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Hammer Metals (ASX:HMX) - Managing Director, Daniel Thomas
Managing Director, Daniel Thomas
Source: Business News
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  • Hammer Metals (HMX) confirms high-grade copper-gold mineralisation at its Lakeview prospect within the Mount Isa East Project area in QLD
  • Four holes have been drilled over 350 metres in an initial reverse circulation drilling program, with the area remaining open along strike and at depth
  • Sulphide mineralisation has also been observed at the Lady Rose, Kings and Charlotte prospects with follow-up programs planned at these and Lakeview
  • Japan Oil, Gas and Metals National Corporation has the right to earn a 60 per cent interest in HMX’s Trafalgar deposit by spending $6m by March 31, 2024
  • Shares in Hammer Metals are trading steady at 9.7 cents apiece at 10:24 am AEST

Hammer Metals (HMX) has confirmed high-grade copper-gold mineralisation at its Lakeview prospect within the Mount Isa East Project area in Queensland.

An initial reverse circulation (RC) drilling program has sought to test the nature of mineralisation at Lakeview, adjacent to historical workings.

So far, the company has drilled four holes over 350 metres at the prospect, which have all intersected mineralisation at shallow depths, with the drilled area remaining open along strike and at depth.

Significant results include an intersection of 10 metres at 1.97 per cent copper and 0.42 grams per tonne (g/t) gold from 23 metres, which also contains two metres at 4.58 per cent copper and 0.95g/t gold from 26 metres.

Another hole has returned eight metres at 1.97 per cent copper and 0.24g/t gold from 42 metres, including five metres at 2.9 per cent copper and 0.32g/t gold from 43 meres.

The company said the results highlighted the potential at Lakeview and along the extensive magnetic trend, which runs from Trafalgar for 14 kilometres to the Elaine and Jubilee deposits.

Hammer Metals Managing Director Daniel Thomas commented on the initial work.

“To see mineralisation over a 350-metre strike extent at Lakeview is an extremely encouraging start to the current drilling program,” he said.

“A follow up program at Lakeview has been designed with drilling to be completed towards the conclusion of the current program – likely [the end of] June.”

Further, the company said sulphide mineralisation, including chalcopyrite, had been observed in drilling at the Lady Rose, Kings and Charlotte prospects.

Assay results from these areas are anticipated early next month, with the program set to return to Lakeview at a later date to test for extensions to the mineralised zones.

Mount Isa East JOGMEC joint venture

Altogether, Hammer is roughly halfway through a planned 24-hole RC drilling program over 4000 metres at the company’s wholly owned projects and the Trafalgar discovery, which lies within the Japan Oil, Gas and Metals National Corporation (JOGMEC) joint venture (JV).

JOGMEC, which currently has no stake in the JV, has the right to earn a 60 per cent interest if the company spends $6 million on the project by end of March 2024.

Shares in Hammer Metals are trading steady at 9.7 cents apiece at 10:24 am AEST.

HMX by the numbers
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