Hammer Metals (ASX:HMX) reports ongoing exploration programs across its Mount Isa portfolio has identified ‘significant’ rare earth element (REE) mineralisation on the former Hardway mining lease.
Hammer reports that it continues to progress its geophysical and geochemical programs, delineating drill-ready targets at Mount Hope South Mascotte and Lord Nelson.
An off-hole EM conductor has been identified at the Overlander prospect from recent diamond drilling, while induced polarisation (IP) and electromagnetic (EM) surveys continue at both of Hammer’s 100% owned prospects and within the Mount Isa East JV with Sumitomo Metal Mining.
Hammer reports that the results show REEs in multiple rock chips, including individual grades peaking at 0.56% total rare earth oxide and yttrium (TREOY) and 0.39% heavy rare earth oxide and yttrium (HEROY).
The average HREOY/TREOY ratio is 62%. Maximum element grades of note recorded include 2,430ppm yttrium, 298pmm dysprosium, 752ppm neodymium, 900ppm cerium, 336ppm lanthanum, and 210ppm samarium.
Commenting on the intercepts, Hammer Managing Director Daniel Thomas said: “Hammer’s work program in Mount Isa is continuing to deliver a strong pipeline of drill-ready targets.
“Hammer’s work program in Mount Isa is continuing to deliver a strong pipeline of drill-ready targets”
Our geophysical programs are continuing on a number of fronts, with this update providing a snapshot of some of the exciting emerging targets within our portfolio. The addition of the former Hardway Mining Lease adds another advanced prospect with surface copper mineralisation to the portfolio.
In addition to the copper potential within the prospect, the team has unearthed a unique rare earth mineralisation style that will be the subject of further work. It’s pleasing to see progress with our review of the Kalman deposit, as well as advancement of some of our southern prospects at South Hope and Mascotte.
The imminent commencement of a substantial drilling program at Ajax East will provide near-term news-flow along a broad sulphidic system capable of delivering high-grade copper intercepts.”
The Hardway copper mine is an open cut mine, located along a long quartz breccia structure trending north-west. It is hosted within the Corella formation, a geological unit which also hosts mineralisation at Hammer’s Kalman Au-Cu-Mo-Re deposit, Jubilee Cu-Au deposit, Elaine Cu-Au deposit and other Hammer prospects such as Ajax, Trafalgar, Overlander and Hammertime.
The former mine pit is approximately 30m in diameter at its widest point and about 15m high, with secondary workings about 400m and 700m to the south-east. The workings extend for over a distance of some 1,000m.
The Hardway mine (formerly ML2760) is situated within Hammer Metals EPM14022, located between Mount Isa and Cloncurry approximately 1km north of the Barkly highway. The mining lease lapsed and has now been incorporated into the 100% Hammer-held EPM14022.
