Hannan Discovers a New Alkalic Porphyry-Epithermal Gold-Copper Cluster at Valiente - Seite 2

"The initial work at Previsto East is very exciting with such relatively high grades of gold in soil sampling extending over more than 1 km. The anomalous band of soil anomalies is associated with mineralized and high altered rocks that point excitingly to what may lay below the surface. Field teams are active within the area collecting further exploration data as we continue to unravel the opportunities at Previsto."

Geological Discussion

The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Figure 1). 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 exploration program initiated by Hannan. Hannan holds 1,001 sq km of mineral tenure prospective for back-arc porphyry copper-gold systems at the Valiente Project in central eastern Peru. A total of 84 granted mining concessions for 811 sq km have been granted, while the remainder remain under application.

The Previsto area hosts a cluster of Miocene calc-alkaline intrusions within a 15 km by 7 km area. The Previsto Central prospect was discovered by Hannan in early 2021 during reconnaissance field work (Figures 2 and 3). At the time, multiple copper and gold mineralized float samples were identified within a 6 km x 3 km area defined by copper and gold anomalous stream sediment sampling. The best float sample assayed was 25.6% copper and 28 g/t silver, from an interpreted supergene enrichment zone. A total of 62 grab samples from boulders in creeks, ranged from 25.6% Cu and 0.11 g/t Au to below detection, and averaged 0.1% Cu and 0.01 g/t Au. Copper and gold mineralized porphyritic intrusive rocks were identified within float samples in creeks with propylitic, phyllic, intermediate argillic and potassium alteration, together with iron oxides, copper oxides, pyrite, chalcopyrite, chalcocite and neotocite.

This exploration took place over a period of a few weeks in 2021. Exploration was temporary put on hold while Hannan invested further in social licensing within the area and technical teams became more focused at the Belen area, located 25 km to the SW. Belen consists of another porphyry copper-gold and epithermal gold mineral cluster (Ricardo Herrera calc-alkalic Cu-porphyry, Vista Alegre epithermal gold and Sortilegio alkalic porphyry within an 8 km by 2 km trend. Hannan recent reinitiated field work in Previsto after an agreement was signed with local stakeholders in the area during September 2023.