Hannan Metals (TSXV:HAN) is pleased to announce a maiden resource estimate for its 100%-owned Kilbricken zinc-lead-silver-copper deposit in Ireland.
Highlights include:
- Total indicated mineral resource of 2.7 million tonnes at 8.8% zinc equivalent (ZnEq), including 1.4 millions tonnes at 10.8% Zneq;
- Total inferred mineral resource of 1.7 million tonnes at 8.2% ZnEq, including 0.6 million tonnes at 10.4% Zneq;
- This resource estimate is the first for the Kilbricken deposit, and immediately ranks it as one of the top ten base metal deposits discovered in Ireland by tonnes and grade (data sourced from the Irish Exploration, Mining Division website);
- Two styles of mineralization are evident at Kilbricken. The upper Chimney Zone demonstrates the classic high-grade (>10% Zneq) Irish stratabound mineralization targeted by Hannan. This body has been drilled within an area of 750 metres by 200 metres and averages 12 metres thickness. The lower Fort Zone was found later than the Chimney zone and has been tested with fewer drill holes. It is structurally hosted, lower grade, but thicker, averaging 40 metres, and drilled within a 400 metre by 200 metres area.
- Importantly, the initial resource is expandable at all scales, from near resource to prospect scale, and Hannan has already commenced a drill resource expansion program;
Mr. Michael Hudson, CEO and Chairman, states: The maiden resource is an important milestone for Hannan. It demonstrates the high-grade potential of the deposit and immediately ranks Kilbricken as one of the top ten base metal deposits discovered to date in Ireland. This is significant initial achievement in a country that is ranked first in the world in terms of zinc discovered per square kilometre since the 1950’s.
While this resource is substantial, it is also lies open in all directions with excellent potential for expansion. We currently have one drill rig operating a resource expansion program and we will soon be mobilizing additional drill rigs. We are able to approach our exploration and expansion programs with the benefit of extensive technical databases and an increased understanding of the controls on mineralization, providing an excellent chance for continued discovery.
Resource Expansion Drilling Update
Importantly, the initial resource is expandable at all scales, from near resource to prospect scale, and Hannan has already commenced a drill resource expansion program. The objectives of the 2017 drill program are three-fold:
- To further delineate the underground potential around the current resource area as shown in Figure 1. Drilling is now ongoing within this area and initial drill results are expected within the next three weeks. To date two holes have been completed for 1,365 metres.
- To test conceptual and advanced exploration targets within 1-5 kilometres defined by recent structural and stratigraphic interpretation of re-processed 2D and 3D seismic data, lithogeochemistry and soil geochemistry as shown in Figure 2.
- Test for first order mineralization within the 40 kilometre under-tested Waulsortian host horizon that exists within Hannan’s 100% owned 32,223 hectares of prospecting licences.
Tables 1, 2 and 3 below outline global indicated and inferred resources for each mineralized body as well as a breakdown of resources by location for various lower cut off grades. Figures 1 and 2 show the mineral resource areas, resource expansion targets, diamond holes and historic prospects at different scales.
