Hammer Metals (ASX:HMX) will start an exploration program at Lady Jenny to verify historical records and test the mineralised system at depth after satisfying itself with respect to due diligence over mining leases.
As such, Hammer Metals has made the option payment outlined in the binding term sheet entered into with Corella Valley Corporation earlier this month.
The option provides Hammer with 24 months to accurately define the size and grade of a potential resource on the property with a payment of $500,000 required to secure an 80% interest in the project.
Today’s (28 October) announcement comes ahead of the company attending IMARC in Sydney, which will again be attended by Mining.com.au.
In Early November, Hammer expects to start a reverse circulation drilling program in Mount Isa at Lady Jenny (Cu-Au), Tourist Zone South (CuAu), and Kalman South-East (Cu-Au-Mo).
Hammer Metals holds a strategic tenement position within the Mount Isa mining district, with 100% interests in the Kalman deposit, the Overlander North and Overlander South deposits, the Lakeview deposit, and the Elaine deposit.
Hammer also has a 51% interest in the Jubilee deposit.
The company is focused on discovering large copper-gold deposits of Ernest Henry-style and has a range of prospective targets at various stages of testing. It holds a 100% interest in the Bronzewing South Gold Project located adjacent to the 2.3 million-ounce Bronzewing gold deposit in the Yandal Belt of Western Australia.
Write to Adam Orlando at Mining.com.au
Images: Hammer Metals
