VANCOUVER, Jan. 4, 2018 /CNW/ - Hannan Metals Limited
("Hannan" or the "Company") (TSX.V: HAN) (OTCPK:
HANNF), announces completion of a 40.6 line kilometre 2D
seismic survey at the Company's 100%-owned County Clare zinc project, which hosts the
Kilbricken zinc-lead-silver deposit in Ireland. The regional
seismic survey is a first for the area and has delivered a critical
new set of subsurface data across Hannan's 35,444 hectare
prospecting licence (Figure 1), which will form the basis for
current and future drill targeting and prioritization.
The survey traversed the most prospective parts of the Clare
Basin within Hannan's prospecting licence and was used to identify
and map geological structures that may host and control base metal
mineralization. The Clare Basin is considered one of the most
mineralized belts in Ireland, with
the nation's first base metal discoveries identified in the area in
the late 1950's, with continued success including the recent
identification of Kilbricken. Hannan's seismic survey propels
understanding of the architecture and geological prospectivity of
the Clare Basin, in a manner not previously possible.
Key Points:
- A 40.6 line kilometre 2D seismic survey has been completed at
Hannan's County Clare 100% owned
prospecting licence area across a 12 x 14 kilometre section of the
Clare Basin (Figure 1);
- Seismic surveying is not a common technique used in hard rock
mineral exploration, but is the basis of most discoveries made in
the oil and gas industry. Hannan is one of only a few mineral
exploration companies to apply this method;
- Preliminary interpretation of new seismic data has immediately
highlighted previously unrecognised structural features;
- Two drill rigs will restart operations next week after the
Christmas break, with the continued aim to step out from the
existing resource area at Kilbricken and target adjacent base metal
mineralized bodies.
Mr. Michael Hudson, CEO and
Chairman, states: "The geologically ground-breaking regional 2D
seismic survey has delivered the unique and exciting opportunity to
map previously unknown large sub-surface structures in south-west
Ireland. These structures have the
potential to host mineral deposits and will allow for effective
drill targeting through 2018. We thank the people of Clare for
their patience and understanding during the execution of this large
survey."
The seismic survey was carried out by Gallego Technic Geophysics
and Rees Onshore Seismic Ltd. A total of 34 people were employed to
perform the survey. Three north-south lines and one east-west
tie line were completed to test for structures in multiple
orientations (Figure 1). Processing of the significant amount
of data will take many months and tenders have already been
solicited.
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.