Hannan Metals Limited (‘Hannan’ or the ‘Company’) announced initial field results from its 100% owned, 906 square kilometre, Ucayali project in Central Peru. Initial exploration has focused on two areas: Previsto and Belen, about 20 kilometres apart, with both stream sediment and float sampling and subsequent TerraSpec® spectral analysis being undertaken. At Previsto, initial reconnaissance field work has identified a large-scale hydrothermal system within a 6 kilometre x 3 kilometre area, that has the potential to host a porphyry copper-gold mineral system with an associated skarn. Multiple copper and gold mineralized float samples were identified within a 6 kilometre x 3 kilometre area defined by copper and gold anomalous stream sediment sampling. The best float sample assayed 25.6% copper and 28 g/t silver, sample 3703 from an interpreted supergene enrichment zone; Exploration focused on a range that extends 10 kilometres in a north-south direction. The trend remains open to the north, west and south. Copper and gold mineralized porphyritic intrusive rocks were identified within float samples in creeks with propylitic, phyllic, intermediate argillic and potassium alteration, together with iron oxides, copper oxides, pyrite, chalcopyrite, chalcocite and neotocite; At Belen, a second copper and gold anomalous target was identified 20 kilometres south of Previsto. The zone is defined by altered outcrops and copper and gold anomalous stream sediment samples. Within the Ucayali project, initial work has identified two target areas (Previsto and Belen) prospective for copper-gold mineralization. At the Previsto Cu-Au target field observations suggests that the samples represent different parts of a mineralized copper-gold porphyry intrusion with an exposed zone of supergene enrichment, leach cap and phyllic, intermediate argillic and potassium alteration. To date, the source area of boulders and stream sediments anomalies is approximately 6 kilometres by 3 kilometres. Eleven float (grab samples from river drainages) samples from Previsto ranged from 2.7 ppm copper to 25.6% copper, with an average grade of 23.7% copper and a median of 166.5 ppm copper, 1 ppb gold to 114 ppb gold, with an average grade of 20.1 ppb gold and 0.005 ppm silver to 28 ppm silver, with an average grade of 3.1 ppm silver. Float samples are selective by nature and are unlikely to represent average grades on the property. Within the grab samples, the best copper results assayed 25.6% copper and 28 g/t silver (sample 3703) from semi-massive chalcocite float which is interpreted to be sourced from a zone of supergene enrichment. Minerals identified within grab samples by TerraSpec® spectral analysis clearly demonstrate hydrothermal alteration typical of a porphyry copper system, including: phyllic alteration with muscovite-paragonite-quartz, relict argillic alteration with a chlorite-muscovite assemblage. Macroscopically, relicts of secondary biotite were also observed. At this early stage, the paragenetic sequence of alteration appears to be potassic alteration (secondary biotite> potassium feldspar-magnetite), destroyed by the intermediate argillic alteration and later by phyllic alteration. Mineralization consists of iron oxides, copper oxides, pyrite, chalcopyrite, chalcocite and neotocite. Gold and copper rich samples are associated with samples rich in potassium, interpreted to be related to white potassic feldspar and biotite. Potassium varies between 3-10% in copper-gold mineralized samples. Sodium varies between 0.2-4.2% and calcium between 0.06-5.2%. Fourteen stream sediment samples from Previsto ranged from 9.0 ppm copper to 136 ppm copper, with an average grade of 29.1 ppm copper and 0 ppb gold to 404 ppb gold, with an average grade of 38.2 ppb gold. Stream sediment sampling is an early-stage exploration tool to cover large areas relatively quickly to identify smaller areas of interest to be followed up. The technique relies on sampling fine material in stream and creek beds that has been eroded from rocks in surrounding catchments, which represents a mixture of all the weathered material occurring upstream from the stream sediment sampling point. Copper and gold anomalism within stream sediment samples observed at Previsto is considered high. At the Belen Cu-Au target, very early-stage field work has identified a second target 20 kilometres south of Previsto. Reconnaissance field work by Hannan at Belen has identified an outcrop of dioritic intrusive, with argillic alteration overprinting an earlier propylitic alteration (chlorite>epidote), with 10 centimetre wide hydrothermal magnetite veins. Two grab samples from the outcrop were taken and anomalous copper was observed in one sample (209 ppm copper, sample 3713). Four stream sediment samples were taken from Belen and further work is required to cover to sample all the streams of the area. The most significant results are from the two southernmost catchments. These two catchments contain 10-17 ppm Cu and 1.5-11.4 ppb Au. The four samples from the Belen area ranged from 10.45 ppm copper to 17.3 ppm copper, with an average grade of 12.8 ppm copper and 0 ppb gold to 11.4 ppb gold, with an average grade of 3.4 ppb gold. Further reconnaissance exploration at both Previsto and Belen will be undertaken over the coming months, with work focused on infilling stream sediment catchments at smaller scales, geological mapping and prospecting. About the Ucayali Project - The Ucayali Project comprises of 906 square kilometres of mining concession applications, and demonstrates the Hannan's strategy to open new search spaces and apply disruptive exploration models to previously unexplored terrain. During the last year Hannan has completed interpretations over the area with modern medium resolution satellite derived topographic (ALOS PALSAR, ~15m), high resolution optical imagery from Sentinel-2 satellites (~10m) and satellite imagery from the Landsat program (~30m). Hannan has also reprocessed airborne magnetic and gravimetric data obtained from PeruPetro and utilized in-house geological datasets. This work has led the company to develop a robust regional exploration model for the area.