High grade copper mineralization has now been discovered in multiple positions at the Sacanche claim area, over a 27 km strike, the Vancouver-based company said in a statement Thursday.
Highlights of the sample assays included those from outcrops that lie 5.4km apart, featuring two metres at 5.9% copper and 66 grams per ton (g/t) silver and 0.6 metres at a grade of 8.7% copper and 59 g/t silver. Meanwhile, a grab sample from float assayed 30.1% copper and 595 g/t silver which was close to channel samples.
Two bituminous quartz sandstones returned 2.6% to 2.8% copper and between 36 and 50 g/t silver, confirming the copper/silver potential of a thick sandstone horizon.
"In our first exploration field season at Sacanche, sediment-hosted copper-silver mineralization has been discovered across 27 kilometers of strike," said Michael Hudson, chief executive at Hannan.
"Mineralization has been defined within multiple stratigraphic levels. Our initial expectations have been exceeded and the concept of a new copper district is well supported by data."
Further prospecting results
Hudson said investors can expect further prospecting updates for south Sacanche and Tabalosos - which are 80km to the north of San Martin - over the coming months as further results from the field season start to be received.
The firm also said that two claim applications, with a total area of 2,000 hectares, had been submitted to the relevant Peruvian ministry, covering high grade copper mineralization at Sacanche North.
Peru is the world's second largest copper producer and 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.
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