VANCOUVER, BC / ACCESSWIRE / May 14, 2021 / Hannan Metals Limited (“Hannan” or the “Company”) (TSXV: HAN) (OTC PINK: HANNF) is pleased to announce the publication of fundamental studies and permission for complex exploration work, adding diamond drilling, in its 100% Tabalosos copper and silver prospect of ownership in the assignment of the San Martín joint venture in Peru. Japan’s National Oil, Gas and Metals Corporation (“JOGMEC”) has the opportunity to obtain up to 75% of Hannan’s shares. interest in the assignment of St. Martin by spending up to $35,000,000 to provide a feasibility test to the joint venture (“JV”).
Strengths:
Michael Hudson, CEO, said: “Our detailed paintings in recent months on the discoveries of high-law copper and silver outcrops in Tabalosos have taken the next key step in authoring initial drilling programs. It will continue, and will continue to paint openly and transparently to gain benefits from all stakeholders. “
The DIA is the number one environmental certification required to allow low-impact mining exploration programs, which come with drilling programs, to take hold in Peru. The paintings for the DIA will come with archaeological surveys, network painting workshops and liaison activities to gather the appropriate data needed to submit applications for approval to the Directorate General of Mining Environmental Affairs of the Ministry of Energy and Mines of Peru. The final DIA and additional approvals are expected by early 2022. Hannan continues to explore, ridicule and expand drilling targets in the great Tabalosos Eight geologists and additional team members are in the sediment pattern of the BLEG River, prospecting, map, rock fragment sampling, trench excavation and detailed soil sampling.
About the assignment of JV JOGMEC in San Martín (Cobre-Plata, Peru, 88 mining concessions for 660 km2) The assignment of San Martín is located in northeastern Peru, access to the allocation is just through a paved road nearby, while the altitude varies from 400 meters to 1,600 meters in a domain with heavy rains and more frequently forest cover. Hannan applied a total of 88 mining concessions for a total of 65,600 ha (656 km2), covering trends within a combined 120 km radius for copper and silver sedimentaries. A total of 43 mining concessions granted for 329 km2 were granted, while the remainder remained in the process of being implementation. The assignment of Tabalosos is located 80 kilometers north of Sacanche, where paintings passed from Hannan to St. Martin have known a 20- Directional kilometer trend that includes samples of channels such as 2. 0 meters to 5. 9% copper and 66 g / t silver, 0. 6 meters to 8. 7% copper and 59 g / t silver and 3. 0 meters to 2. 5% copper and 22 g / t of si lver.
On 30 November 2020, Hannan announced that he had signed a binding letter of understanding for a primary option and a joint venture agreement (the “agreement”) with JOGMEC. Under the terms of the agreement, JOGMEC has the option to obtain up to 75% stake in the San Martín transfer by spending up to US$35,000,000 to provide the joint venture (“JV”) with a feasibility study.
The agreement provides JOGMEC with the possibility of obtaining an initial interest of 51% through the financing of US$8,000,000 in allocation expenses in San Martín over a four-year period, an acceleration issue at JOGMEC’s discretion. JOGMEC, when elected, can win:
If JOGMEC conducts a pre-invoice or spends a total of USD 20000,000, Hannan will be entitled to purchase a two% (2%) stake from JOGMEC, so Hannan’s share will be greater. fifty-one% (51%) and JOGMEC’s share will be reduced to forty-nine% (49%). After a feasibility test, JOGMEC has the right to:
After spending $35,000,000 according to JOGMEC and before a feasibility test is completed, either party will finance pro rata expenses or be diluted using a popular industry dilution formula. If interest in a party’s joint venture is diluted to less than 5%, that party’s interest will automatically be changed to a net foundry royalty of 2. 0% (“NSR”), and the other party may at any time acquire 1. 0% of the NSR of 2. 0% for a cash payment of $1,000,000. at least until JOGMEC acquires a 51% stake, after which the majority shareholder will have the right to act as consistent with or of the joint venture. Initial exploration activities will focus on the collection of geological, geophysical and geochemical datasets in the allocation areas of the joint venture.
The stratiform deposits of copper and silver housed in sediments are among the two maximum copper resources in the world, the other is copper porphyry and are also a major money manufacturer. According to the World Silver Survey 2020 KGHM Polska Miedz (“KGHM”), 3 sediment-housed copper and silver mines in Poland are the world’s largest silver manufacturer with 40. 2Moz produced in 2019, Which equates to twice the production of the moment-generating mine Polish mines are also the sixth largest copper manufacturer in the world and in 2018, KGHM produced 30. 3 Mt of ore with a law of 1. 49% copper and 48. 6 g/t of silver from a mineralized area with an average thickness of 0. 4 to 5. 5 meters. .
In Japan’s National Oil, Gas and Metals Corporation (JOGMEC) proposal, JOGMEC is an independent administrative firm of the Japanese government that, among other things, seeks to ensure a strong source of resources for Japan. full-term strategic spouse in global mining projects. Mandatory workspaces within JOGMEC come with oil and herbal gas, metals, coal and geothermal energy. JOGMEC facilitates opportunities with Japanese personal corporations to protect the source of herbal resources to gain benefits from the country’s economic development.
On a proposal from Hannan Metals Limited (TSXV: HAN) (OTC PINK: HANNF), Hannan Metals Limited is an exploration and herbal resource company that develops sustainable steel resources needed to cope with the transition to a low-carbon economy. Hannan team has forged a long and successful reputation in the discovery, financing and sale of mining projects in Europe and Peru. Hannan has 1,864 square kilometers (186,400 hectares) of concessions and mining programs granted to Peru, making it one of the ten most sensitive in the country. zone-consistent explorers.
Mr. Michael Hudson FAusIMM, President and CEO of Hannan, a qualified user under Regulation 43-101, reviewed and approved the technical disclosure contained in this press release.
On behalf of the Board, “Michael Hudson” Michael Hudson, President and CEO
Additional www. hannanmetals. com 1305 – 1090 West Georgia St. Vancouver, BC, V6E 3V7
Mariana Bermudez, Secretary-General, 1 (604) 685 9316info@hannanmetals. com
Forward-Looking Statements Certain data contained in this press release, which aggregates the Company’s expectations regarding the contract and invoices and bonuses after the successful finishing touch of certain milestones, would possibly constitute forward-looking data or statements, as explained in the term Canadian. . Register securities laws. These statements would possibly relate to this press release and other topics known in public company documents. In making those forward-looking statements, the company has implemented certain points and assumptions that are based on the existing ideals of the company, as well as the existing assumptions and data for the company. These statements relate to long-term occasions and situations and, as such, involve dangers, insecurities and other known and unknown points that could possibly cause the actual results, functionality or achievements to be materially different from the results, functionalities or the results. long-term achievements expressed or implied. in the statements. These dangers and insecurities include, but are not limited to, the possible effect of epidemics, pandemics, or other public aptitude crises, adding the existing coronavirus pandemic known as COVID-19 on the company’s activities, timing, and ultimate success. . touch of the base study, authorization and planning. drilling programs. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend and expressly rejects any legal objective or responsibility to update or revise forward-looking statements, whether as a result of new data, long-term occasions or otherwise, unless required by law.
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SOURCE: Hannan Metals Ltd.