Hannan Metals has started a diamond drilling programme at the Stavaträsk gold project in northern Sweden, advancing exploration at a target located in the Skellefteå mining district, one of the country’s most established mineral regions. The company has mobilised a drill rig for the first phase of work, which will include approximately 1,000 metres of drilling across six to eight holes. Individual drill holes are expected to reach depths of around 120–200 metres.
A second drilling phase of another 1,000 metres is planned after the company evaluates initial assay results, allowing future targeting decisions to be based on early geological information. The programme is intended to test whether surface gold, copper and silver indications at Stavaträsk represent a larger mineralised system beneath the surface.
Drill campaign targets high-grade mineralisation in Skellefteå district
Stavaträsk is located approximately 20 kilometres north of the Boliden deposit, historically one of Europe’s most significant gold mining operations. The Boliden system produced approximately 4.2 million ounces of gold at high grades and remains an important geological reference point for exploration in the Skellefteå region.
Hannan is not claiming that Stavaträsk represents a new Boliden-scale discovery, and the project currently has no defined mineral resource estimate. The company is testing whether the project shares structural and geological characteristics associated with mineralisation in the broader district. The exploration target is a structurally hosted gold-copper-silver system associated with massive to semi-massive arsenopyrite, pyrite and chalcopyrite, together with silica alteration.
Surface sampling identifies extended mineralised trend
Previous exploration work has identified significant gold and silver values at surface.
Sampling from outcrops returned grades of up to 93 grams per tonne (g/t) gold and 24 g/t silver. A boulder field located approximately 650 metres southeast of the main outcrop returned results of up to 11.2 g/t gold, 154 g/t silver and 2.43% copper.
Together, the outcrop and boulder field define a mineralised trend extending approximately 750 metres. Historical drilling completed by Boliden during the 2000s reportedly traced the broader system over approximately 2.5 kilometres of strike, although much of the historical assay information and drill collar data is unavailable.
The current drilling programme is designed to verify mineral continuity, structural controls and depth extension of the mineralised system.
Exploration programme focuses on geological continuity
The first drill holes at Stavaträsk are intended to determine whether high-grade surface indications represent a continuous underground mineralised body. The company will examine key geological factors including mineralisation geometry, structural controls, continuity and potential extensions at depth.
Surface grades and boulder samples can indicate nearby mineralisation, but they do not establish the size or continuity of a deposit. Modern drilling is required to confirm whether these indications translate into an economic exploration target. The planned use of electromagnetic surveys is expected to support future targeting by identifying conductive sulphide zones beneath cover and along strike. Because the mineralisation contains sulphide minerals, geophysical methods may help define additional drill targets after the initial programme.
Swedish location provides established mining environment
The Stavaträsk project benefits from its location in Sweden, one of Europe’s established mining jurisdictions. The country has experienced mining infrastructure, skilled contractors, established permitting systems, access to power and extensive geological information.
The Skellefteå district is a recognised mining region with a history of precious-metal and base-metal production. Its geological record, including the Boliden system, provides a regional framework for evaluating new exploration targets. For investors seeking exposure to European mineral assets, Sweden provides a developed operating environment compared with earlier-stage frontier jurisdictions.
Hannan adds Swedish exploration to global portfolio
The Stavaträsk drilling campaign provides Hannan with a European exploration opportunity alongside its broader activities in Peru.
The company’s Previsto project in Peru remains its main exploration focus, while Stavaträsk provides exposure to a high-grade gold target in a mature mining jurisdiction. The Swedish project offers a different exploration profile, combining a known geological district with near-term drilling activity.
Hannan moved quickly following the acquisition of its Swedish interests, commencing drilling only 12 days after announcing the Swedish transaction. The rapid mobilisation provides the company with a near-term exploration timeline and an opportunity to generate assay results shortly after project acquisition.
Initial drilling results will determine next phase
Stavaträsk remains an early-stage exploration project without a NI 43-101 mineral resource or reserve estimate. Historical exploration results require verification, and the relationship between high-grade surface samples and potential underground mineralisation remains unconfirmed.
The second planned drilling phase of approximately 1,000 metres will depend on the results of the initial programme. Hannan expects the first phase of assays to guide follow-up targeting, including potential expansion of drilling based on geological interpretation and geophysical results.
The company will assess whether the mineralised structures identified at surface continue below ground and whether the project warrants additional exploration investment. The current drilling campaign is testing whether the high-grade gold-copper-silver indications at Stavaträsk can develop into a larger mineral discovery within Sweden’s Skellefteå mining district.
