Hannan Completes Second Drill Program at Stavatrask Gold Project, Sweden
Hannan completes its second drill program at the Stavaträsk project, with assay results expected in eight weeks.
Hannan Metals Limited has completed its second diamond drill program at the Stavaträsk gold project in Sweden, drilling 1,255 meters across six holes. Assay results for the second program are pending and expected within eight weeks. The completion of drilling concludes the Assessment Period under the June 10, 2026 option agreement with the vendors.
The company issued an additional 600,000 common shares to the vendors to satisfy the Assessment Period obligations, following the initial 400,000 shares issued in July 2026. These newly issued shares carry a four-month statutory hold period and a 12-month time-release resale restriction, with 25% of the shares available for resale at three months, 50% at six months, and the remaining 25% at 12 months.
The release outlines the future Option terms: Hannan has two years from June 4, 2026, to exercise the option to acquire a 100% interest by spending a minimum of C$2,000,000 on exploration and issuing 3,500,000 common shares. Upon exercise, a 2.0% Net Smelter Return (NSR) royalty becomes payable, which is repurchasable for C$3,000,000.
The news recaps high-grade intercepts from the maiden program, including: * 4.6 m @ 7.2 g/t Au in hole ST2606 * 1.1 m @ 15.6 g/t Au in hole ST2605
The second program tested depth and strike extensions of known mineralization as well as new IP chargeability targets.
Hannan Metals Ltd. (HAN) has confirmed the completion of a planned exploration program, marking a procedural milestone that triggers a contractual share issuance under the terms of its option agreement. The company is set to issue 600,000 shares, a dilutive event that was fully anticipated and contractually obligated.
The update does not include new assay results, meaning the geological impact of the second program remains unverified until results are released in approximately eight weeks. The announcement confirms that the company is adhering to its exploration timeline and option agreement milestones, without introducing unexpected material changes to the project's valuation or the company's financial position.
Hannan Metals Ltd. (HAN) is an exploration-stage company focused on high-grade gold and copper projects in Peru and Sweden. Its flagship asset is the Previsto prospect in Peru, classified as an alkalic porphyry-epithermal gold-copper system. The company has expanded the mineralized breccia footprint, achieved a 100% hit rate across channel sampling, and submitted the Environmental Impact Statement (DIA) for maiden drilling, which is targeted for 2027.
The secondary asset is the Stavaträsk project in Sweden's Skellefteå district, located 20 km north of the historic Boliden mine. The project hosts structurally controlled gold-copper-silver mineralization with high-grade surface and boulder samples. Management, led by CEO Michael Hudson, emphasizes a dual-jurisdiction strategy that leverages Sweden's efficient permitting for near-term exploration while advancing the higher-priority Previsto project through the permitting phase in Peru.