Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sampling at Hammer Metals Malbon project has revealed elevated levels of gold and copper
  • Malbon having not been the priority of Hammer Metals will now receive further investigation.

Hammer Metals Limited has released the findings of rock chip sampling from its Malbon project, which show elevated levels of gold and copper. The Malbon project is located near Mount Isa, Queensland.

Hammer Metal’s Chairman Russel Davis said Malbon hasn’t been a priority for the company however, the increased levels of gold found will see the company further investigate the area.

The Malbon project hosts the Kings, Alice and Deadlock prospects which span 1.8km. Samples from the region recorded grades of 12.9g/t gold, 15.8 per cent copper and 0.39 percent cobalt. However, outcrop is sparse in the area with a “thin veneer of colluvial cover masking the bedrock”. Further examination will be required to determine the “extent and structural controls” of mineralisation, according to Hammer Metals.

The Malbon region is roughly 40km from Hammer Metal’s Kalman Hub, which has to date produced 194,700 tonnes of copper, 294,000 ounces of gold and 30,000 tonnes of molybdenum .

Hammer Metal’s are expected to release the findings soon from their sampling of the Mt Philip IOCG Breccia project. Field work is in continuation here as soil geo chemical anomalies are investigated.

Hammer Metals has full ownership over the Kalman hub which mines copper, gold, molybdenum and rhenium, the Overlander North and Overlander South deposits which mine copper and cobalt and the Elaine deposit which mines copper and gold.

A 75 per cent interest is held in the Millennium deposit, producing copper, cobalt and gold as well as a 51 per cent interest in the Jubilee deposit, producing copper and gold. All located within a 3000km2 range of the Mount Isa mining district.

According to Hammer Metals, many more sites are being tested trying to target large scale copper and gold deposits as the company expands.

Please see the ASX announcement for further details

HMX by the numbers
More From The Market Herald

" Orcoda (ASX:ODA) celebrates positive cashflow and higher earnings

Orcoda (ODA) has experienced its fifth consecutive cashflow positive quarter for the three months ending September 30 2021.
DroneShield (ASX:DRO) - CEO, Oleg Vornik

" DroneShield (ASX:DRO) tables mixed results in September quarter

DroneShield (DRO) has tabled its September quarterly report and revealed a mixed bag of results.

" Roto-Gro (ASX:RGI) files three international patent applications

Roto-Gro International’s (RGI) subsidiary has filed three international applications under the patent cooperation treaty.

" GWA Group (ASX:GWA) completes extension of syndicated banking facility

GWA Group (GWA) has successfully extended its syndicated banking facility.