- Hammer Metals (HMX) spikes in early trade after releasing more strong copper hits from drilling at its Mt Isa project in Queensland
- The best results, which come from the Lakeview prospect, include an 18-metre hit grading 1.7 per cent copper and 0.49 grams of gold per tonne (g/t gold) from 61 metres
- Hammer Managing Director Daniel Thomas says with high copper prices and a growing copper inventory, the company is “well-placed” to move from exploration to development
- Hammer says it has a drill rig locked in place for the end of October to follow up results from across the Mt Isa project
- Shares in Hammer Metals are up 4.92 per cent and trading at 6.4 cents each at 10:55 am AEDT
Base metals explorer Hammer Metals (HMX) has spiked in early trade this morning after releasing more strong copper hits from drilling at its Mt Isa project in Queensland.
The best results came from the Lakeview prospect of the project area, at which Hammer Metals has received three assays from a nine-hole drilling program.
Assay results included an 18-metre hit grading 1.7 per cent copper and 0.49 grams of gold per tonne (g/t gold) from 61 metres. This hit included a five-meter zone at 4.17 per cent copper and 1.04 g/t gold from 62 metres.
The nine-hole Lakeview program was designed to follow up four earlier holes drilled by Hammer to figure out if the company could define a copper-gold resource at the prospect to add to its existing resource inventory.
The program was completed back in June, but Hammer said it faced “considerable delays” in receiving assay results.
Meanwhile, Hammer has reported results from field exploration work at several other zones surrounding Lakeview and around the Mt Isa project area.
Managing Director Daniel Thomas said the recent Mt Isa drilling program delivered “substantial” copper-gold intersections.
“This program scouted seven different prospects, with significant mineralisation observed at six of the target zones,” Mr Thomas said.
“These results continue to highlight the prospective nature of the Mount Isa region and the opportunity for our assets to contribute to the future copper supply from this region.”
He added that with sustained high copper prices and a growing copper inventory, the company was “well-placed” to move from base metals exploration to development.
Other assay results
Alongside the Lakeview assays, Hammer today reported results from drilling at its Overlander, Serendipity and Kalman prospect in the Mt Isa area.
The company drilled three holes at Overlander, though two failed to hit any significant mineralisation.
As for the third Overlander hole, drilling struck a 78-metre intersection at 0.26 per cent copper from 75 metres. This intersection also showed anomalous zinc, according to Hammer.
From the Kalman West prospect, all three holes drilled as part of the recent program returned reportable intersections, including a 37-metre hit at 0.14 per cent copper from just eight metres.
The two holes drilled at Serendipity showed potential to host gold mineralisation, but Hammer said the low gold values returned in the drilling downgraded the prospect.
Looking ahead, Hammer said it had a drill rig locked in place for the end of October to follow up results from across the Mt Isa project.
In the meantime, the company is reviewing some electromagnetic survey work done in key areas across the project and define new targets for the upcoming drill programs.
Shares in Hammer Metals were up 4.92 per cent and trading at 6.4 cents each at 10:55 am AEDT.