Hannan Receives Governmental Approval for Drill Pad Construction at the Belen Prospect, Valiente Project, Peru

Rhea-AI Summary

Hannan Metals (HANNF) has begun site access preparation at its Belen prospect within the 100%-owned Valiente copper-gold project in Peru, following receipt of governmental approval. The company plans to commence drilling in early May 2025, utilizing 40 permitted platforms to test three key prospects:

• Ricardo Herrera copper-gold porphyry (15 platforms) with a 1,000m x 250m chargeability anomaly
• Vista Alegre epithermal gold target (12 platforms) featuring a 2.4km long geophysical anomaly
• Sortilegio copper-gold porphyry (13 platforms) with a 1.2km long chargeability anomaly

The Belen prospect represents 4% of Hannan's Valiente landholding, where 18 copper-gold porphyry and epithermal systems have been identified across a 140km x 50km area. Additionally, the company has completed a warrant acceleration, issuing 3,512,230 common shares at $0.35 per share for total proceeds of C$1,229,280.50.

Positive

• Receipt of governmental approval for exploration activities
• Imminent start of maiden drilling program at three promising prospects
• Significant geophysical anomalies identified at all three main targets
• Additional capital raised through warrant acceleration (C$1.23M)

Negative

• Drilling program represents only 4% of total Valiente landholding

Vancouver, British Columbia--(Newsfile Corp. - April 17, 2025) - Hannan Metals Limited (TSXV: HAN) (OTC Pink: HANNF) ("Hannan" or the "Company") is pleased to announce it has commenced site access preparation at its Belen prospect at the Company's 100%-owned Valiente copper-gold project in Peru (Figure 1). This follows the receipt of the Authorization for Exploration Activities permit from the Ministry of Mines (MINEM) announced in February 2025.

Highlights: 

• Access preparation work has begun at the Belen prospect following receipt of the Authorization for Exploration Activities permit 
• Drill contract expected to be signed within the next week 
• Drilling to commence in early May 2025 during the start of the dry season 
• Program will utilize up to 40 permitted platforms to test three key prospects (Figure 2): 
  • Ricardo Herrera copper-gold porphyry (15 platforms) 
  • Vista Alegre epithermal gold target (12 platforms)
  • Sortilegio copper-gold porphyry (13 platforms)

Michael Hudson, Executive Chairman and CEO, states: "The commencement of access preparation marks a major milestone for Hannan as we prepare to launch our maiden drill program at Belen. This is the culmination of our systematic mineral prospecting approach since discovering this new copper-gold belt in 2021. With all necessary permits now in place, we're excited to begin testing the extensive porphyry copper-gold and epithermal gold mineral systems across Ricardo Herrera, Vista Alegre, and Sortilegio for the first time.

"The drilling preparatory work at Belen is proceeding while we continue prospecting the significant Previsto gold find, located 20 km to the northwest, where we recently identified continuous outcrop of alkalic-type epithermal gold mineralization."

Project Overview

The Belen prospect (Figure 2) is situated within Hannan's Valiente project, which has identified a new Miocene-age porphyry copper-gold belt in Peru's central eastern region. Recent geophysical surveys have defined significant anomalies at all three main targets:

• At Ricardo Herrera, a substantial chargeability anomaly extends over 1,000 m by 250 m, coinciding with outcropping porphyry-style copper-gold mineralization within a multi-stage calc-alkaline intrusion. Surface mineralization shows moderate to strong phyllic and intermediate argillic alteration with both magnetite-bearing, quartz-biotite, and quartz-K-feldspar veining (Figure 3).
• The Vista Alegre epithermal gold prospect features a 2.4 km long geophysical anomaly with two distinct signatures: a high chargeability-low resistivity zone coinciding with gold-in-soil anomalies up to 0.23 ppm, and high chargeability-high resistivity zones associated with mineralized quartz boulders assaying up to 1.98 g/t Au (Figure 4).
• At Sortilegio, a 1.2 km long chargeability anomaly has been identified within an alkalic porphyry system, characterized by zoned and structurally controlled mineralization of shallow gold target and three alkalic Cu-Au target within a 1.2km long trend. The central mineralized zone measures 350 m × 350 m with high-density stockwork veining (Figure 5).

The Belen prospect represents approximately 4% of Hannan's total Valiente landholding, where the Company has identified 18 copper-gold porphyry and epithermal systems across a 140 km x 50 km area in Peru's back-arc region.

The Company is also pleased to announce that, further to its news release of March 17, 2025, it has completed the acceleration (the "Acceleration") of the expiry date of common share purchase warrants of the Company (the "Warrants") issued on May 9, 2023 as part of a private placement financing. Pursuant to the Acceleration, the Company has issued 3,512,230 common shares (the "Common Shares") of the Company at an exercise price of $0.35 per Common Share for total proceeds of C$ $1,229,280.50. As at the date of this news release, there are 124,859,705 common shares issued and outstanding.

About Hannan Metals Limited (TSXV: HAN) (OTC Pink: HANNF)

Hannan Metals Limited is a resource and exploration company discovering and 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.

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

On behalf of the Board, "Michael Hudson" Michael Hudson, Chairman & CEO

Further Information www.hannanmetals.com 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7 Mariana Bermudez, Corporate Secretary,  +1 (604) 685 9316, info@hannanmetals.com

 

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.

Figure 1

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Figure 2

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Figure 3

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Figure 4

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Figure 5

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248888

FAQ

When will Hannan Metals (HANNF) start drilling at the Belen prospect?

Hannan Metals plans to commence drilling in early May 2025 during the start of the dry season.

How many drilling platforms are permitted at Hannan's Belen prospect?

The program has 40 permitted platforms across three prospects: 15 at Ricardo Herrera, 12 at Vista Alegre, and 13 at Sortilegio.

What is the size of the chargeability anomaly at Ricardo Herrera copper-gold porphyry?

Ricardo Herrera features a substantial chargeability anomaly extending over 1,000 meters by 250 meters.

How much did Hannan Metals (HANNF) raise from the warrant acceleration?

The warrant acceleration raised C$1,229,280.50 through the issuance of 3,512,230 common shares at $0.35 per share.