Hammer Well-Positioned with Kalman MRE Update
THE CONFERENCE CALLER: A resource update this week for its polymetallic Kalman project in Queensland positions Hammer Metals (ASX: HMX) with a baseload of material to push towards development, managing director Daniel Thomas said on the sidelines of the 2023 RIU Sydney Resources Round-up.
Drawing from his experience at Sandfire Resources, Thomas also pointed to comparisons between Kalman and the project that Sandfire acquired from MOD in Botswana that contained a reserve at the time of 22 million tonnes at 1.1 per cent copper-equivalent.
He said the open pit component of the updated Kalman resource contained 27.7 million tonnes at 1.1 per cent copper-equivalent, adding there was a difference between a resource and reserve but saying Kalman was in a great jurisdiction surrounded by mining operations and established infrastructure.
Kalman’s contained metal has increased 39 per cent from a 2016 Mineral Resource Estimate to about 500,000 tonnes copper-equivalent.
The total updated resource comprises 39.2 million tonnes grading 0.53 per cent copper, 0.27 grams per tonne gold, 0.1 per cent molybdenum, 1.5g/t silver and 2.1g/t rhenium.
“We’ve had aspirations for some time to grow our resource base to a number of 600,000 tonnes of copper-equivalent metal,” Thomas told Resources Roadhouse.
“When you combine Kalman now with our other resources – Elaine, Jubilee and Overlander, we’re very close to that figure if not exceeded that figure.”
He said one of the key questions, in a capital constrained market, was how to advance the project near Mount Isa.
“Our focus as a company is on growing this mineral inventory,” he said.
A rig was expected to turn up within weeks to start testing high-priority targets.
“More copper, more inventory, more people taking notice,” Thomas said of the company’s plans.
“Above all else, delivering that shareholder uplift through good exploration results as we’ve seen with our neighbours.”
Hammer also has a joint venture with Sumitomo Metal Mining in Queensland and the Yandal gold, lithium and nickel projects in Western Australia.