On a day that rattled markets all over North America, Vancouver-based Hannan Metals Limited (TSX-Venture:HAN) came out with tidings that were at least cheerful. The company announced new sampling results from the Tabalosos claim application area (19,700 hectares) from the 100% owned San Martin project (38,400 hectares under claim application) in north central Peru.
HAN’s news release out Tuesday revealed that a new zone of high-grade grab copper-silver mineralization was discovered over 16 kilometres of strike at Tabalosos. Moreover, grab samples from six mineralized boulders range in grade from 0.8% to 11.5% copper and 8 g/t silver to 28 g/t silver with an average grade of 4.2% copper and 17 g/t silver over a five- kilometre strike.
Additionally, a grab sample from a boulder located 8.5 kilometres south of Tabalosos South West assayed 12.3% copper and 70 g/t silver in an adjacent anticlinal fold limb.
Said CEO Michael Hudson, “Initial reconnaissance exploration at Tabalosos suggests that copper-silver mineralization is laterally extensive, with similar style high-grade boulders discovered along a strike length of 16 kilometres, across four kilometres of multiple anti-formal structures.”
Shares enjoyed a healthy gain of half a cent, or 9.1%, to six cents, on volume surpassing 75,000