Hannans Ltd (Hannans or the Company) is pleased to announce the 1st round of surface geophysical surveys at the Company's Fraser Range nickel-copper project located 100km east of Norseman, Western Australia are scheduled to commence during January 2021.

The survey follows positive outcomes from a reconnaissance field trip completed in December 2020.

As advised to ASX on 30 November 2020, the main Fraser Range tenement (E63/1772) 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. Tenement E63/1772 is located on the western 'edge' of the gravity anomaly (area of high gravity gradient) where other nickel sulphide occurrences are noted along strike. Importantly 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.

Western Magnetic Domain

An area within the Western Magnetic Domain is a high priority for exploration. It is a high priority to determine the nature of the rocks to assist in their geological interpretation. Petrographic thin sections of rocks collected during the December 2020 field trip will be prepared and analysed to assist with the interpretation. Selected samples may also be sent for whole rock analysis.

The landform in this area of the tenement is difficult with significant rocky hills and dense vegetation. Electromagnetic surveying will use a fixed loop electromagnetic (FLEM) configuration. If the survey identifies bedrock conductors that potentially represent accumulations of nickel-copper sulphide mineralisation, approvals will be sought to drill test the targets immediately.

Eastern Magnetic Domain

Most of the area in the east of the tenement is covered by soils, with limited outcrop. Weak but consistent nickel-copper in soil anomalies (collected by previous explorers on a wide sample spacing) together with magnetic anomalies may indicate a potentially fertile bedrock beneath the soil cover; possibly a suitable host for nickel-copper sulphide mineralisation.

The landform in this area of the tenement provides relatively easy access. Electromagnetic surveying will use a moving loop electromagnetic (MLEM) configuration. If the survey identifies bedrock conductors that potentially represent accumulations of nickel-copper sulphide mineralisation, approvals will be sought to drill test the targets immediately.

Contact:

Tel: +61 8 9324 3388

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