VANCOUVER, March 2, 2017 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSX.V: HAN) is
pleased to provide an exploration update and an outline of upcoming
work programs for the Company's zinc projects in Ireland.
Following Hannan's recent listing on the TSX Venture Exchange
("TSXV"), and the closing of a C$1.5
million financing, the Company is well positioned to
commence exploration.
The Company's flagship project, Kilbricken, is drilled over more
than 1.5 kilometres of strike length with better drill
intersections including DH46: 20.5m @ 7.5% Zn, 9.9% Pb, 74.6g/t
Ag; and DH06: 21.3m @ 11.0% Zn, 4.8% Pb, 94.4g/t Ag. The
Kilbricken area provides excellent potential for new discoveries,
as it lies upon a 40-kilometre long structural trend 100% owned by
Hannan, that includes the Milltown
prospect, where drilling results included DH19: 13.3m @ 10.5% Zn,
5.8% Pb.
Recent Highlights:
- Diamond drill permitting at Kilbricken has commenced with a
planned drill start date of April
2017;
- Resource evaluation geologists are working on calculation of an
initial resource for Kilbricken;
- Metallurgical gap analysis of earlier studies has
commenced;
- Strong advancement in geological understanding made by the
Hannan team over the last 3 months, providing the basis for drill
targeting;
Mr Hudson, CEO and Chairman states, "Although Hannan only
listed on the TSXV last month, we have hit the ground running
with our first diamond drill program planned to commence during
April. Hannan owns one of the few high-grade, zinc-rich,
massive sulphide discoveries made over the last decade, with the
advantage of being in Ireland, one
of the world's premier exploration and mining zinc terrains.
Our challenge is now to expand on the very strong start we
have been afforded and we look forward to building a sustainable
business in Ireland by defining a
large and long-life asset at Kilbricken. The Hannan team has been
busy compiling and interpreting the tens of millions of dollars of
proprietary data we purchased with the project, placing us in an
excellent position to identify new drill targets to extend the
known mineralized zone."
Over the next three months the planned work program in
Ireland will consist of:
- Diamond drilling from April 2017
at Kilbricken, with permitting for that program now underway. The
early part of the program (3 holes for 1,500m) will focus on
extracting metallurgical samples and expanding the footprint of the
known mineralization beyond the current 1,500 metres strike length
(Figure 1). The second stage of the drill program (10 holes for
5,000m) will test semi-regional targets within 1 to 2 kilometres
from the Kilbricken project. The third stage will focus on testing
regional structural targets that may host additional mineralized
bodies.
- Delivery of an initial resource and accompanying NI43-101
report for the Kilbricken project by independent resource
evaluation geologists. This work is ongoing and planned for
completion during Q2 2017.
- A gap analysis of prior mineralogical and metallurgical test
work and plan for future metallurgical studies. Dr Kurt Forrester will lead this study and has been
appointed as Process Development Advisor. Dr Forrester is a
Chartered Chemical Engineer (CEng
MIChemE) and Chartered Professional Metallurgist (MAusIMM CP
(Metallurgy)).
- Other field based activities including soil sampling,
paleo-dating and field mapping.
- Later in 2017, the Company plans to collect additional 2D
seismic data, commencing with a 25 kilometre regional line across
the Company's 32,223 hectare prospecting licences followed by
infill 2D seismic lines along the Kilbricken structural trend.
Since acquiring the project in September
2016, Hannan has focussed on advancing the technical
understanding of the Kilbricken project to develop a rigorous
geological model to guide future exploration. The Company has
engaged a specialist group of geological experts in rift tectonics,
structural geology of Irish Zn-Pb deposits and local geology of the
project area to re-interpret the structural controls on
mineralization at Kilbricken, and the regional structures that
controlled development of the Clare rift basin and subsequent Zn-Pb
mineralization. In addition, 28-line kilometres of 2D seismic and
four square kilometres of 3D seismic data have been re-processed;
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.
Hannan has also commenced a formal technical collaboration with
iCRAG at the University College Dublin, an EU and industry funded
research centre with experts in Irish mineral deposits.
A NI 43-101 Technical Report for the Clare Project, dated
December 23, 2016, is available on
the Company's profile on SEDAR at www.sedar.com or directly
from the Company's website. The Technical Report was authored by
Dr. John Colthurst, PGeo, EurGeol,
who is an independent "qualified person" as defined by National
Instrument 43-101.
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. The Kilbricken project, a new
high-grade Zn-Pb-Ag-Cu discovery is the Company's flagship project.
Better intersections, to date, include DH 46: 20.5m @ 7.5% Zn,
9.9% Pb, 0.07% Cu, 74.6g/t Ag, DH06: 21.3m @ 11% Zn, 4.8% Pb, 0.06%
Cu, 94.4g/t Ag. The project is drilled over more than 1.5
kilometres and, importantly, holds large upside with a 40-kilometre
trend to test, which includes the Milltown prospect (incl. DH19: 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.
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"
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, timing of permitting, commencement and successful
completion of planned drill programs, timing of delivery of an
initial resource calculation, 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.