ASX-listed Hammer Metals (ASX:HMX) is planning a fresh drilling program at the Hardway prospect within its Mount Isa portfolio in northwest Queensland.
The company reports the follow-up drill program will be focusing on a 500m strike extent that has returned elevated grades of copper and rare earth element (REE) mineralisation.
Hammer Metals’ share price has jumped 15.15% to $0.076 as of 2:24pm.
The company’s decision to conduct follow-up drilling has come following the delivery of further broad, shallow intercepts of ‘significant’ copper and REE mineralisation from the prospect.
These ‘significant’ results include hole HMHWRC012 with 57m @ 1% Cu from surface, including 10m @ 2.87% Cu, 0.11g/t Au, and 0.09% total rare earth and yttrium oxides (TREYO) from 25m; and hole HMHWRC006 with 24m @ 1.06% Cu and 0.20% TREYO from 14m within 58m @ 0.55% Cu from surface.
Commenting on the proposed follow-up program, Hammer Metals Managing Director Daniel Thomas says: “With this drilling still being very wide-spaced, a follow-up program for Hardway is now being designed with the aim of optimising the discovery and focusing in on zones with the best potential to add metal inventory at higher grades.
“A geological review of this tenement has identified a new zone of higher-grade REE and copper mineralisation at the Easy Life prospect, which lies just 1.2km southwest of the main Hardway workings”
A geological review of this tenement has identified a new zone of higher-grade REE and copper mineralisation at the Easy Life prospect, which lies just 1.2km southwest of the main Hardway workings. This will be a priority target for follow-up exploration.”
The Hardway prospect is situated within the company’s wholly owned EPM14022, located between Mount Isa and Cloncurry and 1km north of the Barkly Highway.
Hammer Metals is an ASX-listed mineral explorer focused on discovering ‘large’ copper-gold deposits of ‘Ernest Henry’-style. The company holds a tenement position covering about 2,600km-square within the Mount Isa mining district and has a range of prospective targets at various stages of testing.
Images: Hammer Metals Ltd
