Hannan Metals Limited reports exploration and corporate developments tied to its gold-copper mineral projects in Peru. Company updates frequently cover surface sampling, channel results, geological mapping, drill programs and target definition at the 100% owned Previsto and Belen prospects within its broader Valiente and DIA project areas.
News about HANNF also includes financing activity for exploration work, annual meeting results, board and auditor matters, and stock option plan approvals. Recurring technical themes include alkalic porphyry-epithermal systems, gold-silver-copper mineralization, prospective corridors, and field programs designed to delineate large mineralizing systems.
Hannan Metals has received environmental approval (DIA) from Peru's Ministry of Mines for its first drill program at the Belen prospect within the Valiente copper-gold project. The approval covers 40 drill platforms across 702 hectares, encompassing three key prospects: Ricardo Herrera (porphyry copper-gold), Vista Alegre (epithermal gold), and Sortilegio (porphyry copper-gold). The company plans to initiate drilling activities in Q1 2025, with drill rig mobilization expected in Q2 2025. The project represents a newly discovered metallogenic province in Central Eastern Peru, where Hannan is exploring for Miocene-age porphyry copper-gold deposits.
Hannan Metals (TSXV:HAN)(OTC PINK:HANNF) held its Annual General Meeting with 29.58% shareholder participation, representing 35,629,570 common shares. Shareholders approved all matters, including the election of four directors, appointment of Davidson & Company as auditor, and ratification of the Stock Option Plan. The company appointed Catalina 'Katty' Vargas as a new non-independent director. Vargas, who has served as General Manager and HSEC Leader since July 2019, brings over 30 years of mining sector experience in Peru. The Board reappointed Michael Hudson as Executive Chairman and CEO, Lars Dahlenborg as President, Harvey Lim as CFO, and Mariana Bermudez as Corporate Secretary.
Hannan Metals has completed the first stage of a 79 line km Induced Polarization (IP) geophysical survey at the Previsto Prospect within the 100%-owned Valiente Project in Peru. The survey, coupled with field mapping and soil sampling, has confirmed a 6 km x 6 km large copper-gold porphyry and epithermal mineral system with seven high-priority targets.
Key findings include:
- Two porphyry targets identified within a 5 km long and up to 1 km wide intrusive trend
- Five epithermal gold targets correlating with extensive gold in soil anomalies
- The IP survey crew has moved to the Ricardo Herrera area within the Belen target for a 28 line km offset array 3D IP survey
The company is now focusing on providing further information on these targets for drill permitting. The Belen area, located 25 km southwest, contains two porphyry targets and an epithermal system over a 9 km strike.
Hannan Metals (TSXV:HAN, Frankfurt:C8MQ, OTC PINK:HANNF) has announced the granting of stock options to its directors and officers. The options allow for the acquisition of 1,428,000 common shares of the Company. These options are exercisable at C$0.60 per common share and have a validity period of 5 years. This move is typically aimed at aligning the interests of company leadership with those of shareholders, potentially impacting the company's governance and long-term performance.
Hannan Metals (TSXV:HAN)(OTC PINK:HANNF) has commenced a 79 line km Induced Polarization (IP) geophysical survey at five porphyry-epithermal targets at the 100%-owned Valiente Project in Peru. The survey aims to refine drill targets and demonstrate the scale to depth of five large mineral systems:
1. Previsto Central Copper-Gold Porphyry: 12.5 line km survey
2. Previsto East Epithermal Gold: 2.5 line km survey
3. Ricardo Herrera Porphyry Copper: 28 line km 3D survey
4. Vista Alegre Epithermal Gold and Porphyry Copper: 23 line km 3D survey
5. Sortilegio Copper-Gold Porphyry: 13 line km 3D survey
Drill permitting for Ricardo Herrera, Vista Alegre, and Sortilegio is progressing well, with final permits expected in Q4 2024. Previsto Central and Previsto East permitting will commence later this year.
Hannan Metals (TSX.V:HAN)(OTC PINK:HANNF) has been requested by the TSX Venture Exchange to terminate its service agreement with Resource Stock Digest (RSD). The Exchange deemed the engagement, which required a US$125,000 upfront payment for a 3-month marketing campaign, as contrary to policy due to its proximity to the company's recent private placement. The Exchange concluded that Hannan was effectively paying for the marketing campaign with shares. Hannan disagrees with this interpretation but respects the decision. No payment has been made to RSD, and Hannan plans to work with the Exchange on future marketing efforts. RSD's owners, Gerardo Del Real and Nick Hodge, are long-term shareholders who recently purchased equity exceeding the contract fee.
Hannan Metals (TSXV:HAN)(OTC PINK:HANNF) has announced a significant expansion of its copper-gold porphyry discovery at the Previsto Central prospect within the 100%-owned Valiente Project in Peru. Key highlights include:
1. Expanded mineralized footprint to 5 km x 3 km
2. Channel samples of 126 m @ 0.22% Cu and 192 m @ 0.16% Cu
3. Large-scale geophysical survey and LiDAR survey planned
4. 30-person team deployed for extensive exploration
The discovery shows potential for a large-scale porphyry system, with top of ridge soil sampling, mapping, and creek prospecting revealing extensive copper mineralization. The company is accelerating exploration efforts to move towards drill permitting.
Hannan Metals (TSXV:HAN) (OTC PINK:HANNF) has entered into a 3-month marketing contract with Resource Stock Digest (RSD) for promotional services. The agreement, subject to TSX Venture Exchange approval, involves a cash fee of US$125,000. RSD, owned by Gerardo Del Real and Nick Hodge (both shareholders of Hannan), will conduct interviews and produce content for distribution to its subscriber base. This engagement aims to enhance Hannan's market presence and investor awareness through RSD's promotional activities, aligning with the Exchange's policies on investor relations and promotional activities.
Hannan Metals has significantly expanded its copper-gold porphyry discovery at the Previsto Central prospect within the 100%-owned Valiente Project in Peru. The discovery now spans a 10 km by 5 km area and remains open in all directions. Key highlights include extensive soil sampling revealing high levels of gold and copper anomalies, with soil samples exceeding 0.1 g/t gold and 0.025% copper. The discovery shows strong potential, with planned IP lines and LiDAR surveys to further explore the area. CEO Michael Hudson highlights that only 20% of the target area has been explored so far, indicating significant growth potential.
Hannan Metals (TSX.V:HAN, OTCPK:HANNF) closed an oversubscribed non-brokered private placement, raising C$3,707,730 through the issuance of 10,593,513 units at C$0.35 per unit. Each unit includes one common share and one-half of a common share purchase warrant at an exercise price of C$0.50, valid for two years. Teck Resources, Hannan's major shareholder, maintained its 9.84% ownership, investing C$250,000. The proceeds will fund exploration in Peru and Chile and for general corporate purposes. The offering is subject to a four-month hold period and TSX Venture Exchange's final approval.