HANNAN METALS LTD

Hannan reported results from two further channel and rock chip sampling campaigns at the Previsto Central gold zone, part of its 100% owned Previsto prospect in Peru. The campaigns added 325 channel samples over 580.5 m of channels and extended the mapped mineralized breccia by 105 m to a strike length of 410 m (Figure 2-1). All 325 new channel samples returned gold, silver or copper mineralization, taking the total to 648 of 648 samples mineralized samples above background.

Highlight channel composites (broad intervals without a cut-off; higher-grade intervals at a 0.5 g/t Au cut-off) are:

• CH18046: 19.8 m @ 0.6 g/t Au, 6 g/t Ag including 2.0 m @ 3.1 g/t Au
• CH17992: 77.3 m @ 0.1 g/t Au, 2 g/t Ag including 1.5 m @ 2.3 g/t Au
• CH17986: 10.6 m @ 0.5 g/t Au, 5 g/t Ag including 6.7 m @ 0.7 g/t Au
• CH18227: 54.3 m @ 0.2 g/t Au, 2 g/t Ag and 7.7 m @ 0.6 g/t Au
• CH18273: 11.6 m @ 0.4 g/t Au, 3 g/t Ag including 4.0 m @ 0.6 g/t Au
• CH18284: 12.1 m @ 0.3 g/t Au, 1 g/t Ag including 3.3 m @ 0.9 g/t Au

A panel sample taken adjacent to the principal channel returned maximum values of 32.8 g/t Au, 130 g/t Ag and 4.660 ppm Cu (0.466% Cu), the second-highest gold grade obtained from rock sampling at Previsto. Sampling is limited to outcrop exposed in the jungle; all sampled areas represent minimum dimensions and remain open in all directions.

Hannan interprets Previsto as an alkalic porphyry-epithermal system and compares the deposit style with Cripple Creek in Colorado. Gold and copper are interpreted to occur primarily within an early north-south set of K-feldspar-quartz-sulphide veinlets. Hannan Metals

The surface is strongly weathered and leached of Cu, Zn and Pb, but Hannan sees relict sulphide veinlets and boxwork textures hence believes that surface copper assays may significantly understate what exists beneath the weathering profile.

Hannan is advancing two work fronts at Previsto:

• Structural Mapping: Detailed mapping and channel sampling of Previsto Central outcrops to further define higher-grade gold and understand the structural controls of mineralization, with a focus on vectoring toward the core of a potentially highly prospective breccia pipe.
• Drill Permitting: DIA evaluation in progress in parallel at DGAAM, ANA and SERFOR, with final approvals anticipated during Q1 2027, ahead of the first ever drill program at Previsto.

Hannan further reports that the Peruvian government is making improvements to the drill permitting process to speed the decision time up and expand the permitted drilling platforms to 60.  Final approval is expected in Q1 2027.

Comments

The channel sampling results have extended the overall strike length of the mineralized breccia to 410m however the samples reported with the exception of the panel sample contain low grade Au and Ag.  Hannan notes that sampling is limited to outcrop exposed in the jungle; all sampled areas represent minimum dimensions and remain open in all directions hence it is very possible that this exposure is on the edge of a much larger porphyry-epithermal system.

The situation with Cu is very interesting as the surface is strongly weathered hence any Cu present would have been extensively leached near surface.  Relict sulphide veinlets and boxwork textures suggest that Cu sulphides may have been there originally.

The improvement in drill permitting time and expanded drill platforms by the Peruvian government is good news  and will certainly help Hannan meet its objective to carry out its first drilling program at Previsto in Q1 2027.

Figure 2-1
Source: Hannan Metals

Figure 2-2
Source: Hannan Metals