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Hannan Metals finds new high grade copper and silver zone at San Martin project in Peru

It comes after earlier this month, the Vancouver-based company revealed that high-grade copper has been discovered in multiple positions at the Sacanche claim area

Hannan Metals Ltd
At Tabalosos North West, grab samples from six mineralized boulders ranged in grade from 0.8% to 11.5% copper

Hannan Metals Ltd (CVE:HAN) (OTCPK:HANNF) reported more positive sampling results from the San Martin project in Peru Tuesday, where a new zone of high-grade copper-silver mineralization has been unearthed.

It comes after earlier this month, the Vancouver-based company revealed that high-grade copper has been discovered in multiple positions at the Sacanche claim area, over a 27 km strike.

READ: Hannan Metals hails sampling results from Peru, first exploration season at Sacanche claims

The new zone called Tabalosos lies 80 km north of the Sacanche claim area.

At Tabalosos North West, grab samples from six mineralized boulders ranged in grade from 0.8% to 11.5% copper and 8 grams per ton (g/t) silver to 28 g/t silver, with an average grade of 4.2% copper and 17 g/t silver over a 5km strike, the firm said.

Meanwhile, Tabalosos North West lies 3.5 km immediately west of Tabalosos North East, where grab samples from 16 mineralized boulders ranged in grade from 0.1% to 8.3% copper and 0.2 g/t silver to 109 g/t silver, with an average grade of 2.7% copper and 29 g/t silver over a strike length of 9km.

In addition, a grab sample from a boulder located 8.5km south of Tabalosos South West assayed 12.3% copper and 70 g/t silver in an adjacent anticlinal fold limb.

"Initial reconnaissance exploration at Tabalosos suggests that copper-silver mineralization is laterally extensive, with similar style high-grade boulders discovered along a strike length of 16 kilometres, across 4 kilometres of multiple antiformal structures," said Michael Hudson, Hannan's CEO.

Significant new mineral camp

"A significant new copper-silver mineral camp is developing at San Martin with the Tabalosos discoveries similar in geological style to mineralization found 80 kilometres south at Hannan's Sacanche claim application area, where high-grade samples been recently been defined i.e. 3 metres at 4.1 % copper and 45 g/t silver in outcrop. Further results from the 2019 field program over the large project area remain to be released."

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.

Hannan shares gained over 9% Tuesday to stand at C$0.060 each.

---Updates for share price rise---

Contact the author at [email protected]

Follow him on Twitter @Gile74

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Full interview: Hannan Metals samples new zone of high grade copper and...

Hannan Metals (CVE:HAN-OTCPK: HANNF) President and CEO Michael Hudson joined Steve Darling from Proactive Vancouver on Skype from Melbourne with news Hannan has sampled a new zone at their San Martin project. Hudson telling Proactive this high-grade grab copper-silver mineralization has been...

on 09/05/2019

2 min read