Hannan Metals Limited (TSXV: HAN) (OTCPK: HANNF) has doubled its land holding at the Sacanche area to now cover 60km of the prospective strike at its 100% owned San Martin project in north central Peru.
Michael Hudson, Hannan’s CEO, said the new Sapo mining concession application covers a further 30km along strike from the same prospective host rocks as found at Sacanche, being located immediately along strike from high-grade copper silver mineralisation that Hannan recently identified, assaying up to 2m @ 5.9 % Cu and 66 g/t Au.
“With competitor activity now high in the region, we continue to reinforce our first-mover advantage in the new sediment-hosted copper-silver basin,” Mr Hudson said.
“We look forward to further developing trusted relationships with local communities during our upcoming exploration programs which are due to recommence in early January.”
Mr Hudson said the new Sapo trend was locally targeted with reconnaissance rockchip and stream sediment sampling, providing confidence for the move to extend the company’s interest there.
“Importantly, Sapo is underlain by an inverted basement growth fault. Lithostratigraphic data from different parts of the Huallaga Basin have revealed that this fault was active during the deposition of Early Cretaceous rocks, which is now manifested by significant thickness changes of the Cushabatay Formation across the growth structure,” Mr Hudson said,
This is interpreted to relate to syn-sedimentary faults caused by salt deformation.
“Hannan believes the fault may have acted as fluid conduit connecting deep metal bearing fluids with redox traps in the stratigraphy. Growth faults are often recognised globally to be contemporary with and act as feeders for sediment-hosted copper mineralisation.
“Hannan believes the Sapo mining concession application is prospective for two styles of sediment-hosted copper-silver mineralisation, observed throughout the 100km of strike of prospective sedimentary rocks hosted within Hannan mining concession claim areas.”