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 announced that its non-brokered private placement financing, initially disclosed on June 4, 2024, is oversubscribed and has been upsized. The company now plans to issue up to 10,000,000 units at C$0.35 per unit, aiming to raise up to C$3.5 million. Each unit includes one common share and one-half of one common share purchase warrant. Each full warrant allows the purchase of an additional share at C$0.50 within two years. The company can force warrant conversion if shares trade at or above C$0.70 for 20 consecutive days. Insiders will participate, and finder's fees may apply. Securities have a four-month hold period. Proceeds will fund exploration in Peru and Chile, and for general corporate purposes. Closing is expected around June 26, 2024.
Hannan Metals announces a non-brokered private placement financing to raise up to C$2.5 million by issuing up to 7,142,857 units at C$0.35 per unit. Each unit includes one common share and one-half of a common share purchase warrant, exercisable at C$0.50 for two years. Proceeds will fund exploration in Peru and Chile and for general corporate purposes.
In drilling updates, Hannan reported a 150 km x 40 km gold-copper belt discovery at the Valiente Project in Peru, including multiple porphyry and epithermal targets. At the San Martin Project, Hannan found a high-grade copper-silver system similar to Kupferschiefer deposits. Drill permits and environmental certifications are in progress, with drilling expected in August 2024. Additional exploration is planned for the Valiente, San Martin West, and Cerro Rolando projects in Peru and Chile.
Hannan Metals announced a significant copper-gold porphyry discovery at the Previsto Central prospect within its Valiente Project in Peru. The discovery spans a 4 km by 1 km area and remains open in all directions.
Extensive geochemical sampling revealed anomalies, with soil samples exceeding 0.1 g/t gold and 0.025% copper. The area also exhibits a large airborne magnetic and radiometric anomaly, indicating a globally significant porphyry system.
Previsto is the eighth porphyry target discovered in a 25 km by 10 km area, suggesting a district-scale cluster. Preliminary results show a strong correlation with outcrop mineralization, with the best channel sample yielding 0.25% copper over 5.8 m.
CEO Michael Hudson emphasized the focus on advancing towards drill permitting during the dry season.
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