logo-loader

Hannan Metals shares boosted as it applies for prospective copper and silver claims in Peru

Last updated: 10:34 17 Jan 2019 GMT, First published: 10:24 17 Jan 2019 GMT

Pictured is a map of Peru
The San Martin copper-silver project is an early stage project in Peru

Shares in Hannan Metals Ltd (CVE:HAN) (OTCPK:HANNF) advanced as the company said it had applied for 14,800 hectares of claims in Peru covering 15km strike of copper-silver occurrences.

"The San Martin copper-silver project is an early stage project, but already demonstrates many of the features needed to consider it a tremendous discovery opportunity for Hannan," said the group's chairman and CEO Michael Hudson.

READ THE BIG PICTURE: Hannan Metals keen to get the drillbit turning at Kilmurry target as it continues to advance Irish project

The area has seen very little previous exploration, and the chance to collect high-grade copper-silver samples over a 15 kilometres strike is a "rare and exciting" experience, the Vancouver-based company said in a press release.

"The project has the hallmarks of forming a significant new sediment-hosted copper-silver district, with high-grades of up to 8.3% copper and 109 g/t silver from an intra-continental salt bearing sandstone sequence," added Hudson.

"We look forward to commencing the first systematic exploration ever completed in the area over the coming months".

As was announced late last year, Hannan conducted initial field work at the project when riverbeds and creeks were prospected.

High-grade areas

Initial sampling outlined four areas of high-grade copper and silver over 15km of strike within at least 2 structural corridors.

Nineteen mineralized boulders (over 0.1% copper) range in grade from 0.1% to 8.3% copper and 0.2 g/t (grams per ton) silver to 109 g/t silver with an average grade of 2.8% copper and 27.2 g/t silver.

Hannan's management has experience of Peru, which is the world's second largest copper producer and has steady growth predicted over the coming years.

Its copper output is forecast to increase from 2.5 million tonnes (Mt) in 2018 to 3.8Mt by 2027, averaging 4.7% annual growth.

Sediment-hosted deposits are the world's second most important source of copper accounting for around 20% of world production.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

Diamond drilling has commenced at Hannan Metals Kilmurry project in Ireland

Hannan Metals (CVE:HAN) Chairman and CEO Michael Hudson sat down with Steve Daring from Proactive Investors Vancouver to chat about their Kilmurry project in Ireland. Hudson told Proactive that Hannan's recent seismic surveys identified the north-dipping Kilmurry synsedimentary relay...

on 7/2/19