Hannan Discovers a New Thick Style of High-Grade Sediment Hosted Copper in Peru

SAMPLES 5.8 METERS AT 3.1% COPPER AND 65 g/t SILVER FROM SURFACE

VANCOUVER, BC / ACCESSWIRE / March 20, 2024 / Hannan Metals Limited ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) is pleased announce that it has discovered a new style of sediment hosted copper-silver mineralization at San Martin West located within the San Martin project in northern Peru (Figure 1).

The mineralization is outcropping and has been mapped over 2.3 km of strike.. It is located in a new area 45 km west from the recently approved drill permit area at Tabalosos East.

Highlights:

• Outcropping copper-silver mineralization has been mapped for over 2.3 km of strike (Figure 2) including 5.8 m at 3.1% copper and 65 g/t silver from surface.
• Copper mineralization is locally high-grade and chalcocite dominant. Surface outcrops are strongly leached (Figures 3 and 4) suggesting higher-grade copper mineralization may exist below the weathered surface outcrops.
• The host rock is a medium grained reduced sandstone and sedimentary breccia. Hypogene copper minerals are dominated by chalcocite, but locally bornite, chalcopyrite and pyrite are observed in hand samples. Copper sulfides have precipitated on the rims of carbonate concentrations (interpreted to have formed from methane and CO2 rich gases) and on organic carbon clasts within the host rocks.

Michael Hudson, Chairman and CEO, states "This is an exciting new discovery demonstrating consistently thick (>10 m wide) zones of high-grade copper and silver mineralization over multiple kms of strike length. Copper mineralization of this style and tenor was previously unknown at the San Martin project until these recent discoveries. This new discovery is located 45 km west from the recently granted drill program (DIA Tabalosos East). We are looking forward to advancing this new discovery with more detailed geological mapping and geochemical sampling while we also prepare for the upcoming drill program at Tabalosos".

Geological discussion

The San Martin Project covers a new, basin-scale high-grade sediment-hosted copper-silver system that extends over 200 km x 100 km along the foreland region of the eastern Andes Mountains. Mineralization is geologically similar to the vast Kupferschiefer deposits in Eastern Europe. Sediment-hosted stratiform copper-silver deposits are among the two most important copper sources in the world, the other being copper porphyries.