Pahtohavare Assay Results

Microsoft Word - 150930 FINAL Pahtohavare Drilling Update

ASX & MEDIA ANNOUNCEMENT

30 September 2015

 Further wide, high-grade copper-gold-silver assays from the Central deposit at the Pahtohavare Cu-Au Project including the following intercept from PADH15006:

o 12.3m @ 2.99% Cu, 0.87g/t Au, 1.66g/t Ag from 29.2m (1% Cu lower-cut, 0m internal dilution)

Figure 1: Visible copper mineralisation in core from PADH15006 annotated with copper assays; from 34.2-41.5m downhole.

Hannans Reward Ltd (ASX:HNR) is pleased to announce additional diamond drillhole assay results from the Central deposit at the Pahtohavare Cu-Au Project. Pahtohavare comprises three deposits, namely Central, Southern and South Eastern and is located approximately 8km south-west of Kiruna, a full service mining town in northern Sweden (refer Figure 4 below).

Hannans' Swedish joint venture partner Lovisagruvan AB (AktieTorget: LOVI) is funding the costs of exploration pursuant to the Joint Venture announced to ASX on 27 March 2015 with Hannans to retain a 25% free carried interest through to a Decision to Mine. The assay results reported below have been reviewed by Mr Stefan Sädbom, Exploration Director, Lovisagruvan AB and the announcement has been approved for release by Lovisagruvan AB. The Joint Venture exploration drilling program at Central was planned and managed by Amanda Scott, Exploration Manager, Hannans Reward Ltd.

Assay results have now been received for drillholes PADH15006 and also the diamond tail PARC13001D which include significant copper-gold-silver intercepts of:

PADH15006

 30.43m @ 1.75% Cu, 0.49g/t Au, 1.54g/t Ag from 20.07m (0.1% Cu lower-cut, 1m internal dilution)

Inc. 12.3m @ 2.99% Cu, 0.87g/t Au, 1.66g/t Ag from 29.2m (1% Cu lower-cut, 0m internal dilution)

PARC13001D

18m @ 1.48% Cu, 0.36g/t Au, 0.9g/t Ag from 155m (0.1% Cu lower-cut, 1m internal dilution)
9m @ 0.49% Cu, 0.15g/t Au, 0.71g/t Ag from 176m (0.1% Cu lower-cut, 1m internal dilution)

The original RC assay intercept3 from PARC13001 was:
3m @ 4.02% Cu, 0.75g/t Au, 4.67g/t Ag from 129m (0.1% Cu lower-cut, 1m internal dilution)

Note that all widths are downhole widths as true widths are not currently known. Full drillhole information is provided in Tables 1 and 2 below.

Drillhole PADH15006, located on infill Profile F (refer Figure 2 below), was drilled towards the west which is perpendicular to the dip of the lithology. Profile F is a new infill (25m) profile and the mineralisation in PADH15006 confirms that the high-grade, strongly oxidised copper-gold-silver mineralisation continues along strike from between Profiles 6 & 7.

Continued…

Figure 2: Location of current diamond drillholes at the Central orebody, Pahtohavare Copper-Gold Project, northern Sweden

3

Refer ASX Announcement dated 17th July 2013 for more information regarding the drilling results for PARC13001 including JORC Table 1 information.

The main zone of mineralisation in PADH15006 is hosted within strongly goethite altered (oxidised/weathered) tuffaceous units. In addition to the main copper mineralised zone there are several narrower sub-economic (

In 2013, the first hole of an 8 hole RC programme was abandoned at 141m after encountering difficult drilling conditions. As part of the recent diamond drilling programme, the hole (PARC13001) was re-entered and a diamond tail was completed to a total depth of 235.3m. The hole intercepted copper-gold-silver mineralisation within a strongly goethite altered (oxidised/weathered) tuffaceous unit. As with PADH15005 (previously reported) and PADH15006, the highest grade copper mineralisation is associated with a very distinct strongly goethite altered and vughy breccia (refer Figure 3 below) where the secondary copper mineralisation (chrysocolla and malachite) is commonly present as matrix-fill. No significant primary copper mineralisation was intercepted at depth within PARC13001D although the hole terminated in a strongly altered skarn unit, typical of the Kiruna area but not previously seen at Pahtohavare.

Figure 3: High-grade copper mineralisation (malachite and chrysocolla) within strongly goethite altered breccia (PADH15005), Pahtohavare Copper-Gold Project, northern Sweden.

All drillholes from the recent diamond drilling programme have now been logged, sampled and dispatched to the laboratory for assaying; the balance of results is expected in October.

Joint venture partner Lovisagruvan AB is expected to make a decision on whether to proceed to Stage 2 of the joint venture agreement in late October.

The Central deposit contains a current JORC Compliant Inferred Mineral Resource Estimate6 of 1.4Mt at 1.8% Cu and 0.6 g/t Au (2.4% CuEq7).

6 Refer ASX Announcement dated 31st January 2014 for more information regarding the resource estimate including JORC Table 1 information.

7 Copper equivalent (CuEq) has been calculated using metal selling prices of USD$3.56 / lb for Cu and USD$1,510 / Oz for Au, along with metal recoveries of 90% for Au and 65% for Cu in sulphide material and 80% for Au and 50% of Cu in oxide material. The following equations were used:
Oxide: CuEq = (1.12 x Au (ppm) grade) + (0.98 x Cu% grade)
Sulphide: CuEq = (0.97 x Au (ppm) grade) + (0.99 x Cu% grade)

It is the company's opinion that the copper and gold metals used in the metal equivalent calculation have a reasonable potential for recovery and sale based on historical metallurgial testwork and previous mining.

Figure 4: Location of the Pahtohavare Copper-Gold Project, northern Sweden.

For further information please contact: Damian Hicks

Managing Director

+61 419 9300 087 (M)

[email protected] (E)

Amanda Scott Exploration Manager

+46 703 221 497 (M)

[email protected] (E)

About Hannans Reward Ltd

Hannans Reward Ltd (ASX:HNR) is an exploration company with a focus on copper, gold, nickel, PGE and iron. Hannans has JORC compliant copper, gold and iron resources in Sweden, a major Ni-Cu-PGE project in Sweden and a free-carried interest in a nickel project in Australia. Since listing on the Australian Securities Exchange in 2003 Hannans has signed agreements with Vale Inco, Rio Tinto, Anglo American, Boliden, Warwick Resources, Cullen Resources, Azure Minerals, Neometals, Tasman Metals and Grängesberg Iron. Shareholders at various times since listing have included Rio Tinto, Anglo American, OM Holdings, Craton Capital and BlackRock. For more information please visit www.hannansreward.com .

Competent Persons Statements

The information in this document that relates to exploration results is based on information compiled by Amanda Scott, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (Membership No.990895). Amanda Scott is a full-time employee of Hannans Reward Ltd. Amanda Scott has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Amanda Scott consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

The information in this document that relates to Mineral Resource and Exploration Target Estimates for Pahtohavare is extracted from the report entitled 'Re-Release of Maiden JORC Resource at Pahtohavare To Comply With JORC' created on 31 January 2014 and is available to view on the Company's website (www.hannansreward.com). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and in the case of Mineral Resources or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

The information in this document that relates to Mineral Resource Estimates for Rakkurijoki and Rakkurijärvi is extracted from the report entitled 'Kiruna Iron Project JORC Resource Update' created on 17 January 2012 and is available to view on the Company's website (www.hannansreward.com). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and in the case of Mineral Resources or Ore Reserves that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Table 1
Hole ID	Easting (RT90)	Northing (RT90)	Azi	Dip	EOH	Overb.	Core	Start	Finish
PADH15001	1680202	7528163	250	-60	106.9	6.4	100.5	24-06-15	01-07-15
PADH15002	1680174	7528179	250	-60	79.6	4.7	74.9	02-07-15	07-07-15
PADH15003	1680125	7528163	70	-51	49.9	4.8	45.1	08-07-15	09-07-15
PADH15004	1680124	7528161	70	-65	62.9	3	59.9	09-07-15	11-07-15
PADH15005	1680074	7528191	65	-55	72.1	4.2	67.9	11-07-15	15-07-15
PADH15006	1680136	7528191	250	-60	137.3	8.1	129.2	15-07-15	22-07-15
PADH15007	1680107	7528233	250	-60	76.8	2.2	74.6	22-07-15	24-07-15
PARC13001D	1680313	7528176	250	-65	235.3	RC 141m	94.3	25-07-15	31-07-15
PARC15008	1680300	7528148	250	-60	80.5	2.9	77.6	01-08-15	06-08-15

Table 1: Diamond drillhole collar summary for Central deposit, Pahtohavare Cu-Au Project. All coordinates are in Swedish RT90. Note PADH15008 was abandoned prior to reaching the target depth due to difficult drilling conditions.

Table 2

Hole Intersection Mineralisation Sample

Intercept

Hole ID	From (m)	To (m)	Down Hole (m)	Cu (%)	Au (ppm)	Ag (ppm)	Sample Type
PADH15006	20.07	20.80	0.73	1.20	0.03	1.1	Half Core
PADH15006	20.80	21.80	1.00	1.52	0.65	2.4	Half Core
PADH15006	21.80	22.80	1.00	1.20	1.53	2.6	Half Core
PADH15006	22.80	24.20	1.40	0.82	0.2	1.6	Half Core
PADH15006	24.20	25.20	1.00	1.52	0.09	1.8	Half Core
PADH15006	25.20	26.20	1.00	1.34	0.16	1.4	Half Core
PADH15006	26.20	27.20	1.00	0.51	0.25	1.2	Half Core
PADH15006	27.20	28.20	1.00	1.28	0.17	1.3	Half Core
PADH15006	28.20	29.20	1.00	0.57	0.28	2	Half Core
PADH15006	29.20	30.20	1.00	1.86	0.34	0.7	Half Core
PADH15006	30.20	31.20	1.00	2.49	0.13	X	Half Core
PADH15006	31.20	32.20	1.00	1.15	X	X	Half Core
PADH15006	32.20	33.20	1.00	1.45	X	X	Half Core
PADH15006	33.20	34.20	1.00	2.71	0.09	X	Half Core
PADH15006	34.20	35.20	1.00	1.28	0.01	X	Half Core
PADH15006	35.20	36.20	1.00	1.03	X	X	Half Core
PADH15006	36.20	37.50	1.30	2.13	0.18	X	Half Core
PADH15006	37.50	38.00	0.50	3.12	1.37	X	Half Core
PADH15006	38.00	38.80	0.80	17.70	9.87	20.9	Half Core
PADH15006	38.80	39.80	1.00	2.39	0.11	0.9	Half Core
PADH15006	39.80	40.50	0.70	2.48	1.65	1.1	Half Core
PADH15006	40.50	41.50	1.00	2.25	0.08	1.3	Quarter Core-Duplicate
PADH15006	41.50	42.50	1.00	0.96	0.21	1.9	Half Core
PADH15006	42.50	43.50	1.00	1.26	0.07	2.2	Half Core
PADH15006	43.50	44.50	1.00	2.00	0.12	1.9	Half Core
PADH15006	44.50	45.50	1.00	0.60	0.03	1.6	Half Core
PADH15006	45.50	46.50	1.00	0.76	0.41	1.9	Half Core
PADH15006	46.50	47.50	1.00	0.40	0.02	0.5	Half Core
PADH15006	47.50	48.50	1.00	0.28	0.01	0.6	Half Core
PADH15006	48.50	49.50	1.00	0.09	0.01	X	Half Core
PADH15006	49.50	50.50	1.00	0.10	0.01	X	Half Core
PARC13001D	155	156	1.00	1.48	0.23	3.2	Half Core
PARC13001D	156	157	1.00	0.18	0.04	X	Half Core
PARC13001D	157	157.65	0.65	0.56	0.04	X	Half Core
PARC13001D	157.65	159	1.35	2.31	0.2	3.6	Half Core
PARC13001D	159	160	1.00	0.33	0.2	0.8	Half Core
PARC13001D	160	160.7	0.70	0.72	0.59	X	Half Core
PARC13001D	160.7	161.8	1.10	1.60	0.26	X	Half Core
PARC13001D	161.8	162.8	1.00	0.94	0.07	X	Half Core
PARC13001D	162.8	163.8	1.00	1.00	0.27	0.7	Half Core

Hole Intersection Mineralisation Sample

Intercept

Hole ID	From (m)	To (m)	Down Hole (m)	Cu (%)	Au (ppm)	Ag (ppm)	Sample Type
PARC13001D	163.8	164.8	1.00	0.43	0.05	0.7	Half Core
PARC13001D	164.8	165.8	1.00	0.42	0.18	X	Half Core
PARC13001D	165.8	167	1.20	1.12	0.41	1	Half Core
PARC13001D	167	168.3	1.30	10.05	2.77	1.6	Half Core
PARC13001D	168.3	169	0.70	1.21	0.25	1.9	Quarter Core-Duplicate
PARC13001D	169	170	1.00	0.44	0.08	0.8	Half Core
PARC13001D	170	171	1.00	0.23	0.02	0.5	Half Core
PARC13001D	171	172	1.00	0.15	0.01	X	Half Core
PARC13001D	172	173	1.00	0.11	0.05	X	Half Core
PARC13001D	176	177	1.00	0.17	0.06	X	Half Core
PARC13001D	177	178	1.00	2.50	0.76	3.3	Half Core
PARC13001D	178	179	1.00	0.28	0.16	X	Half Core
PARC13001D	179	180	1.00	0.41	0.2	1.4	Half Core
PARC13001D	180	181	1.00	0.37	0.06	1.2	Half Core
PARC13001D	181	182	1.00	0.12	X	X	Half Core
PARC13001D	182	183	1.00	0.06	0.02	X	Half Core
PARC13001D	183	184	1.00	0.11	0.02	X	Half Core
PARC13001D	184	185	1.00	0.44	0.08	0.5	Half Core

Table 2: Detailed assay results for PADH15006 and PARC13001D. Reported using a 0.1% cut-off and 1m internal dilution. Samples submitted to ALS Global (Piteå) for ME-ICPMS61 and Au-AA25 analysis.

JORC Code, 2012 Edition

Table 1, Section 1-Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary

Sampling techniques

 Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as downhole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

 Include reference to measures taken to ensure sample 'representivity' and the appropriate calibration of any measurement tools or systems used.

 Aspects of the determination of mineralisation that are Material to the Public Report.

 In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation

 Sampling method is half-core sampling of HQ3 diamond drill core. Quarter-core sampling utilised where a duplicate samples have been taken.

 Sampling was carried out under Hannans' sampling protocols and QAQC procedures as per industry best practice.

 Diamond drilling completed using HQ3 coring equipment. Drillholes have been sampled on geological intervals (0.5-2.0m). All samples have been crushed, dried and pulverised (total prep) to produce a sub sample for multi-element analysis by four acid digest with ICPMS/OES and fire assay and AAS for gold.

Criteria	JORC Code explanation		Commentary
may be required, such as where there is
coarse gold that has			inherent sampling
problems. Unusual			commodities or
mineralisation types			(e.g. submarine
nodules) may warrant disclosure of detailed
information.
Drilling		Drill type (e.g. core, reverse circulation,		Diamond drilling completed by Kati Oy from
techniques		open-hole hammer, rotary air blast, auger,	Finland.
		Bangka, sonic, etc.) and details (e.g. core		Diamond drilling completed using HQ3 (triple
		diameter, triple or standard tube, depth of	tube) core drilling equipment.
		diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	 	No core orientations have been taken. Downhole surveying completed using a gyroscopic survey instrument.
Drill		Method of recording and assessing core and		Core recoveries are measured by the drillers
sample	chip sample recoveries and results assessed.	for every drill run. The core length recovered
recovery		Measures taken to maximise sample recovery and ensure representative nature	is physically measured for each run, recorded and used to calculate the core recovery as a
	of the samples.	percentage of core recovered. Any core loss
		Whether a relationship exists between	is recorded on a core block by the drillers.
		sample recovery and grade and whether		Triple tube drilling and the use of drilling
		sample bias may have occurred due to	additives has been utilised to increase core
		preferential loss/gain of fine/coarse	recovery.
		material.		The ore zone is located within a strongly
				oxidised and deformed unit where core loss
				does occur. A sampling bias has not been
				determined.
Logging		Whether core and chip samples have been		All drillcore has been transported from site
	geologically and geotechnically logged to a	to the SGU Core Archive located in Malå for
	level of detail to support appropriate Mineral	cleaning, reconnection of core lengths and
	Resource estimation, mining studies and	measurement of metre marks where
	metallurgical studies.	required, over the entire hole.
		Whether logging is qualitative or		Geological logging has been completed on
	quantitative in nature. Core (or costean,	the entire length of all holes by Amanda
	channel, etc) photography.	Scott, Hannans' Exploration Manager, who
		The total length and percentage of the	has significant experience in this style of
		relevant intersections logged.	exploration.
				The lithological, alteration and structural
			characteristic of the core are logged in digital
			format and following established procedures.
				All data is subsequently imported into
			Hannans' Datashed database located in
			Perth.
				All drillholes are photographed.
Sub-		If core, whether cut or sawn and whether		All samples delivered to ALS Global in Malå
sampling	quarter, half or all core taken.	where the core was cut and sampled.
techniques		If non-core, whether riffled, tube sampled,		All samples are half-core except for duplicate
and sample preparation		rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation		samples in which case quarter-core samples have been taken. The sample preparation follows industry best practice sample preparation; the samples are
	technique.	finely crushed with 70% passing
		Quality control procedures adopted for all		reduced in a splitter whereby a reject sample
	sub-sampling stages to maximise	and a 250g sample is produced. The 250g
	representative nature to the samples.	sample is then pulverised with 85% passing
		Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.		the sample. A sub-sample of pulp is taken for digestion in a four acid digest and fire assay for gold.

Criteria JORC Code explanation Commentary

 Whether sample sizes are appropriate to the  Duplicate sampling has been completed at a

grain size of the material being sampled. rate of 1:40 where practicable; duplicate

results for PADH15006 and PARC13001D are satisfactory.

 Certified reference material standards have been inserted at a rate of 1:20; standard results for PADH15006 and PARC13001D are within accepted limits.

 The sample sizes are considered appropriate for the type of mineralisation (epigenetic copper-gold) under consideration.

Quality of  The nature, quality and appropriateness of  All samples are assayed using a four acid assay data the assaying and laboratory procedures digest multi-element suite with ICPOES or and used and whether the technique is ICPMS finish. The acids used are hydrofluoric, laboratory considered partial or total. nitric, hydrochloric and perchloric with the tests  For geophysical tools, spectrometers, method approaching near total digest for

handheld XRF instruments, etc., the mostelements.

parameters used in determining the analysis  All samples are assayed for gold by firing a

includinginstrument make and model, 25g sample with an AAS finish.

reading times, calibrations factors applied

and their derivation, etc.  The analytical methods are considered

 Nature of quality control procedures appropriate for this style of mineralisation. adopted (eg standards, blanks, duplicates,  No geophysical tools or handheld external laboratory checks) and whether instruments were utilised in the preparation acceptable levels of accuracy (ie lack of ofthis release.

bias) and precision have been established.  Duplicate sampling has been completed at a

rate of 1:40 where practicable; duplicate results for PADH15006 and PARC13001D are satisfactory.

 Certified reference material standards have been inserted at a rate of 1:20; standard results for PADH15006 and PARC13001D are within accepted limits.

 Laboratory QAQC methods include the insertion of certified reference material standards, blanks, and duplicates.

Verification  The verification of significant intersections by  Determination of the reported downhole of either independent or alternative company interval of mineralisation has not been sampling personnel. verified by either independent or alternative

and  The use of twinned holes. company personnel in person but has been assaying  Documentation of primary data, data entry reviewed by the Chief Geologist, Stefan procedures, data verification, data storage Sädbom, of the Joint Venture partnervia

(physical and electronic) protocols. electronic photographicdata.

 Discuss any adjustment to assay data.  None of the drillholes referred to in this

release have been twinned to date.

 All geological and location data is currently stored in Hannans' Excel database files. Data entry has been by manual input and validation of the small amount of data has been done by checking input on screen prior to saving. All data will be forwarded to the database administrator in Perth for loading and validation into Hannans' Datashed

Criteria	JORC Code explanation							Commentary
									database. No adjustments or calibrations have been made to any assay data used in this report.
Location of		Accuracy and quality of surveys used to							Drillhole locations have been planned using
data points	locate drill holes (collar and down-hole						a combination of GIS software packages.
	surveys), trenches, mine workings and other							Drillhole locations have been determined
	locations used in Mineral Resource						using a Garmin handheld GPS unit with an
	estimation.						accuracy of +/- 1m. Drill azimuths were laid-
		Specification of the grid system used.						out with a hand-held Suunto compass that
		Quality and adequacy of topographic						has a precision of +/- 0.5 degrees.
		control.							Downhole surveys have been completed
								using a gyroscopic instrument at regular
								intervals.
									Grid system is Swedish Coordinate system
								RT90 2.5 west.
									Topographic control has been established by
									previous surveying of historic drillhole collars
									by RTK GPS. This data has been used to
									calibrate the Hannans' handheld GPS.
Data		Data spacing for reporting of Exploration							The current data spacing or drill profile
spacing	Results.						separation is approximately 25-50m, hole
and distribution		Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate						spacing varies depending on the purpose of the drillhole but is typically 20-30m between holes within a drill profile.
	for the Mineral Resource and Ore Reserve							The data spacing and	distribution is
	estimation procedure(s) and classifications						considered sufficient to establish a degree of
	applied.						geological and grade continuity.
		Whether sample compositing has been							No sample compositing has been applied.
		applied.
Orientation		Whether the orientation of sampling							The majority of drillholes	drilled at the
of data in	achieves unbiased sampling of possible						Central deposit have	been drilled
relation to geological structure		structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key							perpendicular (250°) to the interpreted dip of the lithology. The reported mineralised intercepts from PADH15006 and PARC13001D are downhole
		mineralised structures is considered to have							widths and are not true	widths. The
		introduced a sampling bias, this should be							intercepts reported may not represent the
		assessed and reported if material.							true width and should be taken within the
									context described in the preceding point.
Sample		The	measures	taken	to	ensure	sample		All drill core transport and logging has been
security	security.						completed	by	Amanda	Scott,	Hannans'
Exploration Manager. All holes are stored in
a locked facility.
Audits reviews	or		The results of any audits or reviews of sampling techniques and data.						No external audits or reviews of the sampling techniques and data have been completed.

Section 2-Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary

Mineral tenement and land

 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding

 The Central deposit is located on exploration permit Pahtohavare nr 2 owned 100% by Hannans' fully owned Swedish subsidiary Kiruna Iron Ab. The

Criteria	JORC Code explanation Commentary
tenure status	royalties, native title interests, historical permit is located approximately 8km to sites, wilderness or national park and the southwest of the town of Kiruna, environmental settings. northern Sweden.  The security of the tenure held at the  In March 2015 Hannans entered into a time of reporting along with any known Joint Venture Agreement with Swedish impediments to obtaining a licence to mining company Lovisagruvan Ab at the operate in the area. Pahtohavare Project. The JV is staged but Hannans will retain a 25% free carried interest through to a decision to mine.  Exploration permit Pahtohavare nr 2 is in good standing with the local mining authority, Bergsstaten.
Exploration done by other parties	 Acknowledgment and appraisal of  Historical diamond drilling was exploration by other parties. completed by SGU (Swedish Geological Society) in the late 1980's. From this drilling selected holes have been check assayed by Hannans. In 2013 Hannans released a JORC Inferred Mineral Resource Estimate for the Central deposit and also completed an 8-hole RC programme. Hannans is satisfied with the previous QAQC and assay methods used by SGU.
Geology	 Deposit type, geological setting and style  The mineralisation at the Central of mineralisation. deposit has been classified as epigenetic copper-gold. Whilst the ore appears to be preferentially located within a brecciated, highly altered (silica-albite) and oxidised felsic tuff, recent drilling (RC in 2013 and current diamond drilling) by Hannans has shown that copper mineralisation also occurs in the black graphitic shales sitting stratigraphically above the felsic tuff and also in the mafic sill (gabbro) which dominates the footwall. It has become apparent from the current drilling programme that there is a strong supergene control on secondary mineralisation in addition to lithological and structural controls. A new geological interpretation is required for the Central deposit as a result of the current drilling.
Drill hole  A summary of all information material to  Refer to Table 1 & 2 of this report for a Information the understanding of the exploration summary of all appropriate drillhole results including a tabulation of the information. following information for all Material drill holes:  easting and northing of the drill hole collar  elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length.

Criteria	JORC Code explanation		Commentary
 If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data		In reporting Exploration Results, weighting		High-grade significant intercepts in this
aggregation	averaging techniques, maximum and/or	report are based on ≥ 1% Cu and
methods	minimum grade truncations (eg cutting of high grades) and cut-off grades are		include up to 1m of internal dilution. The lower-grade, wider significant
	usually Material and should be stated.	intercepts in this report are based on a
		Where aggregate intercepts incorporate	0.1% Cu lower cut-off grade and up to
	short lengths of high grade results and	1m of internal dilution.
	longer lengths of low grade results, the		No high-grade cut-off has been used in
	procedure used for such aggregation	this report.
	should be stated and some typical examples of such aggregations should be shown in detail.		Length-weighted averaging has been used to calculate all intercepts in this report. Length-weighted averaging has
		The assumptions used for any reporting of	been used given that sampling intervals
		metal equivalent values should be clearly	were determined geologically and not
		stated.	always nominally.
				No metal equivalents have been used in
				this report.
Relationship  These relationships are particularly  The reported mineralisation intercepts between important in the reporting of Exploration are downhole widths and not true mineralisation Results. widths, which are unknown at this widths and  If the geometry of the mineralisation with time. intercept respect to the drillhole angle is known, its  The geometry of the mineralisation lengths nature should be reported. whilst historically has been interpreted  If it is not known and only the down hole to dip between 50-70° towards the lengthsare reported, there should be a east, the current drilling programme has clear statement to this effect (eg 'down shown that a supergene effectmaybe hole length, true width not known'). more pronounced thanoriginally interpreted and as such the orientation of the mineralisation at the Central deposit is not fully understood.
Diagrams		Appropriate maps and sections (with		Appropriate	maps,	photographs	and
scales) and tabulations of intercepts		tabulations are included in the main
should be included for any significant		body of this report.
discovery being reported These should
include, but not be limited to a plan view
of drill hole collar locations and
appropriate sectional views.
Balanced		Where comprehensive reporting of all		The report provides the total information
reporting	Exploration Results is not practicable,		available to date and is considered to
representative reporting of both low and		represent a balanced report.
high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
Other		Other exploration data, if meaningful and		Previous exploration results, including
substantive		material, should be reported including		the JORC Inferred Mineral Resource
exploration data		(but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples		Estimate for Pahtohavare, have been previously reported. No other exploration data is considered material
		- size and method of treatment;		at this stage.
		metallurgical test results; bulk density,

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