VANCOUVER, Jan. 4, 2018 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) (OTCPK: HANNF), announces completion of a 40.6 line kilometre 2D seismic survey at the Company's 100%-owned County Clare zinc project, which hosts the Kilbricken zinc-lead-silver deposit in Ireland. The regional seismic survey is a first for the area and has delivered a critical new set of subsurface data across Hannan's 35,444 hectare prospecting licence (Figure 1), which will form the basis for current and future drill targeting and prioritization.
The survey traversed the most prospective parts of the Clare Basin within Hannan's prospecting licence and was used to identify and map geological structures that may host and control base metal mineralization. The Clare Basin is considered one of the most mineralized belts in Ireland, with the nation's first base metal discoveries identified in the area in the late 1950's, with continued success including the recent identification of Kilbricken. Hannan's seismic survey propels understanding of the architecture and geological prospectivity of the Clare Basin, in a manner not previously possible.
- A 40.6 line kilometre 2D seismic survey has been completed at Hannan's County Clare 100% owned prospecting licence area across a 12 x 14 kilometre section of the Clare Basin (Figure 1);
- Seismic surveying is not a common technique used in hard rock mineral exploration, but is the basis of most discoveries made in the oil and gas industry. Hannan is one of only a few mineral exploration companies to apply this method;
- Preliminary interpretation of new seismic data has immediately highlighted previously unrecognised structural features;
- Two drill rigs will restart operations next week after the Christmas break, with the continued aim to step out from the existing resource area at Kilbricken and target adjacent base metal mineralized bodies.
Mr. Michael Hudson, CEO and Chairman, states: "The geologically ground-breaking regional 2D seismic survey has delivered the unique and exciting opportunity to map previously unknown large sub-surface structures in south-west Ireland. These structures have the potential to host mineral deposits and will allow for effective drill targeting through 2018. We thank the people of Clare for their patience and understanding during the execution of this large survey."
The seismic survey was carried out by Gallego Technic Geophysics and Rees Onshore Seismic Ltd. A total of 34 people were employed to perform the survey. Three north-south lines and one east-west tie line were completed to test for structures in multiple orientations (Figure 1). Processing of the significant amount of data will take many months and tenders have already been solicited.
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]