Hammer Metals (ASX:HMX) reports the presence of multiple large-scale IOCG targets following recently completed geophysical programs at its 100% owned Mount Isa project in north-west Queensland.
The results, generated by a regional versatile time domain electromagnetic (VTEM) geophysical survey over the company’s Pilgrim South prospect, have indicated the existence of several conductive zones, including a target near the brothers gold prospect.
The recent VTEM survey was conducted to test a further 25km of strike along the Pilgrim Fault corridor towards the former Tick Hill gold and Trekelano copper deposits covering an area of 180km-square, including the zone of the Pilgrim fault to the south of Hammer’s Kalman project.
Commenting on the results, Hammer’s Managing Director, Daniel Thomas, said: “Hammer has a dual track strategy to move from copper explorer to developer. In addition to the current drilling programs which are focused on the delineation of additional copper inventory near our existing JORC resources, we continue our search for large scale Tier-1 or tier two IOCG deposits.
“a significant new iocg target has been delineated at bullrush, adjacent to rio tinto’s iocg target at its devoncourt project”
The recently completed geophysical surveys were initiated to develop new large-scale targets within our extensive Mount Isa tenure. A significant new IOCG target has been delineated at Bullrush, adjacent to Rio Tinto’s IOCG target at its Devoncourt project.
In addition to the targets at Bullrush, Hammer has identified several prospective conductive zones along the Pilgrim Fault to the South of Hammer’s Kalman project. We look forward to advancing and refining these targets with ground reviews before moving them to the drilling stage by early 2023.”
The company also notes that the structural positioning of the target zone relative to the Tick Hill gold deposit, which boasts a Mineral Resource Estimate (MRE) of 706,000 tonnes at 22.5g/t, makes the Brothers prospect a high priority target for future drilling exploration.
In addition, additional targets with classic IOCG signatures of broad scale gravity and magnetic highs have been identified at the Bullrush deposit, located on the margin of the Wimberu granite intrusion and in proximity to Rio Tinto’s IOCG discovery at Devoncourt.
The Mount Isa project is located in north-west Queensland and comprises a landholding of 2,000km-square that covers a range of early stage Greenfields to advanced development study projects. Hammer Metals has a 100% interest in all associated tenements and JORC resources of copper, gold, molybdenum, rhenum, cobalt and iron.
With the recent VTEM geophysical survey now complete, Hammer Metals announces that it will continue to refine the target zones with follow-up field reviews to enable the progression of these targets to a drill-ready status.
The targets are expected to mature to the drilling stage in early 2023.
Images: Hammer Metals Ltd
