Its geologists were soil sampling at Finanagh to follow up seismic structural re-interpretation and found high lead and zinc values, of up to 2,650ppm and 921ppm respectively, which led to the discovery of 14 subcrops in a recently deforested area.

"To highlight the potential significance of this find, Hannan's Kilbricken deposit was first discovered in 2008 when a private Irish exploration company drilled beneath similar galena, sphalerite and calcite veined shelf carbonates at a small Victorian-era lead mine," chairman and CEO Michael Hudson said.

Hannan acquired the project in County Clare from Lundin Mining in January 2017 and established a maiden resource in July, of an indicated 2.7 million tonnes at 8.8% zinc equivalent and an inferred 1.7Mt at 8.2% ZnEq.

Hudson said most surface occurrences were found in Victorian times and the Finanagh outcrop discovery gave "great encouragement that many additional deposits remain to be found in close proximity".

The company had about C$678,000 in working capital at the end of February.

It said late last month it had adequate resources to maintain its core operations and conduct its planned exploration programmes.

It also intended to conduct a 20,000m drill programme, subject to financing.

"Along with the many high-quality targets identified by the recent seismic survey, we look forward to drill testing the Finanagh outcrop discovery when drill rigs return to the project this summer," Hudson said yesterday.

Hannan shares have fallen from C50c in May 2017 to a 52-week low last month of 18c.

They closed unchanged yesterday at 23c, capitalising the company at $9.3 million.