VANCOUVER, Sept. 7, 2017 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSX.V: HAN)
(OTCPK: HANNF) is pleased to provide an exploration update and
an outline of upcoming work programs for the Company's zinc
projects in Ireland following the
recent closing of a $3.3 million
financing (August 25th,
2017).
Key Points:
- An 8,500 metre resource expansion drill program is ongoing at
the Kilbricken zinc project in County
Clare, Ireland.
- One rig is now drilling and a second rig will be mobilized to
site at the start of next week;
- To date, two holes (DH 17-3679-217 ("DH217") and DH 17-3679-218
("DH218")) have been completed for 1,365 metres.
- A 40 kilometre 2D regional seismic program has been permitted
and a contract awarded, with surveying to start in October
2017. The seismic survey aims to delineate the key
mineralizing structures that lie within Hannan's 32,223 hectare
Clare project;
- Five hundred soil samples around Kilbricken have been collected
and assays are awaited. An additional 600 samples are
currently being collected from various prospect areas;
- Metallurgical locked cycle testwork is underway on the
Kilbricken mineralization;
Mr Hudson, Chairman and CEO states, "After closing our recent
financing, our team has not wasted any time to initiate our
drill-based exploration programs in County Clare. Kilbricken
is one of the few high-grade, zinc-rich, massive sulphide
discoveries made over the last decade and the recently announced
resource (Hannan News Release July 10,
2017) is a substantial starting point for the Company.
With a healthy treasury, we are well placed to achieve our
aim of expanding Kilbricken through comprehensive drill testing of
the numerous targets that lie adjacent to the initial resource
area."
Hannan's first diamond drill hole at Kilbricken, DH217 (Hannan
News Release July 20, 2017), was one
of the most richly mineralized ever drilled at the property. The
true thickness of the mineralized intervals is interpreted to be
approximately 95% of the sampled thickness. Highlights include:
- 8.0 metres @ 4.1% Zn, 33.7% Pb and 174 g/t Ag (37.9%
Zn+Pb) from 528 metres, including 3.2 metres @ 8.4% Zn, 72.8%
Pb and 388 g/t Ag (81.2% Zn+Pb) from 528 metres; and
- 3.4 metres @ 5.2% Zn, 4.3% Pb and 33 g/t Ag (9.5%
Zn+Pb) from 570 metres; and
- 26.6 metres @ 7.5% Zn, 0.9% Pb and 14 g/t Ag (8.4%
Zn+Pb) from 588 metres, including 18.8 metres @ 8.8% Zn, 1.1%
Pb, 19 g/t Ag (9.9% Zn+Pb) from 588 metres;
Results from the second diamond drill hole (DH218) at Kilbricken
will soon be available. DH218 is a 50 metre step out and
located 70 metres up-dip from DH217.
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.
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.
This maiden mineral resource for Kilbricken was published in
July 2017, and immediately ranks
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.
Importantly, the initial resource is expandable at all scales, from
near resource to prospect scale.
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.
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 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.