VANCOUVER, Sept. 18, 2017 /CNW/ - Hannan Metals
Limited("Hannan" or the "Company") (TSX.V: HAN) (OTCPK:
HANNF) is pleased to announce drill results from the second
hole completed in its resource expansion program at the 100%-owned
Kilbricken zinc-lead-silver-copper deposit in County Clare, Ireland. Thirteen holes
are planned in this 8,500 metre drill program, scheduled to be
completed during the first quarter of 2018.
Key Points:
- Significant mineralization was intersected in DH 17-3679-218
("DH218"), the first diamond drill hole to test outside the
Kilbricken resource (Figure 1). Massive sulphides were discovered
within a down-hole thickness of 55 metres, including:
- 4.0 metres @ 0.7% Zn, 8.9% Pb and 31 g/t Ag (8.6%
ZnEQ) from 526 metres, including 1.4 metres @ 1.6% Zn, 15.2% Pb
and 53 g/t Ag from 526 metres and 1.0 metres @ 0.4% Zn, 13.8% Pb
and 46 g/t Ag from 529 metres;
- 6.0 metres @ 2.5% Zn, 1.8% Pb and 13 g/t Ag (4.4% ZnEQ)
from 544 metres, including 2.1 metres @ 5.0% Zn, 3.7% Pb and 25 g/t
Ag from 548 metres;
- 6.4 metres @ 4.8% Zn, 1.3% Pb and 15 g/t Ag (6.3%
ZnEQ) from 558 metres, including 1.1 metres @ 13.3% Zn, 3.1%
Pb, 34 g/t Ag from 558 metres;
- 10.0 metres @ 3.4% Zn, 1.0% Pb and 13 g/t Ag (4.7%
ZnEQ) from 571 metres;
- DH218 is a 50 metre up-dip step out from the Fort Zone and
showed good lateral continuity of mineralization from adjacent
holes, including drill hole DH167 which intersected a lower zone of
mineralization of 4.5 metres @ 0.8% Zn, 2.6% Pb, 18.91% Cu,
867.6g/t Ag from 616.5m; and a 70 metre up-dip step out from drill
hole DH217 which intersected 8.0 metres @ 4.1% Zn, 33.7% Pb and 174
g/t Ag from 528 metres and 26.6 metres @ 7.5% Zn, 0.9% Pb and 14
g/t Ag from 588 metres (Hannan Press Release, 20 July 2017) (Figure 1);
- The mineralized position remains open for further testing
up-dip from DH218;
- Two holes have been completed by Hannan at Kilbricken, and one
in progress for a total of 1,986 metres. A 8,500 metre resource
expansion drill program is ongoing, with two drill rigs now at site
to test along strike and down dip from the mineral resource area
(Hannan Press Release, 10 July,
2017). Drilling will continue through to Q1 2018.
Mr. Michael Hudson, CEO and
Chairman, states: "DH218 is the first hole drilled by Hannan
outside the Kilbricken mineral resource, and clearly demonstrates
the potential for resource expansion at Kilbricken. The
higher-grade mineralization shows good lateral continuity within a
broader mineralized zone totaling 55 metres down hole length which
remains opens up-dip with further opportunities to extend. This is
a strong start to our resource expansion drill program."
A plan and cross section view of the drill results is provided
in Figure 1. Table 1 shows highlight intersections and Table 2
shows all relevant collar and assay information. The true thickness
of mineralized intervals at Kilbricken is interpreted to be greater
than 95% of the sampled thickness.
The maiden mineral resource for Kilbricken was published on
July 10, 2017, and 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.
Importantly, as DH218 shows, the initial resource is expandable at
all scales, from near-resource to prospect scale.
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.
Technical Background
A diamond drill rig from Priority
Drilling Limited with water recirculation and drill cuttings
collection systems was used for the drill results reported here.
Core diameter is NQ2 (50.6 mm). Core recoveries were excellent and
average close to 95-100% in fresh rock. After photographing and
logging, core intervals averaging 1-2 metre for mineralized samples
were cut in half at Hannan's core facilities in Ennis, County Clare, Ireland. The remaining half core
is retained for verification and reference purposes.
Analytical samples were transported by Hannan personnel from
site to the ALS Loughrea located at Dublin Road, Loughrea,
County Galway, Ireland. At the
laboratory samples are dried, crushed to 100% passing 2mm, then 500
grams pulverized for multi-element analysis by method ME-MS6, a
four-acid digest performed on 0.25 g of sample to quantitatively
dissolve most geological materials. Analysis is via ICP-MS +
ICP-AES. Samples assaying over range 1% zinc, lead, or copper and
100 g/t silver were re-assayed using methods Ag/Pb/Zn-OG62, a
precise ore grade method to determine lead, zinc and silver by
HF-HNO3-HClO4 Digest, HCl leach and ICP-AES. The QA/QC program of
Hannan consists of the systematic insertion of certified reference
material of known base metal content and blanks at the start of
each batch and within interpreted mineralized rock. In addition,
ALS inserts blanks and standards into the analytical process.
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.
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.
Table 1: Highlight intersections from DH 217. Lower cut-off
3% ZnEq.
HOLE
|
|
From
|
To
|
Width
(m)
|
Zn%
|
Pb%
|
Ag
ppm
|
ZnEq%
|
DH218
|
|
526
|
530
|
4.0
|
0.67
|
8.86
|
30
|
8.65
|
|
incl
|
526
|
527
|
1.4
|
1.56
|
15.2
|
53
|
15.21
|
|
incl
|
529
|
530
|
1.0
|
0.44
|
13.8
|
46
|
12.82
|
|
|
544
|
550
|
6.0
|
2.50
|
1.84
|
13
|
4.37
|
|
incl
|
548
|
550
|
2.1
|
5.02
|
3.69
|
25
|
8.75
|
|
|
558
|
564
|
6.4
|
4.80
|
1.26
|
14
|
6.33
|
|
incl
|
558
|
559
|
1.1
|
13.3
|
3.13
|
34
|
16.93
|
|
|
571
|
581
|
10
|
3.44
|
1.00
|
13
|
4.72
|
Note: The zinc
equivalent (ZnEq) value was calculated using the following formula:
ZnEq% = Zn % + (Cu% * 2.102) + Pb% * 0.815) + (Ag g/t * 0.023) with
assumed prices of Zn $2587/t; Cu $5437/t; Pb $2108/t and Ag
$18.44/oz.
|
Table 2: Collar Information for Resource Expansion
Program at the Kilbricken Project (Irish National Grid)
HoleID
|
East
|
North
|
Azimuth
|
Dip
|
RL
|
Depth (m)
|
DH217
|
139133
|
176006
|
020
|
-82
|
22.433
|
714
|
DH218
|
139165
|
176035
|
010
|
-81
|
22.735
|
651
|
DH219
|
139168
|
175979
|
0
|
-90
|
22.443
|
621
In
progress
|
SOURCE Hannan Metals Ltd.