized to the Kilbricken Zn-Pb-Ag project in Ireland, to begin the Company's first drill program since acquiring the project.
- Permitting is complete and a diamond drill rig has been mobilized to site;
- A drill program comprised of 4 diamond drill holes for 1,800m will focus on validation of historic drilling, extraction of a metallurgical sample and expanding the footprint of known mineralization;
- Drilling will continue until July 2017.
Mr. Michael Hudson, CEO and Chairman, states: "Our team has worked hard to extract as much information as possible from the extensive project and regional databases that took previous explorers more than €16 million of investment to acquire. The high grade Kilbricken mineralization holds the potential to expand in all directions and with a $1.5 million financing recently closed, we are wasting no time in getting a drill rig turning at this highly prospective base metal property."
Better intersections at Kilbricken include DH 46: 20.5m @ 7.5% Zn, 9.9% Pb, 0.07% Cu, 74.6g/t Ag; and DH06: 21.3m @ 11% Zn, 4.8% Pb, 0.06% Cu, 94.4g/t Ag. Semi-continuous massive sulphide mineralization has been drilled over more than 1.5 kilometres of strike, providing numerous opportunities to expand the mineralized footprint. In addition to Kilbricken, the broader licence area presents district scale upside with a 40-kilometre trend of prospective host rock to test, including the Milltown prospect where DH19 discovered 13.3m at 5.8% Pb and 10.5% Zn. The true thickness of the mineralized intervals quoted is interpreted to be approximately 95% of the sampled thickness.
Since acquiring the project in September 2016, Hannan has focused on advancing the technical understanding of the Kilbricken project to develop a rigorous geological model to guide future exploration. The Company has engaged experts in rift tectonics, the structural geology of Irish Zn-Pb deposits and the local geology of the Kilbricken area to re-interpret controls on Zn-Pb-Ag mineralization, and the development of the Clare rift basin. In addition, 28-line kilometres of 2D seismic and four square kilometres of 3D seismic data have been re-processed by HiSeis Pty Ltd; three airborne magnetic data surveys have been "de-cultured" and had spectral depth filtering applied; gravity data has been reprocessed; and >30,000 soil samples have been re-levelled and combined with geophysical data to define drill targets.
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. It has been stated that Irish base metal ore field is ranked first in the world in terms of zinc discovered per square kilometre, and second in the world with respect to lead. In 2015, Ireland was the world's 10th largest zinc producing nation with 230,000 tonnes produced.
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, is a Qualified Person as defined in National Instrument 43-101 and 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]