VANCOUVER, May 7, 2018 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSX.V: HAN)
(OTCPK: HANNF) is pleased to announce discovery of new lead and
zinc mineralization in outcrop approximately 600 metres north from
the Company's Kilbricken zinc-lead-silver resource in County Clare, Ireland.
Key points:
- Multiple occurrences of coarse grained galena (lead sulphide)
and sphalerite (zinc sulphide) have been discovered in rocks
exposed by recent forest cutting over an area of 70 metres by 60
metres at Finanagh (Figure 1);
- Correlates with extremely high lead (up to 2,650ppm) and zinc
(up to 921ppm) values in soil samples;
- Outcrops comprise immediate drill targets that have never been
drill tested (Figure 2);
Mr Michael Hudson, Chairman
& CEO states, "It is extremely uncommon to find outcropping
mineralization in Ireland. Most surface occurrences were
located during Victorian times, and it was only a recent forest
clearing program which allowed our geologists to make this
promising new discovery at Finanagh.
To highlight the potential significance of this find,
Hannan's Kilbricken deposit was first discovered in 2008 when a
private Irish exploration company drilled beneath similar galena,
sphalerite and calcite veined shelf carbonates at a small
Victorian-era lead mine. The discovery hole, DH04, intersected
10 metres @ 13.8% zinc, 5.5% lead and 62.8g/t silver from 448.1
metres depth."
"All large Irish base metal mines are known to be comprised
of clusters of individual deposits. At Kilbricken two such
deposits have thus far been drilled, and a discovery like this in
outcrop delivers great encouragement that many additional deposits
remain to be found in close proximity. Along with the many
high-quality targets identified by the recent seismic
survey, we look forward to drill testing the Finanagh
outcrop discovery when drill rigs return to the project this
summer."
Hannan's geologists were encouraged to undertake soil sampling
at Finanagh to test positive features recognized in the recent
seismic structural re-interpretation. This discovery of
extremely high lead (up to 2,650ppm) and zinc (up to 921ppm) values
in soil samples subsequently led to the discovery of sub-cropping
mineralization in a recently deforested area. The discovery
consists of 14 subcrops across 70 metres by 60 metres where
mineralization is hosted by fine grained limestone with veins and
disseminated coarse galena and sphalerite. Pyrite is present
as an accessory sulphide (Photos 1 and 2).
The new discovery at Finanagh is part of the 12 kilometres of
strike potential around Kilbricken, within which it presents a
priority drill target due to the combined presence of highly
anomalous soil samples, mapped structure and outcropping
mineralization. The area has not previously been drill
tested, and it is interpreted that the potentially mineralized host
rock position (Waulsortian Limestone) will lie at shallower
depths (250 metres) than at Kilbricken (Figure 2).
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.