Hanna to Drill to Test VMS Target
TORONTO, March 23, 2021 - Hanna Capital Corp. (the "Company"), a publicly traded company focused on raising capital for exploration mainly in the base metal and resource sectors to provide investors with long-term capital growth by investing in a portfolio of undervalued companies and assets. One such asset is the Jasper Property which is wholly owned by the Company. The property is located in west-central Vancouver Island, British Columbia, and consists of 4 mineral claims covering 3978 hectares.
Recent geophysical work has suggested the presence of a strong near horizontal unit which has been described (Houle and Pezzot, 2018) as:
"a pervasive near-surface high resistivity layer across the property, locally underlain by a flat-lying to undulating but overall, gently south-dipping low resistivity (conductive) layer at depths of 500 to 750 metres from surface may represent a metallic sulphide target, possibly a VMS, epithermal or volcanic horizon that acts as the source of the massive sulphide mineralization."
The low resistivity geophysical signature could either be a measure of:
- Soils and clays which are of no economic importance.
- A black argillacerous sedimentary horizon beneath the Bonanza Group volcanics.
- Skarn mineralization, known to occur regionally.
- High sulphidation structurally controlled epithermal mineralization, known to occur regionally.
- Volcanic hosted massive sulphide mineralization, known to occur regionally.
Low resistivity geophysical signatures are shown in the three selected sections and the location plan below.
The latter three of these possibilities represent excellent exploration target. On this basis, the Company has decided to initiate a drill program to test the target. It is planned to drill at least 3 diamond core holes (with deflections if necessary) to intersect the low resistivity zone at about 750m from surface. A drill program of 3,000 meters has been proposed. The Company will be finalizing a comprehensive budget and drill program in the very near future.
Herb Brugh, President of the Company, says, "We are looking forward to drilling these exciting targets on the property, and the Company believes with these geophysical models, and historical data from our dedicated, and experienced team, and with the price of the copper and base metal market points to nothing but a promising future for the the Company and its shareholders."
For surface results, please see the Company's previous news release of March 4, 2021.
https://www.globenewswire.com/NewsRoom/AttachmentNg/89ebe4d4-b8de-40cb-a3f5-6893e5d04b56
10530 East (383500E)
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e7c2ff1-1781-4b56-b4d6-3463341fa303
10550 East (383700E)
https://www.globenewswire.com/NewsRoom/AttachmentNg/f68476b6-e771-4a78-9f54-731060b9e653
10590 East (384100E)
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f4a5f3d-403c-4592-bb2d-e5d654e4e9c8
The Qualified Person for the Jasper Property is Jacques Houle, B.A.Sc., University of Toronto - Geological Engineering - Min. Ex. Option P. Eng. since 1989 Association of Professional Engineers and Geoscientists of B.C.
Corporation contact:
Herb Brugh
President and Director
Tel: 416.945.6630
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "anticipated", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Hanna is subject to significant risks and uncertainties 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 forward looking statements contained in this release. Hanna cannot assure investors that actual results will be consistent with these forward-looking statements and Hanna assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.
