Hannan Metals Limited has released the results from a soil geochemical sampling program on the Tabalosos East prospect within the San Martin joint venture (JV) sediment-hosted copper-silver project in Peru.
San Martin is a JV project between Hannan and Japan Oil, Gas and Metals National Corporation (JOGMEC) which was first announced in late 2020. Under the agreement, JOGMEC has the option to earn up to a 75% beneficial interest in the San Martin project by spending up to US$35 million on the delivery of a feasibility study.
Additionally, JOGMEC can earn an initial 51% ownership interest by funding US$8 million in project expenditures at San Martin over a four-year period.
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During the recent soil sampling at San Martin, significant extensions of the sub-cropping mineralized copper-silver shale horizon at Tabalosos East, which now extends over 24 kilometers of strike, were identified.
According to the results, the soil survey confirms both the continuity of previously reported high grade copper mineralization at Tabalosos East which included outcrop mineralization of up to 2-metres grading at 4.9% copper and 62 grams per ton (g/t) silver.
A total of 2,090 sites have been soil sampled to date. Additional infill and extension of the area is ongoing given the success of the technique.
"These results continue to demonstrate the scale and increased understanding of the continuity of the company's vast sediment-hosted copper-silver project in Peru. Although these data confirm the continuity of mineralization over 24 km at Tabalosos East, the area tested represents less than 3% of the total tenured area in joint venture with JOGMEC,” Michael Hudson, CEO at Hannan said in the press release.
“The soil sampling technique, utilizing both in-situ and pressed pallet pXRF analysis directly in the field, is working very effectively to test these large areas rigorously, rapidly and cost effectively. We continue to work with the support of the local communities, and environmental permitting for drill planning continues."
Tabalosos East is located within a 24 sq km area, which is a small subset of the 815 sq km area Hannan is exploring in the joint venture with JOGMEC.
Moving forward, there are plans to extend the soil survey to the west and south where scout lines have identified new soil anomalies. Trench sampling of the soil anomalies will be conducted by hand to expose sub cropping mineralization.
The company is also in the process of attaining the permits to undertake advanced exploration work within Tabalosos East, including diamond drilling.
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