The field season will last for five months and the firm plans to collect float, rockchip, channel and stream sediment samples as well as carry out geological mapping over the extensive strike length. The aim is to demonstrate the scale, width and grade of copper and silver mineralization.
"San Martin demonstrates the initial makings of a new, large and high-grade sediment-hosted copper and silver discovery in north-central Peru," said Michael Hudson, Hannan's chairman and CEO. "Very rarely does a junior exploration company gain a first mover advantage that allows claiming of a district-scale sedimentary copper-silver target over 76 strike kilometres in length."
Hudson added that with new geological synthesis and understanding, we look forward to the 2019 field season which will target mineralization scale, grade and thickness."
Since the 1970's the area has been explored mainly for petroleum, so there are large seismic datasets, which can now be re-interpreted in the context of sediment-hosted copper mineralization.
Hannan's re-evaluation of the geological setting of the San Martin project has identified a new regional geological framework where salt tectonics has played a critical role in the localization of copper mineralization.
A similar correlation is seen at giant sediment hosted copper basins such as the Central African Copper Belt, noted Hudson.
Initial sampling at San Martin by Hannan late last year outlined four areas of high-grade copper and silver over 15 km of strike within at least two structural corridors within the Tabalosos claim area.
Nineteen grab samples from mineralized float in river beds ranged in grade from between 0.1% and 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.
Peru is the world's second largest copper producer, with steady growth predicted over the coming years.
The country's copper output is forecast to increase from 2.5 million tonnes (Mt) in 2018 to 3.8 Mt by 2027, averaging 4.7% annual growth.
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