Hannan Metals Limited (CVE:HAN) (OTCPINK:HANNF) (FRA:C8MQ) said that ongoing soil sampling at its Tabalosos East prospect in Peru has shown copper-silver mineralization over a large area, namely 18 kilometres (km) of combined strike, within a 6km by 2km area.
The Tabalosos project is part of the company's huge land package under its San Martin joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC).
READ: Hannan Metals advances Tabalosos project in Peru, receiving green light for environmental impact statement
A total of 1,211 soil samples (of a 2,500 program) have been taken from across the densely vegetated area so far. Sampling will continue for another two months. Previous samples have shown high grades of copper and silver in outcrop up to 2 metres at 4.9% copper and 62 grams per ton (g/t) silver.
"These results demonstrate the scale of the company's multi-kilometre long copper-silver anomalies at the Tabalosos East prospect and coincide with, and expand upon, areas of known mineralization in outcrop," said Hannan CEO Mike Hudson in a statament.
"Encouragingly, these data confirm the continuity of mineralization at the same stratigraphic position and outline 18 kilometres of subcropping mineralization at Tabalosos East. Our sediment-hosted San Martin copper-silver project continues to develop into a major copper-silver system of scale for Peru."
Specific areas of interest discovered by the soil survey so far are the Zona Sur, a 1.4km long anomaly; Zone Oeste, a new blind discovery; Zona Norte, and the Salt dome targets.
The Tabalosos project lies 80km north of Sacanche where earlier work by Hannan at San Martin identified a 20km strike trend which includes channel samples such as 2 metres at 5.9% copper and 66 g/t silver.
As reported in November, 2020, Hannan struck a milestone deal with JOGMEC, which sees the latter able to earn up to a 75% stake in San Martin, which spans over 656 square kilometres (sq km) by spending up to US$35 million to deliver a feasibility study to the joint venture.
JOGMEC is a Japanese government independent administrative agency which among other things seeks to secure stable resource supply for Japan. JOGMEC has a strong reputation as a long-term, strategic partner in mineral projects globally.
Contact the author at giles@proactiveinvestors.com