VANCOUVER, Dec. 24, 2018 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK: HANNF) is pleased to provide an end of year update on activities.
Hannan holds a regionally significant zinc-lead-silver exploration project in County Clare in the south-west of Ireland where US$30M of investment over the last 9 years has been spent searching for new zinc deposits;
Hannan's ground-breaking seismic work has identified prospective drill targets to expand known and discover new mineralized areas within the licence block. A highlight is the Kilmurry target, considered one of the largest basin-scale fault displacements mapped in Ireland where drilling will commence during Q1 2019 when drill permitting is complete;
Hannan has identified an opportunity to diversify its base metal portfolio and has staked claim applications for copper in Peru.
Michael Hudson, Chairman and CEO states, "Hannan's exploration strategy is to open up new exploration search spaces for base metals. For example, the Company is a leading proponent of seismic technology that has unlocked the potential for new zinc deposits below 200 metres depth in Ireland. Along similar lines, the Company is now looking to augment and diversify its portfolio into new exploration areas for copper in Peru."
Hannan holds a regionally significant zinc-lead-silver exploration project in County Clare in the south-west of Ireland. This 35,444 hectare project is one of the most mineralized in Ireland and has seen US$30M of investment from Hannan and earlier exploration companies over the last 9 years. During this decade the mineral industry in Ireland has been transformed by seismic technology. Hannan's seismic work has mapped more than 200 square kilometres of host rock. More than 100 square kilometres remains untested. The opportunity to expand known and discover new mineralized areas within the Clare Project is considered high. The highlight from Hannan's 2018 seismic survey is the definition of the Kilmurry target, considered one of the largest basin-scale fault displacements (>750 metres) mapped in Ireland. These faults are known elsewhere to form the conduits for base metal mineralization. Drilling to test Kilmurry is anticipated to commence during Q1 2019 when drill permitting is complete.
The Company has recently identified an opportunity to augment its property portfolio. Management is of the view that diversification of Hannan's property portfolio is prudent and its looking to position the Company as a global base metal project generator. A copper project was discovered in Peru where management has had significant prior experience. Mineral claim applications have been filed for an area in Northern Peru covering approximately 14,800 hectares. Based on limited field work conducted to date, management believes the Peru property is of merit and is considering further work in 2019. At this time the claim applications are in process and have not been granted.
About Hannan Metals Limited (TSX.V:HAN)(OTCPK: HANNF)
Hannan Metals Limited is a base metal project generation company. It has 100% ownership of the County Clare Zn-Pb-Ag project in Ireland, which consists of 9 prospecting licences for 35,444 hectares and has recently filed mineral claim applications in Peru searching for copper.
Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing and advancing mineral projects in Europe and Peru.
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.
On behalf of the Board,
"Michael Hudson" 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 planned drill programs, the granting of the claim applications in Peru, 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]