Hannan Metals Ltd. has identified an 1,800 m by 400 m alkalic porphyry-epithermal target. The discovery, named Previsto East, contains anomalously high gold in soil samples, associated with multiple large local copper and gold mineralized boulders, in an area covered by scree and soil cover from 1 m to 5 m thick. The Previsto East discovery is the eighth significant porphyry and/or epithermal target discovered within an area of 25 km by 10 km at Previsto and Belen which Hannan now believes represents a giant porphyry cluster.

As surface field work continues, both the number and tenor of individual targets has continually improved. During 2021 Hannan staked 1,002 km2 of 100% owned mining concessions at Valiente covering unexplored terrain for potential mineralized porphyry targets in central eastern Peru. Early surface prospecting discovered two outcropping copper-gold porphyry targets and one epithermal target at Belen that is now being drill permitted.

Porphyry discoveries quickly followed at Serrano Norte, Serrano and Pucacunga. The focus more recently has been on Previsto. At Previsto and Belen a giant porphyry cluster within an area of 25km by 10km with eight porphyry and/or epithermal targets now identified in more detail with up to 10 earlier stage targets awaiting further work.

The most recent discovery, Previsto East outlined here is the first gold-rich copper porphyry epithermal target. Hannan geologists anticipate that the porphyry footprint will expand during 2024 as surface work moves into adjacent zones, with large outcrops of oxide copper mineralization of a similar style discovered 3.5 km west of the Previsto East target during recent surface prospecting. Assays from this outcrop are pending.

At Previsto East mineralization and alteration mapping of boulders, up to 5m3 in size, across the entire 1,800 m by 400 m target area have been identified. The observed styles of mineralization and alteration in boulders supports previous interpretation of an alkalic gold-rich porphyry epithermal target. Trace element association of gold and copper mineralized boulders are Cu-Au-Te-V-Pb-Mo.

Alteration assemblages and mineralization styles from boulders in the 1.8 km long area include: hydrothermal breccias, intense phyllic alteration and relics of potassic alteration, roscoelite veining/dissemination and replacement of feldspars, vuggy silica textures and possible lattice bladed quartz. Observed sulfide minerals includes chalcopyrite, bornite, covellite, molybdenite, pyrite. Veining is rare and generally only thin quartz and quartz-pyrite-iron oxide veinlets have been observed in boulders.

Trace element associations to copper and gold mineralized boulders shows a Cu-Au-Te-V-Pb-Mo correlation. Phyllic alteration is strong and is characterized by quartz-pyrite-sericite/illite. Roscoelite and locally fuchsite selectively replaces K-felspar phenocrysts.

Both minerals have been identified by portable XRF. Roscoelite also occurs in veins, veinlets and disseminations, whereas fuchsite only been observed in one location. Rock chip sampling at Previsto East as identified an 1,800 m by 400 m porphyry-epithermal target defined by strongly gold anomalous large local copper and gold mineralized boulder fields with up to 1.85 g/t Au in boulders.

A total of 84 rock samples from large local boulder fields and boulders in metre deep pits ranged from 1.85 g/t Au to <0.001 g.t Au, and averaged 0.15 g/t Au and 0.73% Cu to 0.01 % Cu and averaged 0.08 % Cu. Soil results at Previsto East over an area of 1,800 m by 450 m show very strong correlation with mineralized boulders. Soil anomalies show good correlation with pathfinder elements.

A total of 362 soil samples in a 100 m by 100 m grid and ridge-top samples assayed from 0.63 g/t Au to <0.001 and average 0.02 g/t. Of these 29 samples returned extremely high soil values between 0.10 to 0.63 g/t Au in a coherent area coinciding with mineralized boulders. The 100% owned Valiente project is in central eastern Peru, east of the city of Tingo Maria.