VANCOUVER,
June 19, 2017
/CNW/ - Hannan Metals Limited
("Hannan" or the "Company") (TSX.V: HAN)
provides an update on drilling at the Company's 100% owned
Kilbricken Zn-Pb-Ag prospect in Ireland.
Key points:
Mr. Michael Hudson, CEO and
Chairman, states: "Completion of Hannan's first drill hole is a
great milestone. We look forward to receiving assays
shortly. Our plan is to increase the number of drill rigs
over the coming months with an aim to increase tonnes in
Kilbricken's immediate resource target area, and then move to open
up the exploration front within a 5km radius targeting existing
soil sampling, lithogeochemistry, geology, seismic and earlier
drill anomalies."
- A total of 852 metres with one diamond drill rig have
been drilled since early May.
- The first diamond drill hole DH217 was completed at 714
metres. This was a 20 metre step out from drill hole DH167 which
intersected 4.5m @ 0.8% Zn, 2.6% Pb, 18.91% Cu,
867.6g/t Ag from 616.5m. Mineralization in hole
DH217 was intersected as anticipated from adjacent drill holes.
- After geological, physical property and structural
orientation logging, core cutting is now underway for submission of
samples to an independent laboratory. Assay results are expected in
3-4 weeks.
- The second hole, DH218 is currently at 138 metres with a
target depth of 500 metres;
- The total drill program comprises 3 diamond drill holes
for 1,800m and will focus on validation of historic drilling,
extraction of a metallurgical samples and expanding the footprint
of known mineralization. Drilling will continue until August 2017;
- Independent qualified persons are currently working on
finalizing the initial resource from the Kilbricken project with an
estimate due early in Q3 2017.
Better intersections at Kilbricken include DH 46: 20.5m
@ 7.5% Zn, 9.9% Pb, 0.07% Cu, 74.6g/t Ag from 415.3m; and
DH06: 21.3m @ 11% Zn, 4.8% Pb, 0.06% Cu, 94.4g/t Ag from
441.9m. 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, 66g/t Ag from 45.4m. The
true thickness of the mineralized intervals quoted is interpreted
to be approximately 95% of the sampled thickness.
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"
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.