Hannan expands Previsto alkaline gold prospect High-Grade footprint by 400 metres

Key Points:

1. Identification of Further High-Grade Gold: Rock chip sampling returned up to 4.8 g/t Au with 36.3 g/t Ag from metasedimentary host rocks, located 390 m southwest of the existing Previsto Central high-grade footprint, indicating potential for extension of or a new parallel mineralized trend.
2. Extensive Sampling Program Confirms Mineralization: Recent field campaigns covered a combined area of approximately 1.8 km², with 149 in situ rock chip samples ranged from 4.8 g/t Au and 1.0% Cu to below detection limit <0.001 g/t Au (“bdl”) Au and 6 ppm Cu and averaged 0.1 g/t Au and 430 ppm Cu, demonstrating widespread mineralization between Honda Creek and Palestina Creek (north of Previsto Central).
3. Structural Controls Identified: High-grade mineralization appears to be fault-controlled within siltstone units containing approximately 2% pyrite, opening new exploration areas in the sedimentary sequences.
4. Strategic Gap Closing: Results bridge the mineralization gap between Honda Creek and Previsto Central, with a 600 m zone of no sampling currently being followed up, suggesting potential for continuous mineralization across the greater district.
5. Multiple Work Areas Advance: Systematic exploration in the Mirador-Fernandez creek area (1.1 km x 1.2 km) and east of Palestina creek (1.2 km x 1.0 km) continues to expand the known mineralized footprint of the emerging gold district.

Michael Hudson, CEO, states: "These results represent another significant step in understanding the full potential of our Previsto district. The identification of 4.8 g/t gold shows a small window into a new structural zone 400 m southwest of our Previsto Central high-grade footprint and is particularly exciting as it suggests we’re dealing with multiple mineralized trends within a larger system.

"What’s particularly compelling is the growing comparison to Colorado’s Cripple Creek district, one of the world’s great gold camps with over 27 million ounces produced to date. The Previsto alkalic intrusive complex shares remarkable geological similarities with Cripple Creek, including the alkaline intrusive nature, the multi-phase mineralization, and the district-scale footprint. These parallels provide us with a proven model as we systematically unlock Previsto’s potential.

"The fault-controlled mineralization in metasedimentary rocks adds another dimension to our model, complementing both the intrusive-hosted zones at Previsto Central and the carbonate/sedimentary-hosted mineralization at Honda Creek. With field teams actively following up on this new area and working on the 600 m gap zone, we’re systematically piecing together what’s emerging as a new significant gold district."

Technical Discussion

Work Area Details

Two main areas were systematically identified during the recent field campaigns (Figures 2 and 3):

1. Southern Area (Mirador-Fernandez Creeks): This 1.1 km x 1.2 km polygon encompasses the area where the high-grade 4.8 g/t Au sample was discovered. The presence of fault-controlled mineralization in this area opens new opportunities in the metasedimentary sequence.
2. Northern Area (East of Palestina Creek): This 1.2 km x 1.0 km polygon immediately north of Previsto Central continues to return encouraging results, expanding the known footprint of mineralization.

New High-Grade Gold Zone

The standout result from the recent field campaigns is a rock chip sample (16674 Panel) returning 4.8 g/t Au, 36.3 g/t Ag, and 174 ppm Cu. This sample was collected from metasedimentary siltstone containing approximately 2% pyrite, located 400 m southwest of the existing Previsto Central high-grade footprint. The mineralization appears to be structurally controlled, suggesting a fault-related mineralizing event that could represent a new trend within the district.

Systematic Sampling Results

The comprehensive sampling programme between Honda Creek and Previsto Central (Figures 2 and 3) has yielded encouraging results across multiple sample types:

Rock Chip Sampling: 149 in situ rock chip samples and 4 boulder samples were collected across the work areas. These samples ranged from 4.8 g/t Au and 1.0% Cu to bld Au and 6 ppm Cu and averaged 0.1 g/t Au and 430 ppm Cu. The widespread distribution of anomalous samples indicates pervasive mineralization throughout the area.

Channel Sampling: Twenty-two channels comprising 146 samples were collected to test mineralization continuity. These samples ranged from 1.0 g/t Au and 0.2% Cu to bld Au and 21 ppm Cu and averaged 0.1 g/t Au and 214 ppm Cu. Notably, grades exceeding 0.5 g/t Au occurred commonly within the high-grade footprint area, confirming the continuity of mineralization.

Soil Geochemistry: 45 soil samples over the area ranged from 0.4 g/t Au to 0.007 g/t Au and averaged 0.1 g/t Au providing additional evidence for underlying bedrock mineralization and defining vectors for continued exploration.

Implications

The identification of high-grade gold mineralization 400 metres southwest of the Previsto Central high-grade footprint is particularly significant as it:

• Suggests multiple mineralized trends within the district
• Demonstrates gold mineralization in varied host rocks and structural settings
• Identifies a critical 600 m gap zone requiring immediate follow-up
• Bridges the mineralization between Honda Creek and Previsto Central, suggesting potential district-wide continuity

Next Steps

Hannan’s team is actively following up on these discoveries with:

• Detailed sampling of the 600 m gap zone between the new high-grade zone and existing mineralization
• Structural mapping to understand controls on high-grade mineralization
• Systematic expansion of sampling coverage to fully define the mineralized footprint
• Integration of all results into the upcoming drill programme planning

Drill Permitting in Previsto (DIA Amanecer)

A ten-person environmental team including professional environmental archaeological investigations, community workshops and liaison activities has now completed collecting appropriate information necessary to make the submittal for approval to the DGAAM – General Directorate of Mining Environmental Affairs – of the Ministry of Energy and Mines, Peru.  The work program includes:

• Environmental baseline monitoring for the project, conducted by third party experts (now complete);
• Submission to the Peruvian Ministry of Culture the CIRA (Certificate of non-existence of archaeological remains) which declares that the project does not impact archaeological sites;
• Public participation meetings outlining Hannan’s exploration plans will be held in the hamlets of Nueva Palestina, Inca Garcilazo, Chancadora and Previsto, where the communities are on record as approving the company’s proposed drill program;

The DIA is the primary environmental certification required to allow low impact mineral exploration programs, that includes drilling programs, to proceed in Peru.

About the Valiente Project

The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria (Figures 1). The area is characterized by steep topography on the eastern flank of the Central Cordillera with elevations between 800 m and 2,000 m above sea level (a.s.l.). The project was found in 2021 during an extensive greenfields prospecting program initiated by Hannan for back-arc porphyry copper-gold systems. The Company has been actively prospecting on the project since 2021 and has successfully gained social permits progressively in all areas of interest.

During 2021 Hannan staked and still holds 910 km² of 100% owned mining concessions at Valiente covering unexplored terrain for potential mineralized porphyry targets in central eastern Peru. The Valiente Project has rapidly evolved from a greenfields prospect to a multi-prospect opportunity.

Early surface prospecting identified two outcropping copper-gold porphyry targets and one epithermal target at Belen (see Press Release Feb 16, 2023). Porphyry areas quickly followed at Serrano Norte, Serrano and Pucacunga. The focus more recently has been on Previsto. At Previsto and Belen, a district-scale porphyry cluster within an area of 25 km by 10 km, with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier stage targets awaiting further work.

The company is executing a multi-year strategy to systematically explore and drill test its extensive land package in this emerging Miocene-aged, linked porphyry-epithermal mineral belt.

Technical Background

All samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using trackable parcels and by company staff.  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 250 g, pulverize split to better than 85% passing 75 microns. Samples were analyzed by method ME-MS61, a four-acid digest performed on 0.25 g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Gold was analyzed in rock and soils by ALS in Lima using a standard sample preparation and 30 g fire assay sample charge. Soil samples were analyzed by a portable XRF (VANTA-VMR) using an in-house protocol which includes routine use of CRM and field duplicates as well as 10% check samples analyzed by ALS Lima.

Channel samples are considered representative of the in-situ mineralization samples. At this stage true widths of mineralization are not known. Grab or panel samples are selective by nature and are unlikely to represent average grades on the property.

About Hannan Metals Limited (TSXV:HAN) (OTCPK: HANNF)     

Hannan Metals Limited is an exploration company focused on the identification and delineation of large gold and copper mineralizing systems in new frontiers in Peru. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Australia, Europe and South America.

Mr. Michael Hudson FAusIMM, Hannan’s Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has prepared, reviewed, verified and approved the technical contents of this news release.

On behalf of the Board,

"Michael Hudson"
Michael Hudson, Chairman & CEO

Further Information
www.hannanmetals.com

1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
Mariana Bermudez, Corporate Secretary
+1 (604) 685 9316, info@hannanmetals.com

In Europa
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

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