Highlights:

– The area for the DIA allows for 40 drill platforms and covers an area approximately 9 kilometres long and 3 kilometres wide (2,700 hectares), at Tabalosos East (Figures 1 and 2);

– The copper mineralized shale drill target at San Martin averages 0.9 metres thickness at 1.9 % copper and 27 g/t silver from 105 surface channels and has been further defined by soil sampling and LiDAR over an area of 9-kilometre-long by 1-kilometre-wide area that is interpreted to extend with shallow dips to the west for between 2-4 kilometres, with a target depth ranging from surface to 500 metres;

– Drilling tenders are being sought now and final DIA and other approvals are anticipated during the second half of 2022 to allow drilling to start.

Michael Hudson, CEO, states “The submission of our DIA is a major milestone for Hannan. Our maiden low impact drill program will consist of up to 10 drill platforms to thoroughly test the extensive copper-shale horizon with holes up to 500 metres depth.  We are thankful for all the detailed work of our employees and external experts and the support of the local communities during the public participation meetings, as well as the advice from various government agencies.  The first drill program at San Martin will be a watershed moment, with the opportunity to outline the scale and grade of the extensive copper-rich shale horizon into the third dimension after mapping continuity of the copper mineralized shale over a 9-kilometre x 1-kilometre surface area at Tabalosos.”

Work for the DIA included professional archaeological investigations, community workshops and liaison activities to collect appropriate information necessary to make the submittal for approval to the General Directorate of Mining Environmental Affairs of the Ministry of Energy and Mines, Peru.  The work program included:

• Environmental baseline monitoring for the project, conducted by third party experts;
• The Peruvian Ministry of Culture granted 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 were held in the hamlets of Pucayoc and Cunchiyacu, where the communities are on record as approving of 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. Final DIA and other approvals are anticipated during Q3 2022. Drill tenders are now being sought and Hannan continues to explore, derisk and develop drill targets within the large area at Tabalosos.

Tabalosos Copper-Silver Project

Sediment-hosted stratiform copper-silver deposits are among the two most important copper sources in the world, the other being copper porphyries. They are also a major producer of silver. KGHM Polska Miedz’s (“KGHM”) three copper-silver sediment-hosted mines in Poland (the “Kupferschiefer”)were the leading silver producer in the world and seventh largest global copper miner in 2020. Quoted resources in 2019 for KGHM were 1,518 Mt @ 1.86% copper and 55 g/t silver from a mineralized zone that averages 0.4 metres to 5.5 metres thickness.

To provide context, Hannan’s widths and grade (0.9 metre @ 1.9 % copper and 27 g/t silver) from 105 channel surface samples reported at San Martin (lower cut 0.5% copper), within an area about 9 kilometres long and 1 kilometre wide, compare with those found during the initial modern-day drill discovery of the Kupferschiefer copper-silver deposits (Figure 2).

• In 1957 the discovery drillhole (Sieroszowice IG 1) intersected 2.0 metres @ 1.5% copper at the depth of 657 metres.
• In 1959 the Lubin-Sieroszowice deposit, based on the results from 24 drillholes contained 1,365 Mt @ 1.4% copper and 26 g/t silver in indicated resources, with a thickness ranging between 0.2–13.1 metres in an area about 28 kilometres long and 6 kilometres wide between 400 metres and 1,000 metres depth.

Hannan’s sampling, to date, has been confined to surface channel sampling, although mineralization at Tabalosos East is interpreted to extend with shallow dips to the west for between 2-4 kilometres, with a target depth ranging from surface to 500 metres (Figure 3).

Technical Background

All mineralized samples were collected by Hannan geologists. Samples were transported to ALS in Lima via third party services using traceable parcels.   At the laboratory, rock samples were prepared and analyzed by standard methods. The sample preparation involved crushing 70% to less than 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns. The crushers and pulverizes were cleaned with barren material after every sample. Samples were analyzed by method ME-MS61, a four acid digest preformed on 0.25g of the sample to quantitatively dissolve most geological materials. Analysis is via ICP-MS. Channel samples are considered representative of the in-situ mineralization samples and sample widths quoted approximate the true width of mineralization, while grab samples are selective by nature and are unlikely to represent average grades on the property.

All soil samples were collected by Hannan geologists using an in-house protocol for soil sampling in jungle areas. The samples were subsequently analyzed with a portable XRF deploying a protocol developed by Hannan for the San Martin project.  The method is designed to minimize risk of contamination and ground disturbance. In most cases the sample media is the “B-horizon” of the soil profile. Only 100g of sample material is collected from each site. From the soil sample a pellet is being produced which is dried and analyzed by a portable XRF (pXRF). Certified reference material, blanks and field duplicates are routinely added to monitor the quality of the pXRF data. Gold was analyzed by ALS in Lima using a standard sample preparation and 50g fire assay sample charge. 

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

Hannan Metals Limited is a natural resources and exploration company developing sustainable resources of metal needed to meet the transition to a low carbon economy. Over the last decade, the team behind Hannan has forged a long and successful record of discovering, financing, and advancing mineral projects in Europe and Peru. Hannan is a top ten in-country explorer by area in Peru.

Mr. Michael Hudson FAusIMM, Hannan’s Chairman and CEO, a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical disclosure contained in 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 Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

Forward Looking Statements.  Certain disclosure contained in this news release may constitute forward-looking information or forward-looking statements, within the meaning of Canadian securities laws. These statements may relate to this news release and other matters identified in the Company’s public filings. In making the forward-looking statements the Company has applied certain factors and assumptions that are based on the Company’s current beliefs as well as assumptions made by and information currently available to the Company. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.  These risks and uncertainties include but are not limited to: the political environment in which the Company operates continuing to support the development and operation of mining projects; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; risks related to negative publicity with respect to the Company or the mining industry in general; planned work programs; permitting; and community relations.  Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. 

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