VANCOUVER, Oct. 3, 2018 /CNW/ - Hannan Metals
Limited ("Hannan" or the "Company") (TSXV: HAN) (OTCPK:
HANNF) is pleased announce that final drill permissions have
been received from the relevant authorities to allow diamond
drilling to commence at the Ballyhickey project within the 100%
owned Clare zinc project in Ireland.
Key Points:
- A diamond drill rig has been mobilized to commence drilling
2,000 metres at Ballyhickey, anticipated to be completed during Q1
2019;
- The drill program will test new shallow targets located 100-200
metres below surface with potential for standalone mineralized
bodies located 2 kilometres from the Kilbricken resource area;
- Ballyhickey is a 2.5-kilometre-long untested, shallow target
zone adjacent to a seismic-defined fault with a vertical
displacement of 100-200 metres (Figure 1). This is the same offset
observed on faults associated with mineralization at Kilbricken.
The entire trend includes strong multi-element soil anomalies (Zn,
Pb, As, Cd) (Figure 2) and includes the historic Ballyhickey
mine;
- Further drill targets will be tested as part of the 4,000 metre
drill program. Further information will follow soon.
Michael Hudson, Chairman and CEO
states, "With drill permits in place we are very excited to
commence drilling at Ballyhickey, one of the most important
Victorian-age mines in Ireland and
an extension of the Kilbricken mineralized system, situated 2
kilometres from the main resource area. The project has
essentially waited 180 years to be drill tested. Historic reports
state the mined "ore" ran 77% Pb and 15oz Ag, with a calcite vein
5-6 metres wide. With modern day seismic surveys now showing that
mineralization in the historic pit lies in the stratigraphic
hanging wall of the Waulsortian reef, approximately 70 metres above
the level of stratabound Zn-Pb-Ag mineralization now targeted
across Ireland."
Over the last few months, Ireland has experienced a short hiatus
regarding environmental screening for mineral exploration drilling
applications. The Exploration and Mining Division of the Department
of Communications, Climate Action and Environment of the
Republic of Ireland has informed
the mineral exploration industry that the legislative issue has
recently led to an effective short-term moratorium on new drilling
permits being issued to mineral explorers throughout the
Republic. However, rewriting of the legislation is imminent,
which will return the Irish drill permitting procedure to its once
efficient and thorough status quo. In the meanwhile, Hannan
has sought, and has received drill permissions from the Clare
County Council (the "Planning Authority"). The Planning
Authority concluded diamond drilling at Kilbricken and Ballyhickey,
Quin, Co. Clare constitutes
development which is exempted development as defined by the
Planning and Development Acts, 2000 (as amended) and associated
regulations.
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.
This maiden mineral resource for Kilbricken was published in
July 2017, and immediately ranks
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.
Importantly, the initial resource is expandable at all scales, from
near resource to prospect scale.
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. The zinc equivalent (ZnEq) value was
calculated using the following formula: ZnEq% = Zn % + (Cu% *
2.102) + Pb% * 0.815) + (Ag g/t * 0.023) with assumed prices of Zn
$2587/t; Cu $5437/t; Pb $2108/t
and Ag $18.44/oz.
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.