Fraser Range Nickel-Copper Project

Fraser Range Nickel-Copper Project, Western Australia

Hannans has signed an agreement to earn a 70% interest in granted exploration license E63/1772 located 100km east of Norseman, Western Australia. Access to the Tenement is excellent, with Highway 1 passing through the Tenement.

The Tenement area has prospective rocks and is favourably located in the context of the Fraser Range, being half-way between the Nova-Bollinger mine (owned by IGO Ltd) and the Talbot/Gnama South nickel occurrences. It is on the western ‘edge’ of the gravity anomaly (area of high gravity gradient) where other nickel sulphide occurrences are noted along strike. There has been a total lack of surface electromagnetic (EM) coverage of the Tenement, despite the presence of historic geochemical and magnetic anomalies of interest, and this represents an opportunity to rapidly progress exploration.

Hannans also believes the tenure is prospective for nickel-copper mineralisation due to:

the western part of the tenement containing magnetic anomalies that cut the regional trend and are reminiscent in appearance and scale to the magnetic anomalies at and around the Mawson Prospect owned by Legend Mining Ltd;
apart from airborne magnetic surveying, and partial coverage by airborne EM using the QUESTEM system in 1997, no other geophysical surveys appear to have been conducted on the Tenement;
there being very limited historic drilling (only 3 shallow holes) within the Tenement area of circa 50km 2 ; and
the existence of copper anomalism adjacent to the Tenement’s western boundary.

Hannans will immediately commence a detailed historic data review and target generation process over the new Tenement. A site visit will be completed prior to the end of 2020 in preparation for the first ground EM survey scheduled for early 2021. The ground EM survey will target prospective rocks that might represent the host to economic nickel-copper mineralisation. If targets are generated, approvals will be immediately sought to test the targets with deeper drilling.

An updated presentation on Hannans’ expanded Fraser Range Nickel Project will be provided to Shareholders when the review is completed.

For more information please refer to ASX releases by Hannans.

LATEST ANNOUNCEMENTS

January 31, 2021	2nd Quarter Activities Report
January 18, 2021	Fraser Range Geophysical Surveys
November 30, 2020	Secures Nickel Project at Fraser Range

Fraser Range Project location relative to the Nova Bollinger Nickel-Copper-PGE Mine — Exploration License 63/1772 is represented by the yellow outline. This is the tenure Hannans has secured via an earn-in agreement. The Nova-Bollinger nickel-copper-PGE mine (owned by IGO Ltd) is approx. 45km north-east of the Hannans tenure. Norseman is located 100km west of the Tenement. The project is accessible by travelling on Highway 1 (the Eyre Highway).

Plan of E63/1772 showing magnetics. Features of interest are annotated on the image. The complex magnetic response in the west of the tenement corresponds well with copper anomalism in surface sampling.