- Hammer Metals (HMX) and its joint venture partner Japan Oil, Gas and Metals National Corporation (JOGMEC) will expand on exploration at the Mount Isa Copper-Gold Project in Queensland
- It follows positive results from drilling, including from two holes at the Shadow prospect, which revealed a wide zone of copper mineralisation
- As such, Hammer Metals and JOGMEC have decided to expand upon exploration in the area
- However, the latest drill hole at the Toby prospect failed to explain the presence of conductors and a downhole electromagnetic (EM) program will be carried out at the three recently drilled holes at the prospect
- Meanwhile, drilling at the Kathleen Rare Earth Element and Copper prospect intersected visible allanite, with results to become available in the coming weeks
- Shares in HMX are steady at market open, priced at 4.4 cents per share
Hammer Metals (HMX) will expand on exploration at the Mount Isa Copper-Gold Project in Queensland following positive drilling results.
Two holes at the Shadow prospect revealed a wide zone of copper mineralisation associated with breccia, and on the margin of the breccia, a silicified magnetite alteration zone.
In the first hole, HMSHDD001, Hammer intersected an 83-metre section at an average of 0.13 per cent copper from 81 metres.
In the second hole, HMSHDD002, an intercept of 106 metres at 0.10 per cent copper was recorded from 44 metres.
As such, Hammer Metals and its joint venture partner — Japan Oil, Gas and Metals National Corporation (JOGMEC) - have decided to expand upon planned exploration in the area as Managing Director Daniel Thomas explained.
“The results from this first drilling campaign provide confidence we can deliver on the potential that we believe the extensive Mt Philp mineral system contains. The intersection of a broad system of mineralisation at Shadow is very encouraging and the Joint Venture is committed to continuing nearby exploration in the search for a large scale economic IOCG deposit," Daniel stated.
"Importantly, the results have yet to explain some of our previous observations such as the high-grade copper and gold surface samples at Shadow and the strong EM anomalies at Toby," he continued.
"JOGMEC and Hammer have recently agreed to upscale this year’s exploration program at Shadow and within the surrounding breccia units, whilst also continuing our targeting efforts within the broader Joint Venture areas," the managing director explained.
However, drilling at the Toby prospect failed to explain the presence of heliborne and ground electromagnetic (EM) conductors noted in previous exploration.
A downhole EM program will be carried out at the three recently drilled holes at the Toby prospect.
Meanwhile, drilling was also carried out at the Kathleen Rare Earth Element and Copper prospect, southeast of the historic Mary Kathleen mine, with results expected in coming weeks.
"We look forward to receiving the assays from our drilling at Koppany and it has been really pleasing to observe both rare earth and copper mineralisation in the drill core," Daniel concluded.
Shares in HMX are steady at market open, priced at 4.4 cents per share at 10:08 am AEST.