Business
Hannan Signs Agreement with an Option to Acquire 100% of the Cerro Rolando Copper Porphyry Project in the Paleocene Metallogenic Belt of Northern Chile
VANCOUVER, BC / ACCESSWIRE / March 21, 2023 / Hannan Metals Ltd. ("Hannan" or the "Company"...
About this update from Hannan Metals Ltd.
[{"type":"text","content":"Hannan Signs Agreement with an Option to Acquire 100% of the Cerro Rolando Copper Porphyry Project in the Paleocene Metallogenic Belt of Northern ChileVANCOUVER, BC / ACCESSWIRE / March 21, 2023 / Hannan Metals Ltd. (\"Hannan\" or the \"Company\") (TSXV:HAN)(OTC PINK:HANNF) is pleased to announce that it has entered into a Letter of Agreement with arm's length private parties that provide an option for Hannan to acquire up to 100% of the Cerro Rolando Copper Porphyry Project, located within the Paleocene metallogenic belt 100 km northwest of Calama, in Region 2 of northern Chile.Highlights:Letter of Agreement with arm's length private parties pursuant to which Hannan has been granted the option to acquire up to 100% of the Cerro Rolando Copper Porphyry Project, a high value porphyry copper target in the Paleocene Belt of Region 2, Chile.Airborne EM data models a conductor at the base of 200 metre thick pampa cover over 1.2 km of strike. The conductor is interpreted to be a potential chalcocite enrichment blanket lying above a modelled magnetic body, interpreted to be the potassic core of a copper-bearing porphyry;The project presents a low cost entry and short timeframe to drilling, while the Company awaits drill permits across its vast Peruvian grassroots copper programs in San Martin and Valiente, Peru.Michael Hudson, Chairman & CEO of Hannan states, \"The Cerro Rolando project represents a key strategic move for the Company into Chile, one of Latin America's premier and endowed copper mining jurisdictions and plays to the Company's strengths in defining grassroots copper opportunities in Latin America. Critically the acquisition provides Hannan with a low-cost entry to drill test a high value porphyry copper exploration target in the short term, while awaiting drill permits on our vast and extensive Peruvian holdings.\"GEOLOGICAL DISCUSSIONThe Cerro Rolando project is located within the Paleocene metallogenic belt about 100 km northwest of Calama, in Region 2 of northern Chile. The project consists of 16 contiguous exploration concessions covering a total of 48km2. Elevation in the area ranges from 1290m in the east to 1050m in the west. The project is accessible using existing roads and tracks.The Cerro Rolando Copper Porphyry Project is a high value porphyry copper target in the Paleocene Belt of Region 2, Chile. Around...