VANCOUVER, Nov. 16, 2017 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSX.V: HAN)
(OTCPK: HANNF) is pleased to announce the
commencement of a 40.6 line kilometre 2D seismic survey at the
100%-owned County Clare
exploration license, which hosts the Kilbricken zinc-lead-silver
deposit, Ireland. The survey will cover the most prospective
areas within the 32,223 Ha prospecting licence area, and is
designed to identify and map the geological structures that host
and control base metal mineralization.
Key Points:
- A 40.6 line kilometre 2D seismic survey has commenced across
Hannan's County Clare 100% owned
prospecting licence area, employing the latest seismic geophysical
exploration techniques used by the oil and gas industry;
- The survey will extend from the Kilbricken zinc-lead-silver
resource area and will extend over an area of 12 kilometre by 14
kilometre within the Clare Basin where potential is very high for
additional base metals discoveries (Figure 1);
- Seismic is not a technique commonly used in hard rock mining
and is more popular in the oil and gas industry. Hannan is one of
only a handful of exploration companies to use the method
globally;
- The survey has the potential to propel understanding of the
regional geology of the Clare Basin in a technological way, not
previously possible. The survey aims to map subsurface structures
that may host mineral deposits, allowing for highly effective drill
targeting when used in combination with other data.
Mr. Michael Hudson, CEO and
Chairman, states: "The application of an innovative technology
such as seismic to our exploration program provides Hannan the
opportunity to greatly accelerate discovery rate at our
County Clare zinc project.
Hannan is one of few hard rock companies to apply seismic surveying
to mineral exploration globally. The geological data collected will
allow our geological experts to identify structures that may host
base metal deposits in the both the local area surrounding the
Kilbricken resource, and beyond over a large regional
area."
The seismic survey was designed by Hannan, together with its
geophysical consultants and is being carried out by Gallego Technic
Geophysics and Rees Onshore Seismic Ltd. A total of 34 people are
currently at site in Ireland
performing the survey. The operations have been permitted by
the Clare County Council and comply with all relevant central and
local government regulations. Three north-south lines and one
east-west tie line is planned to test for structures in multiple
orientations (Figure 1). The survey will run until the end of
November.
Seismic surveys use sound waves to map features beneath the
earth's surface. A convoy of specialized vehicles (Vibrators)
(Photo 1) generate the sound waves which travel through the earth
and are reflected back to surface from geological layers. These
faint echoes are recorded by sensors (geophones – Photo 2), which
are then processed to produce images of the underlying geological
layers and structures. The seismic technique has advanced rapidly
over the recent years as researchers adapt and introduce new
methods, algorithms and approaches with increasing computing power
(Photo 3).
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.