Hammer Metals (ASX:HMX) is preparing for a third drill program scheduled for late July – early August 2023 across multiple prospects within its Mount Isa Project in Northwest Queensland.
The $59.14 million market capitalisation company says drilling is aimed to test ‘high-priority’ targets, including the Mt Mascotte, Hardway, South Hope, Pommern, Bulonga, Overlander, Tourist Zone, and Kalman North prospects, in the project area.
This news comes after Hammer received ‘exciting’ results from a follow-up drill program conducted at Mt Mascotte and South Hope, where drilling delivered ‘high-grade’ copper mineralisation over broad widths.
At Mt Mascotte, drilling intercepted a broad zone of mineralisation. The company says this likely indicates a south-plunging shoot, with the drillhole terminating in mineralisation.
‘Significant’ intercepts recorded include drillhole HMMARC008 include 53m @ 1.55% Cu and 0.52g/t Au from 77m, including 12m @ 2.48% Cu and 0.71g/t Au from 77m and 9m @ 2.33% Cu and 0.68g/t Au from 95m.
Meanwhile, at South Hope, mineralisation was encountered in all holes drilled, identifying multiple zones of copper mineralisation.
Hammer reports ‘significant’ intercepts include drillhole HMHSRC007 with 12m @ 1.02% Cu and 0.1g/t Au from 10m; and drillhole HMHSRC009 with 17m @ 0.66% Cu and 0.2g/t Au from 99m.
Commenting on the recent drill results, Hammer Metals Managing Director Daniel Thomas says: “These results once again demonstrate the exceptional endowment of copper-rich prospects within Hammer’s portfolio.
“As we look to embark on our next drilling program, we now have 3 high-priority prospects to pursue”
As we look to embark on our next drilling program, we now have 3 high-priority prospects to pursue — South Hope, Mt Mascotte, and Hardway — all with recorded drill intersections of more than 50m grading above 1% copper.
These 3 prospects are separated by up to 60km, with Hammer holding the vast majority of tenure in between. In addition to these targets, we have developed several additional high-ranking prospects, all with the potential to significantly contribute to our growing copper inventory in the Mt Isa region, which represents Australia’s largest base metals district.
These results at Mt Mascotte also elevate the priority of the nearby undrilled electromagnetic conductor, which sits below a zone of outcropping copper mineralisation. Drilling will commence shortly to test this and other high-priority targets within our tenure.”
Hammer notes that the Mount Isa East joint venture (JV) program with Sumitomo (TYO:8053) is ongoing, with geochemical and geophysical surveys planned in the coming months.
Hammer Metals is an ASX-listed mineral exploration company that holds a tenement position covering about 2,600km-square within the Mount Isa mining district.
As of 31 March 2023, the company had $2.6 million cash at hand, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Hammer Metals Ltd