Hammer Metals (ASX:HMX) is unlocking the rapidly emerging potential across its Mount Isa portfolio in North-West Queensland following ‘highly encouraging’ preliminary results from a fixed-loop EM program at the Hardaway prospect.
Speaking to Mining.com.au ahead of the Brisbane Mining Investor Conference held on 22-23 March, Managing Director Daniel Thomas says the company is being measured in its development approach.
“In our view, to deliver a financially robust global copper operation, you’d ideally look to produce 30,000 tonnes of copper equivalent metal per year for at least a decade. After assuming a 50% discount for converting a resource to reserve, you need to establish a JORC resource in excess of 600,000 tonnes of copper equivalent metal.
The Hardway prospect will hopefully build upon our existing JORC resources and push us closer to our goal of a JORC resource in excess of 600,000t of copper equivalent metal. Hardway in itself is unique with the prospect having been subject to small scale mining over many decades without actually having been drilled, like many other recent Mount Isa successes – Mount Hope, Lady Fanny and Nil Desperandum. The deep weathering and alteration seen at the property is unique when compared to our other prospects and we’re looking forward to exploring the sulphide potential at depth.”
“The Hardway prospect will hopefully build upon our existing JORC resources and push us closer to our goal of a JORC resource in excess of 600,000t of copper equivalent metal”
In February, Hammer reported exploration results from across its Mount Isa portfolio, where significant copper-rare earths mineralisation was also recently intersected, as well as drilling results from Kalman West and Lord Nelson.
The Kalman West drilling was designed to test short-term continuity of a ‘high-grade’ gold rock chip result of 4.48% Au. At Lord Nelson, initial drilling encountered ‘encouraging’ copper mineralisation in a similar structural position to the Trafalgar trend. A geophysical crew is currently on site conducting fixed-loop EM surveys at several prospects in order to identify conductors at depth. This work will be completed at key prospects prior to the start of Hammer Metals’ next drilling program.
Thomas tells this news service following last year’s initial drill test at the Hardway, located 40km to the east of Mt Isa and 1km to the north of the Barkly Highway, results from reverse circulation drillhole HMHWRC001 include 30m @ 1.1% copper from 48m (oxide); and 26m at 0.14% Total Rare Earth and Yttrium Oxides (TREYO) from 34m.
“The upswing in copper prices has driven a new rush in exploration activities across the Mount Isa region. We’re also seeing an unprecedented amount of corporate interest and activity in the region. With the increased focus, we’re seeing new discoveries and continued demonstration of the copper potential of the district.
The potential within our 2,600km-square of tenure continues to surprise me with new targets and prospects. The sheer number of prospects that have never been drill tested continues to amaze me and represents a fantastic opportunity for explorers in North West Queensland. The deployment of modern geochemistry and geophysical techniques will help uncover the next Tier 1 and 2 discoveries in the region.”
This message will be spruiked by the MD next week at the Brisbane Mining Investor Conference, which representatives from Hammer have been attending for at least the past 6-7 years.
Thomas says the event is the year’s first east coast investor-focused conference and provides a great opportunity for Hammer to demonstrate the continued opportunities within the North West minerals province and promote the works completed at the tail end of 2022.
“The conference also provides Hammer with an opportunity to connect with its peers as well as other important industry stakeholders and suppliers.”
Write to Adam Orlando at Mining.com.au
Images: Hammer Metals Ltd
