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Hannan Metals Receives Additional 24 Granted Mining Concessions in Peru

Mining News - Published on Tue, 21 Jan 2020

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Hannan Metals Limited has received notice from the Geological, Mining and Metallurgical Institute of Peru that 24 new mining concessions have been granted at the 100%-owned San Martin Sedimentary Copper-Silver Project in Peru. Michael Hudson, Hannan's CEO, said "The sediment-hosted copper-silver San Martin project presents a new basin-scale high-grade copper-silver district in Peru. Further granting of the mining concessions provides secure tenure which will allow for more advanced social and work programs to be executed, including drill permitting. We look forward to further developing trusted relationships with local communities during our upcoming exploration programs which are due to recommence this month."

A further 24 mining concessions (for a total of 25) have now been granted at the Tabalosos (18 concessions), Sacanche (3) and Gera (4) areas at the San Martin project in Peru. This follows the first granting of a mining concession at the San Martin Project in Peru in October 2019;
Hannan has staked a total of 66 mining concessions (25 granted) for 52,100 hectares (521 sq km) at San Martin, covering multiple trends within 100 kilometres of combined strike for sedimentary-hosted copper-silver mineralization;
The 25 granted mining concessions now cover 20,400 hectares (204 sq km), with an additional 41 mining concessions (31,700 hectares, 317 sq km) remaining under application;
Further mining concessions at Sacanche, Gera and Tabalosos are expected to be granted over the coming months in the order in which they were applied;
Under Peruvian mining law, a mining concession provides the holder with exclusive rights to undertake exploration (and mining activities subject to additional permitting) within a pre-determined area;
The concession provides secure tenure and allows for more advanced social and exploration work programs to be executed including drill permitting.

San Martin encompass a newly identified, basin-scale high-grade copper-silver system situated along the foreland region of the eastern Andes Mountains in Peru and neighboring countries. Geologically, these shares similarities with sedimentary copper-silver deposits including the vast Kupferschiefer deposit in Eastern Europe and deposits of the African Copper Belt situated in sub-Saharan Africa, two of the largest copper districts on earth. Hannan recognized the exceptional potential for large copper-silver deposits in this part of Peru and has aggressively staked a commanding position over 521 square kilometres of prospective geology.

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Posted By : Rabi Wangkhem on Tue, 21 Jan 2020
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