- Hammer Metals (HMX) confirms a broad zone of copper sulphide mineralisation in its first drill hole completed at the South Hope prospect in northwest Queensland
- The company has received assays from its recent drilling program, with the first hole intersecting a 25-metre zone grading 2.41 per cent copper and 0.47 grams per tonne (g/t) gold
- Managing Director Daniel Thomas says this intersection is a “great result” that gives the company “significant encouragement” about the potential of its Mount Hope prospects
- Hammer Metals now plans to complete follow-up drilling across a number of prospects within its Mount Isa portfolio
- Shares in Hammer Metals are up 1.59 per cent to 6.4 cents at 11:48 am AEDT
Hammer Metals (HMX) has confirmed a broad zone of copper sulphide mineralisation at the South Hope prospect within its Mount Isa project in northwest Queensland.
The company received assays from its first reverse circulation (RC) hole completed at South Hope as part of a recently completed 11-hole RC drilling program covering multiple prospects at Mount Isa.
Drilling mainly focused on zones of former copper-gold workings as well as recently-defined geophysical anomalies.
The first hole drilled intersected a broad mineralised interval comprising a quartz and chalcopyrite vein within an amphibolite host.
Assays include 25 metres at 2.41 per cent copper and 0.47 grams per tonne (g/t) gold from 74 metres, including six metres at 3.12 per cent copper and 0.36 g/t gold from 85 metres.
“The confirmation of a significant copper intersection at South Hope is a great result which gives us significant encouragement about the potential of Hammer’s Mount Hope prospects,” Managing Director, Daniel Thomas said.
After completing the first hole, the company drilled three follow-up holes at South Hope, which confirmed high-grade copper mineralisation in two of the holes.
Highlighted results from these holes include four metres at 3.03 per cent copper and 0.29 g/t gold from 39 metres, including one metre at 10.1 per cent copper and 0.98 g/t gold from 40 metres.
The company is waiting on assays for another seven drill holes and plans to conduct follow-up drilling across the South Hope, Stubby, Mascotte and Mascotte Junction prospects in early 2023, or sooner depending on contractor availability.
In the meantime, Hammer is continuing with drilling at the Kalman deposit within Mount Isa to extend shallow mineralisation to the north and report an upgraded mineral resource estimate next year.
Shares in Hammer Metals were up 1.59 per cent to 6.4 cents at 11:48 am AEDT.