VANCOUVER, April 24, 2018 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSX.V: HAN)
(OTCPK: HANNF) is pleased to present initial results of
processing and interpretation of the 40.6km seismic survey
completed at the Company's Kilbricken zinc-lead-silver prospect and
extensive 35,444 hectare Clare project in County Clare, Ireland.
Key points:
- The 40.6 line kilometre 2D seismic survey identified the
high-grade zinc mineralized position at Kilbricken (Figure 5a) and
defined multiple new high priority targets in similar settings over
a combined 12 kilometres trend immediately along strike and up dip
from the Kilbricken resource (Figures 1 to 3).
- Over the regional scale, multiple drill targets were also
identified across much of the Clare project, including major north
dipping faults that are well documented to preferentially host
economic zinc deposits in Ireland;
- The 20,000 metre drill program currently being planned will
initially test targets over the combined 12 kilometres trend
immediately along strike and up dip from the Kilbricken
resource;
- In total the Clare project now has 68 kilometres of 2D seismic
and 5 square kilometres of 3D seismic surveys which constrain
depths and geometry of potentially mineralized targets, which will
substantially decrease exploration costs and increase exploration
effectiveness.
- Seismic surveying is not a technique commonly used in hard rock
mining while is endemic in the oil and gas industry. Hannan is one
of few hard rock exploration companies to use the method globally.
A variation on the seismic method won this years' Disrupt Mining
competition at the PDAC in Toronto;
Mr Michael Hudson, Chairman
& CEO states, "In the search for the next giant zinc deposit in
Ireland, bold new strategies are
required as exploration moves to deeper and untested levels.
Reflection seismic presents an opportunity to use new data to
think differently in a well understood geological environment.
This survey has re-written the geological understanding of
the Clare basin and opens the door to a new generation of major
zinc deposits. We look forward to drill testing these
exciting targets."
![Inset from Figure 5a: Seismic Line 17-HAN-01 cross section. Note the mineralization position at Kilbricken (red stars) and multiple, drill targets in similar settings (yellow circles) (CNW Group/Hannan Metals Ltd.) Inset from Figure 5a: Seismic Line 17-HAN-01 cross section. Note the mineralization position at Kilbricken (red stars) and multiple, drill targets in similar settings (yellow circles) (CNW Group/Hannan Metals Ltd.)](https://mma.prnewswire.com/media/681137/Hannan_Metals_Ltd__Hannan_Seismic_Survey_Identifies_Multiple_New.jpg)
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. Combined with earlier
surveys, Hannan now owns 68 kilometres of 2D seismic and a 5 square
kilometre 3D seismic survey. The Company has also invested in the
processing of historic seismic data acquired in 2011 and 2012 by
earlier operators, to refine structural architecture interpretation
and substantially decrease future exploration cost and risk.
Base metal mineralization in Ireland is consistently developed within
well-known stratigraphic and structural settings. The seismic
program not only identified the high-grade zinc mineralized
position at Kilbricken (Figure 5a), but defined multiple new
targets in similar settings. This includes a highest priority
12 kilometre long trend immediately along strike and up dip from
the Kilbricken resource (Figures 1 to 3). These new and
untested targets in combination with Hannan's extensive soil
sampling presents form compelling drill-ready targets across much
of the Clare prospecting licence (Figures 4, 5a and 5b).
Importantly, it has been previously well documented that
north-facing faults in the Irish Midlands zinc district which dip
away from interpreted topographic highs, may preferentially host
economic deposits. Major north dipping faults in the new
seismic data are therefore considered significant, both on the
southerly extent of Kilbricken, and 9 kilometres south southeast at
Kilmurry, where 5.0m @ 3.0 % Zn+Pb
was drill intersected in an interpreted footwall position adjacent
to a large north dipping fault in the seismic dataset. This
area is coincident with anomalous zinc and lead surface geochemical
sampling (Figures 4, 5a and 5b).
Seismic surveys use sound waves to map features beneath the
earth's surface. A convoy of specialized vehicles (Vibrators)
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, 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. Hannan is one of only a
handful of hard rock exploration companies to use the method
globally. A variation on the seismic method won this years'
Disrupt Mining competition at the PDAC in Toronto.
The seismic survey was designed by Hannan, together with its
geophysical consultants and was carried out by Gallego Technic
Geophysics and Rees Onshore Seismic Ltd. A crew of 34 people
performed the survey. Three north-south lines and one
east-west tie line were completed to test for structures in
multiple orientations (Figure 4). IMC Geophysical Services Limited
were selected to process all of Hannan's new data. Charles Hope acted as client representative and
quality control for the survey design, execution and
processing. Glenn Morgan from
Morgan Geophysics acted as quality control during processing and
conducted the interpretation of all seismic data.
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 35,444 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 resource1, 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.
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SOURCE Hannan Metals Ltd.