Hannan Metals Limited (CVE:HAN) (OTCPINK:HANNF) (FRA:C8MQ) has advanced its Tabalosos project in Peru, part of the huge land package under its San Martin joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC), a step further with the receipt of approval to carry out an environmental impact statement.
Known as a Declaración de Impacto Ambiental, or ‘DIA’ study, it allows for ’low impact’ exploration programs, including diamond drilling.
Baseline studies for this DIA will take around three months to complete by 12 specialist consultants, said Hannan. The final DIA and other approvals are anticipated during early 2022.
READ: Hannan Metals has US$2M annual budget from partner JOGMEC to advance its San Martin joint venture in Peru
“Our detailed work over the last months finding high-grade copper and silver outcrop discoveries at Tabalosos has allowed for the next key step of permitting initial drill programs,” said Mike Hudson, Hannan CEO in a statement.
“We are very appreciative of the support shown by the local people in the area to allow this work to proceed, and will continue to work in an open and transparent manner for the benefit of all stakeholders.”
The Tabalosos project lies 80 kilometres (km) north of Sacanche where earlier work by Hannan at San Martin identified a 20 km strike trend which includes channel samples such as 2 metres (m) at 5.9% copper and 66 grams per ton (g/t) silver.
The area for this DIA permits 40 drill platforms and covers an area around 9 km long and 3 km wide, for 2,700 hectares, including the main target areas across both hamlets of Cunchiyacu and Pucayoc at Tabalosos East.
As reported in 2020, Hannan struck a milestone deal with JOGMEC, which sees the latter able to earn up to a 75% stake in San Martin, which spans over 656 square kilometres (sq km) by spending up to US$35 million to deliver a feasibility study to the joint venture.
JOGMEC is a Japanese government independent administrative agency which among other things seeks to secure stable resource supply for Japan. JOGMEC has a strong reputation as a long-term, strategic partner in mineral projects globally.
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Story by ProactiveInvestors
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