Hannan's Drilling Permit: Unlocking Peru's Copper-Gold Potential

Hannan Metals Limited (TSXV:HAN)(OTC PINK:HANNF) has received a significant boost for its exploration efforts in Peru with the Authorization for Exploration Activities permit for its maiden drill program at the Belen prospect within the Valiente copper-gold project. This permit, following the previously announced DIA (Environmental Impact Statement) approval, allows Hannan to commence drill access work for 40 approved platforms within the 702-hectare Belen area.

The Belen prospect, situated within Hannan's Valiente project, is part of a new Miocene-age porphyry copper-gold belt in Peru's central eastern region. The project has identified 18 copper-gold porphyry and epithermal systems across a 140 km x 50 km area, with the Belen prospect representing approximately 4% of Hannan's total Valiente landholding. The convergence of three significant targets - Ricardo Herrera, Vista Alegre, and Sortilegio - within an 8 km by 2 km trend demonstrates the scale of this mineralized system and the potential for significant discoveries.

Ricardo Herrera Copper-Gold Porphyry:
- Geological characteristics: A substantial chargeability anomaly extending over 1,000 m by 250 m, coinciding with outcropping porphyry-style copper-gold mineralization within a multi-stage calc-alkaline intrusion. Surface mineralization shows strong phyllic and intermediate argillic alteration with both magnetite-bearing, quartz-biotite, and quartz-K-feldspar veining.
- Influence on mineralization and drilling strategy: The large chargeability anomaly and strong alteration suggest a significant porphyry system. Drilling will aim to test the depth and extent of the mineralization, potentially leading to the discovery of a large, high-grade copper-gold deposit. The 15 approved platforms will allow for systematic testing of the target.

Vista Alegre Epithermal Gold Prospect:
- Geological characteristics: A 2.4 km long geophysical anomaly with two distinct signatures: a high chargeability-low resistivity zone coinciding with gold-in-soil anomalies up to 0.23 ppm, and high chargeability-high resistivity zones associated with mineralized quartz boulders assaying up to 1.98 g/t Au.
- Influence on mineralization and drilling strategy: The geophysical anomaly and associated gold-in-soil anomalies indicate the presence of an epithermal gold system. Drilling will focus on testing the extent and grade of the gold mineralization. The 12 approved platforms will enable systematic exploration of the target area.

Sortilegio Copper-Gold Porphyry:
- Geological characteristics: A 1.2 km long chargeability anomaly within an alkalic porphyry system, characterized by zoned and structurally controlled mineralization. The central mineralized zone measures 350 m × 350 m with high-density stockwork veining.
- Influence on mineralization and drilling strategy: The chargeability anomaly and high-density stockwork veining suggest a well-developed porphyry system. Drilling will aim to test the depth and extent of the mineralization, potentially leading to the discovery of a significant copper-gold deposit. The 13 approved platforms will allow for systematic testing of the target area.

The receipt of the Authorization for Exploration Activities permit has a positive impact on Hannan's drilling timeline and budget for the Belen prospect. It enables the company to proceed with the final steps before mobilizing drills to the site, including obtaining approval for the Archaeological Monitoring Program (PMAR) from the Ministry of Culture, completing the SERFOR deforestation authorization process, and finalizing drilling contractor selection and mobilization plans. With drilling anticipated to commence in Q2 2025, Hannan is well-positioned to test these three highly prospective targets and potentially unlock the significant copper-gold and gold deposits within the Belen prospect.

In conclusion, Hannan's receipt of the Authorization for Exploration Activities permit for the Belen prospect is a key milestone in advancing its exploration efforts in Peru. With the convergence of three significant targets within an 8 km by 2 km trend, the company is well-positioned to systematically test these targets and potentially discover large, high-grade copper-gold and gold deposits. As Hannan continues to explore the significant Previsto gold find located 20 km to the northwest, investors can expect the company to maintain its momentum in the exploration sector.