Hannan Provides Update on First-Ever Drilling of Back-Arc Porphyry and Epithermal Targets in Peru
Hannan’s Maiden Drill Results at Belen Deliver Modest Grades as Focus Shifts to High-Stakes Previsto Permitting
The news release dated January 29, 2026, provides the final assay results from the first six diamond drill holes (2,607.55 meters) at the Belen prospect within the Valiente project in Peru. Key results from the Ricardo Herrera prospect were described by management as "modest," with the highest individual assays being 1.1 meters at 0.6 g/t Gold. The company also announced the restart of the drilling program for early February 2026, following a wet season pause, with pending results from the Sortilegio prospect. Crucially, the company provided an update on its flagship Previsto target, where an expert review by Dr. Alan Wilson confirmed geological similarities to major alkaline systems like Cripple Creek (Colorado). A drill permit application (DIA) for Previsto is scheduled for submission in Q2 2026.
- Belen Results (Neutral/Negative): The first-ever drill testing of the back-arc porphyry at Ricardo Herrera has confirmed a mineralizing system but failed to deliver economic grades. Intersecting 0.6 g/t Au over 1.1 meters is a technical success but an economic miss relative to the market’s high expectations for a "game-changer" discovery.
- Financial Strength (Positive): The company reports over C$9 million in working capital. This provides a significant runway (likely 12+ months) to continue exploration without immediate dilutive financing.
- Previsto Valuation Support (Positive): By securing an expert validation of the Previsto target, Hannan is successfully shifting the narrative away from the underwhelming Belen results toward the "district-scale" potential of Previsto.
- Operational Momentum (Positive): The immediate restart of drilling in February 2026 shows management is not deterred by early results and has the logistical capacity to work through seasonal challenges.
Hannan Metals is an explorer focused on a 150km-long mineral belt in Peru (the Valiente Project). - Flagship Project: The Valiente Project (100% owned), specifically the Previsto target. - Geological Thesis: Exploring a previously unrecognized Miocene-aged back-arc porphyry-epithermal belt. Previsto is an alkalic-type epithermal gold system, which the company compares to world-class deposits like Porgera (PNG) and Cripple Creek (USA).