VANCOUVER, Oct. 10, 2017 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSX.V: HAN)
(OTCPK: HANNF) is pleased to announce new soil geochemical
sampling results that has identified a large and coherent anomaly
up-dip from the mineral resource area at the 100%-owned Kilbricken
zinc-lead-silver deposit in County
Clare, Ireland. The geological context of the soil
anomaly makes it a high priority target for immediate drill testing
(see Figure 1 below).
Key Points:
- Assays from the first 450 soil samples have been returned from
a 1,000 sample program. Sampling infills large previously unsampled
areas around known mineralization;
- A new large and undrilled anomaly has been discovered
immediately up-dip from the Kilbricken resource area (Figure
1);
- The anomaly is similar in scale (0.75km x 0.5km) and tenor in
zinc, lead, copper and arsenic to the soil anomaly found above
known mineralization at the Chimney resource area, and shows a
strong correlation with prospective faults identified from gravity,
magnetic and seismic data sets;
- This new anomaly, in combination with known structure, presents
a target for immediate follow up, representing the Kilbricken
mineralized position at shallower depth;
- Two diamond drill rigs are currently in operation at Kilbricken
drilling six days a week.
Mr. Michael Hudson, CEO and
Chairman, states: "Base metal mineralization in Ireland is consistently developed within the
right stratigraphic and structural setting. The high-grade
zinc mineralization at Kilbricken demonstrates both these
ingredients, and our semi-regional exploration program has been
targeting similar settings. The new and untested large-scale
soil anomaly, with similar scale and tenor to Kilbricken, with
great structural context, presents an exciting drill-ready target
that will be tested within the coming months. In combination our
first reported holes demonstrating expansion of the current
resource, and with existing soil anomalies east and along strike
from the Fort resource zone, that are currently being drill tested,
the potential for further resource expansion at Kilbricken remains
high."
The current 1,000 sample soil program has focused on acquiring
new samples within an area of >40 km2 of unexplored
Waulsortian Limestone (Figure 1). Soil samples have been
acquired by hand auger at 50cm depth on average (up to >1m). The
sample material is brown earth, sometimes with a clay/sand/peat or
chip components from the A horizon. Thin glacial cover (1-5m thick)
is common over the project area. In combination with the
re-interpretation and quality control of >18,000 historic soil
samples, the new data reveals multiple new anomalies of Zn-Pb (with
associated trace elements), some at target depths
<300m. The anomalies show strong correlation with many
prospective faults previously interpreted from aeromagnetic,
gravity and seismic data.
Two diamond drill rigs are currently in operation at Kilbricken
drilling six days a week. To date, three diamond drill holes
have been completed (DH217-219), with two in progress (DH220-221)
for a total of 2,852.4 metres drilled from the current 13 hole,
8,500 metre drill program. Two holes have been reported from
the Fort Zone with highlights of DH217: 3.2 metres @ 8.4% Zn, 72.8%
Pb and 388 g/t Ag (81.2% Zn+Pb), an infill hole; and
DH218: 4.0 metres @ 0.7% Zn, 8.9% Pb and 31 g/t Ag (9.6%
Zn+Pb), a 50 metre step out hole. DH219, drilled to extend the
Fort Zone, has just been submitted to the geochemical
laboratory. DH220 (in progress) is testing the extensions of
the Chimney zone to the east and DH221 (in progress) is testing a
large soil anomaly 250 metres east of the Fort Zone, looking for a
repeat mineralized body. One drill rig will be moved to test
the new soil anomaly described here, at month's end.
Technical Background
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, sieved
to 180 um fraction, digested in aqua regia, and analyzed by the
multi-element ICP-MS method ME-MS41. The QA/QC program of Hannan
consists of the systematic collection of field duplicates and
insertion of blanks at the start of each batch. 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.
The maiden mineral resource, dated July 10, 2017, 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.
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.
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.
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.