Hannan Discovers 2.4 km Long Geophysical IP Anomaly at the Vista Alegre Epithermal Prospect at Valiente, Peru

VANCOUVER, BC / ACCESSWIRE / December 5, 2024 / Hannan Metals Limited ("Hannan" or the "Company") (TSXV:HAN)(OTC PINK:HANNF) is pleased to report the identification of a significant IP anomaly at the Vista Alegre epithermal prospect within the Company's 100%-owned Valiente copper-gold project in Peru (Figure 1).

Michael Hudson, CEO, states: "The identification of large scale and coherent IP geophysical anomaly at Vista Alegre represents another significant milestone in the development of the Valiente Project. The correlation between the geophysical anomaly, surface mineralization, and soil geochemistry provides us with compelling and de-risked drill targets. With our recently approved DIA permit including 12 drill platforms at Vista Alegre, we are well-positioned to test this extensive epithermal system in Q2 2025."

Geophysical Interpretation

Vista Alegre represents a significant epithermal target controlled by a prominent northwest-trending thrust fault that juxtaposes sedimentary sequences against phaneritic intrusive rocks. This structural corridor has been intruded by later-stage porphyritic intrusions and small massive to semi-massive magnetite bodies.

The integration of induced polarization (IP), resistivity, high-resolution aeromagnetic data (Figure 2), and surface geochemistry (Figure 3) has identified a substantial anomaly coincident with the thrust zone. Analysis of horizontal depth slices through the 3D IP inversion model (Figures 4 to 7) reveals multiple target types with distinct geophysical signatures correlating with surface geochemical anomalies up to 500 m below surface:

1. High chargeability - low resistivity zone over 2.3 km strike coinciding with up to 0.23 ppm gold in soils (Figures 3 to 7) suggesting mineralization is associated with sulphide assemblages and argillic clay alteration. No surface outcrops are present, although gold soil values are higher, especially in the northern sector. The structure dips southwest at approximately 60 degrees with some chargeable highs located on thrust bends, which may potentially be significant.

2. High chargeability - high resistivity zones over 1 km strike coinciding with mineralized silicified boulders containing white milky quartz, arsenopyrite, chalcopyrite and pyrite assaying up to 1.98 g/t Au and 29 g/t Ag. (reported here) (Figures 3 to 7) suggesting mineralization of epithermal character associated with strongly silicified structures.

The magnetic data exhibits variable wavelength responses across the trend, with broader wavelength anomalies indicative of deeper magnetite-bearing sources. A discrete magnetic body in the northern survey area displays sharp amplitude anomaly characteristic of a shallow magnetic source, likely representing a mapped intrusive magnetite body. Multiple northeast structures were also identified in the data with possible offsetting of the main northwest trending high chargeability - low resistivity zone. This spatial association of deep and shallow magnetic features, coupled with the extensive IP chargeability anomaly and coincident gold anomalies, suggests a well-developed mineral system with significant vertical extent and a preserved mineral system.

Geophysical Survey Details

The Induced Polarization ("IP") geophysical survey was carried out by GeoMad E.I.R.L, a Lima-based consultancy company. The survey employed a pole-dipole electrode configuration on single lines with electrode spacing at 100 m intervals. Four lines were surveyed with lengths varying between 1.2 km and 6.8 km. Equipment used included:

• Huntec 10Kw 20A transmitter

• 10 channel ELREC PRO receiver

• LECIA GS15 GNSS for station recording

Geological Setting and Mineralization

Vista Alegre is a multi-signature target showing epithermal, porphyry and skarn characteristics, located in flat terrain with limited outcrops. Epithermal mineralization appears in two forms:

1. Siliceous boulders containing milky quartz, pyrite, chalcopyrite and arsenopyrite

2. Weathered diorite outcrops with gold in sulphide veins and iron oxides

Two trends extend 3 km in total, one following mineralized boulders along an Andean thrust fault, and another marked by gold anomalous soil samples.

About the Valiente Project

Hannan Metals' Valiente Project identified a Miocene porphyry copper-gold belt in Peru's back-arc, with 18 Cu-Au porphyry and epithermal systems across 140 km x 50 km. The Belen Prospect (Figure 1), 19 km east of Tingo Maria, features three main targets: Ricardo Herrera, Vista Alegre, and Sortilegio. Despite being only 4% of Hannan's holdings, Belen shows significant potential through extensive anomalies.

Technical Background

All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using traceable parcels. At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2 mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest preformed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property. Gold was analyzed by ALS in Lima using a standard sample preparation and 30g fire assay sample charge.

About Hannan Metals Limited (TSXV:HAN)(OTC PINK:HANNF)

Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Peru.

Mr. Michael Hudson, FAusIMM, Hannan's Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Forward Looking Statements. Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company's public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news.

SOURCE: Hannan Metals Ltd.