Hannan resource expansion drill program for zinc in Ireland
VANCOUVER, Sept. 7, 2017 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) (OTCPK: HANNF) is pleased to provide an exploration update and an outline of upcoming work programs for the Company's zinc projects in Ireland following the recent closing of a $3.3 million financing (August 25th, 2017).
Key Points:
- An 8,500 metre resource expansion drill program is ongoing at the Kilbricken zinc project in County Clare, Ireland.
- One rig is now drilling and a second rig will be mobilized to site at the start of next week;
- To date, two holes (DH 17-3679-217 ("DH217") and DH 17-3679-218 ("DH218")) have been completed for 1,365 metres.
- A 40 kilometre 2D regional seismic program has been permitted and a contract awarded, with surveying to start in October 2017.The seismic survey aims to delineate the key mineralizing structures that lie within Hannan's 32,223 hectare Clare project;
- Five hundred soil samples around Kilbricken have been collected and assays are awaited.An additional 600 samples are currently being collected from various prospect areas;
- Metallurgical locked cycle testwork is underway on the Kilbricken mineralization;
Mr Hudson, Chairman and CEO states, "After closing our recent financing, our team has not wasted any time to initiate our drill-based exploration programs in County Clare.Kilbricken is one of the few high-grade, zinc-rich, massive sulphide discoveries made over the last decade and the recently announced resource (Hannan News Release July 10, 2017) is a substantial starting point for the Company. With a healthy treasury, we are well placed to achieve our aim of expanding Kilbricken through comprehensive drill testing of the numerous targets that lie adjacent to the initial resource area."
Hannan's first diamond drill hole at Kilbricken, DH217 (Hannan News Release July 20, 2017), was one of the most richly mineralized ever drilled at the property. The true thickness of the mineralized intervals is interpreted to be approximately 95% of the sampled thickness. Highlights include:
- 8.0 metres @ 4.1% Zn, 33.7% Pb and 174 g/t Ag (37.9% Zn+Pb) from 528 metres, including 3.2 metres @ 8.4% Zn, 72.8% Pb and 388 g/t Ag (81.2% Zn+Pb) from 528 metres; and
- 3.4 metres @ 5.2% Zn, 4.3% Pb and 33 g/t Ag (9.5% Zn+Pb) from 570 metres; and
- 26.6 metres @ 7.5% Zn, 0.9% Pb and 14 g/t Ag (8.4% Zn+Pb) from 588 metres, including 18.8 metres @ 8.8% Zn, 1.1% Pb, 19 g/t Ag (9.9% Zn+Pb) from 588 metres;
Results from the second diamond drill hole (DH218) at Kilbricken will soon be available.DH218 is a 50 metre step out and located 70 metres up-dip from DH217.
NI 43-101 Technical Report:
On August 22, 2017, Hannan filed an independent National Instrument 43-101 Technical Report (the "NI 43-101 Technical Report") on The Mineral Resource Estimate for the Kilbricken Zinc-Silver-Lead-Copper Project Co. Clare, Ireland For Hannan Metals Ltd in support of the Company's news release dated July 10, 2017. The NI 43-101 Technical Report was authored by Mr. Geoff Reed of Reed Leyton Consultants and Dr. John Colthurst who are independent "qualified persons" as defined by National Instrument 43-101. The NI 43-101 Technical Report may be found under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.hannanmetals.com.
About Hannan Metals Limited (TSX.V:HAN) (OTCPK: HANNF)
Hannan Metals Limited has 100% ownership of the County Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting licences for 32,223 hectares.Zinc remains in tight supply amidst rising demand and stagnant supply.Ireland is a leading global jurisdiction for zinc mining and exploration.In 2015, Ireland was the world's 10th largest zinc producing nation with 230,000 tonnes produced.
This maiden mineral resource for Kilbricken was published in July 2017, and immediately ranks Kilbricken as one of the top ten base metal deposits discovered in Ireland by tonnes and grade. Total indicated mineral resources were calculated as 2.7 million tonnes at 8.8% zinc equivalent ("ZnEq"), including 1.4 million tonnes at 10.8% Zneq and total inferred mineral resources of 1.7 million tonnes at 8.2% ZnEq, including 0.6 million tonnes at 10.4% ZnEq. Importantly, the initial resource is expandable at all scales, from near resource to prospect scale.
Over the last decade, the team behind Hannan has forged a long and successful record of financing and discovering mineral projects in Europe.Additionally, the team holds extensive zinc experience, gained from the world's largest integrated zinc producer of the time, Pasminco Ltd.
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.
On behalf of the Board,
"Michael Hudson"
Michael Hudson, Chairman & CEO
Forward Looking Statements
Certain information set forth in this news release contains "forward-looking statements", and "forward- looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations regarding future performance based on current results, expected cash costs based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projects of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: The Company's expectations regarding the current drill program, liabilities inherent in mine development and production, geological risks, the financial markets generally, and the ability of the Company to raise additional capital to fund future operations. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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 release.
SOURCEHannan Metals Ltd.
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