Arizona Tribune - Hannan Channel Samples 69.1 m @ 2.4 g/t Gold Including 26.0 m @ 5.4 g/t Gold From New Alkalic Epithermal Gold Find at Previsto in Peru

Channel sampling has revealed high-grade alkalic-type epithermal gold mineralization with 69.1 m at 2.4 g/t gold ("Au") including 26.0 m at 5.4 g/t Au. The finding, which remains open in all directions, is situated within a larger 6 km x 6 km epithermal-porphyry cluster, further indicating the potential for a major new mineral district

Highlights:

• Significant Gold Results: Two channels sampled continuous outcrop of alkalic-type epithermal gold mineralization:

• Large System: The channel sampled gold sits within a larger 6 km x 6 km epithermal-porphyry cluster, positioned on the northern edge of a 4 km x 4 km gold-in-soil anomaly (>0.1 g/t Au). This suggests significant potential for a large-scale mineralized system.

• Style and Quality: The alkalic-type epithermal gold mineralization is particularly encouraging, as these systems can develop into large, high-grade deposits globally. The mineralogy suggests minimal erosion, indicating the potential preservation of a significant vertical extent of mineralization. Multiple untested targets surrounding the gold mineralization, including copper porphyry mineralization 1.3 km northwest (192 m @ 0.16% Cu) and a gold-copper target 2.6 km east, underscore the district-scale opportunity.

• Strategic Position: This finding adds to Hannan's systematic prospecting of the 150 km long Valiente gold-copper project. With drill permits secured for Belen (20 km SW) and drilling scheduled for Q2 2025, the company is methodically derisking multiple targets across this emerging mineral belt.

Michael Hudson, CEO, states:"This new finding represents a potentially significant new gold district in Peru, with characteristics suggesting both high-grade potential and substantial scale. Identification of high-grade gold at surface with scale is extremely rare. Particularly given gold mineralization remains open in all directions and sits within an extensive 4 km x 4 km gold-in-soil anomaly that we have barely begun to explore.

"The alkalic-type epithermal gold style of mineralization is encouraging, as these systems globally can develop into large, high-grade deposits. We are in the very early stages here - these results comes from initial channel sampling, and we have multiple untested targets across the 4 km x 4 km soil gold anomaly.

"Hannan's strategy is to systematically explore the new Valiente mineral belt gaining drill permits progressively as we make further discoveries. With Peru's improving and transparent drill permitting system, we look forward to drilling at Belen in Q2 2025, located 20 km to the SW of Previsto, while we derisk this new gold finding to achieve staged drill programs across the entire 150 km long Valiente gold-copper project."

Geological Setting

The gold mineralization was discovered during follow-up of anomalous reconnaissance high-grade rock samples (0.4 m @ 7 g/t Au). The channels are located at the northern margin of a 4 km by 4 km soil gold anomaly >0.1 g/t Au, with the majority of the anomalous zone remaining untested. The gold mineralization was trenched along a small drainage while the soil samples were collected along ridge lines.

The main north-south channel (CH15486) sampled continuous outcropping alkalic-type epithermal gold mineralization assaying:

• 69.1 m @ 2.4 g/t Au, 13 g/t Ag and 11 g/t Te (uncut), including:

  • 26.0 m @ 5.4 g/t Au, 27 g/t Ag and 21 g/t Te (lower cut 3 m @ 0.8 ppm Au)

• The high-grade nature of mineralization is demonstrated by peak assays including:

  • 3.0 m @ 12.7 g/t Au, 49 g/t Ag, 43 g/t Te

  • 3.0 m @ 11.2 g/t Au, 53 g/t Ag, 36 g/t Te

  • 0.7 m @ 16.1 g/t Au, 60 g/t Ag, 48 g/t Te

• The channel remains open to both the north (4.8 g/t Au last assay) and south (0.8 g/t Au last assay) and a grab sample of outcrop located 62 m to the SSW assayed 0.8 g/t Au, 7 g/t Ag and 3.8 g/t Te

An east-west shorter channel (CH16401) that connects to the northern end of the CH15486 assayed:

• 7.0 m @ 1.2 g/t Au and 19 g/t Ag (lower cut 2.5 m @ 0.3 g/t Au), including:

  • 2.0 m @ 1.6 g/t Au and 15 g/t Ag

  • 2.5 m @ 1.7 g/t Au and 38 g/t Ag

• The channel remains open to both the east (1.7 g/t Au last assay) and the west.

The host rock comprises a locally brecciated, calcareous K-feldspar porphyry of foid syenitic composition, locally containing large xenoliths of sedimentary rocks. Gold related alteration is dominated by very fine roscoelite (vanadium-rich potassic mica) and fine grey quartz veining with pyrite, both as veinlets and stock work. Manganese oxides are commonly replacing vein and breccia filling suggesting that the unweathered mineralization was associated with rhodochrosite, a manganese carbonate mineral commonly associated with low sulfidation epithermal deposits. Mineralization consists of 1% disseminated pyrite with trace chalcopyrite, pyrite veinlets, and roscoelite veinlets, as well as fine jarosite veinlets likely after pyrite. The identification of a 1.3-metre-wide zone containing crystal-lined irregular cavities indicates that the intrusive body may be minimally eroded.

The outcropping mineralization is weathered, which complicates field observations, and results from detailed petrographic and spectral studies are pending. Locally, a roscoelite-dominated foliated zone hosts the highest grades. Fine free gold can be observed in some hand sample with a hand lens or microscope. The current interpretation suggests the gold mineralization may be controlled by late strike-slip faults with horizontal movement creating extensional structures within a compressional regime, focusing gold mineralization.

Channel samples are considered representative of the in-situ mineralization samples. At this stage true widths of mineralization are not known. Grab samples are selective by nature and are unlikely to represent average grades on the property.

Emerging Clustered Epithermal - Porphyry Copper-Gold System

Previsto is both an extremely large scale emerging alkalic-type epithermal gold and copper-gold porphyry system. Along with this new gold finding, Hannan has also identified a 4 km x 4 km gold in soil anomaly that also is associated to a degree with:

• Porphyry copper mineralization located 1.7 km northwest from the gold mineralization where channel sample results (previously reported) include 192 m @ 0.16% Cu and 126 m @ 0.22% Cu. The strongly leached copper mineralized zone shows moderate to strong phyllic alteration with multiple stages of stockwork veining containing pyrite-magnetite, chalcopyrite-fluorite, and carbonate-quartz-molybdenite assemblages.

• At Previsto East, located 2.6 km east of the sampled gold mineralization, a 1,800 m by 400 m gold-copper porphyry-epithermal target has been identified. The zone is characterized by strongly anomalous gold in soils (up to 0.6 g/t Au) and mineralized boulders (up to 1.9 g/t Au).

Next Steps at Previsto

The Company is advancing multiple work programs to develop the Previsto gold-copper prospect:

• Expanded soil sampling and channel sampling programs to define the full extent of mineralization

• Detailed prospecting, geological mapping and structural analysis to better understand mineralization controls

• Implementation of further induced polarisation geophysical surveys over the project area

• Advancement of drill permitting during 2025 as the scale of this large system becomes apparent.

Global Alkaline-Type Epithermal Gold Deposit Analogues

The gold mineralization at Previsto displays characteristics typical of alkalic-type epithermal gold systems, which are known to form significant high-grade deposits globally. Notable examples include:

• Porgera (Papua New Guinea): Regarded as one of the world's top ten producing gold mines with historic production of 16 million ounces of gold and almost 3 million ounces of silver.

• Cripple Creek (Colorado): The richest gold mine in Colorado with historic production >23 Moz Au.

Alkaline gold deposits are found in diverse geological settings, though they are typically linked to localized extensional regimes associated with alkaline rocks. These extensional structures facilitate the interaction between meteoric waters and deeper magmatic-hydrothermal fluids, leading to gold precipitation through fluid mixing. Their key characteristics include:

• High-K calc-alkaline to alkaline igneous rocks, often as diatremes or intrusive complexes

• Enrichment in elements like Ag, V, Te, Fe, F, K, Ba and Mo as well as high Au:Ag ratios

• Complex structural controls with multiple mineralizing events and large vertical extent sometimes exceeding 1,000 m (Cripple Creek, Porgera)

• Carbonate alteration and roscoelite (vanadium mica) as diagnostic features

About the Valiente Project

The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Figures 1 and 2). The area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between 800 m and 2,000 m above sea level (a.s.l.). The project was discovered in 2021 during an extensive greenfields prospecting program initiated by Hannan for back-arc porphyry copper-gold systems. The Company has been actively prospecting on the project since 2021 and has successfully gained social permits progressively in all areas of interest.

During 2021 Hannan staked and still holds 1,002 km2 of 100% owned mining concessions at Valiente covering unexplored terrain for potential mineralized porphyry targets in central eastern Peru. The Valiente Project has rapidly evolved from a greenfields prospect to a multi-prospect opportunity.

Early surface prospecting discovered two outcropping copper-gold porphyry targets and one epithermal target at Belen (see Press Release Feb 16, 2023). Porphyry discoveries quickly followed at Serrano Norte, Serrano and Pucacunga. The focus more recently has been on Previsto. At Previsto and Belen, a district-scale porphyry cluster within an area of 25 km by 10 km, with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier stage targets awaiting further work.

Hannan has achieved critical permitting milestones at the Belen Project in Peru. In November 2024, the company received the Declaracion de Impacto Ambiental (DIA) or Environmental Impact Statement from Peru's Ministry of Mines, which approved 40 drill platforms across 702 hectares. The Company is awaiting an Authorization for Exploration permit before drilling is expected to commence at Belen in Q2 2025, while Hannan continues to unravel the large scale alkalic gold-copper mineral system at Previsto.

The Company is executing a multi-year strategy to systematically explore and drill test its extensive land package in this emerging Miocene-aged linked porphyry-epithermal mineral belt.

Technical Background

All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using trackable parcels and by company staff. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest performed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Gold was analyzed in rock and soils by ALS in Lima using a standard sample preparation and 30g fire assay sample charge. Soil samples were analyzed by a portable XRF (VANTA-VMR) using an inhouse protocol which includes routine use of CRM and field duplicates as well as 10% check samples analyzed by ALS Lima.

About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)

Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Peru. Hannan is a top ten in-country explorer by area in Peru.

Mr. Michael Hudson FAusIMM, Hannan's Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news.

SOURCE: Hannan Metals Ltd.

View the original press release on ACCESS Newswire

L.Adams--AT