Hammer Metals claims new copper-gold discovery

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) has claimed a new copper discovery at the Scalper prospect in North West Queensland.

The discovery came during a recently-completed nine-hole Reverse Circulation (RC) drilling program at the company’s 100 per cent-owned Overlander North, Kalman and Scalper prospects located near Mount Isa.

The RC drilling program was designed to follow up the results from an earlier program at Overlander North and Kalman, and to provide an initial test of the

Scalper prospect, which the company describe to be a strong magnetic target located six kilometres along strike to the south of the Andy’s Hill IOCG prospect.

New copper-cobalt intersections were returned from Overlander North including:

OVRC031
89 metres at 1.1 per cent copper and 427ppm cobalt from 173m at a 0.1 per cent copper cut-off including, 19m at 1.9 per cent copper and 751ppm cobalt from 197m, 11m at 2.4 per cent copper and 770ppm cobalt from 222m, 4m at 2.3 per cent copper and 449ppm cobalt from 238m, and 4m at 3 per cent copper and 1162ppm cobalt from 253m.

OVRC030
131m at 0.59 per cent copper and 289ppm cobalt from 190m at a 0.1 per cent copper cut-off including, 3m at 1.1 per cent copper and 427ppm cobalt from 213m, and 27m at 1.4 per cent copper and 403ppm cobalt and 0.14g/t Au from 238m.

The new copper-gold discovery at the Scalper prospect was encountered by the first hole with indications of thick iron oxide copper-gold (IOCG) alteration and mineralisation present.

SCRC001
58m at 0.58 per cent copper and 0.13 grams per tonne gold at a 0.1 per cent copper cut-off including, 23m at 1.1 per cent copper and 0.27g/t gold from 77m, including 12m at 1.9 per cent copper and 0.45g/t gold from 87m.

Hammer said drilling at the Kalman prospect has confirmed near surface high-grade molybdenum and copper zones, including:

K135
17m at 0.54 per cent molybdenum and 12g/t Rhenium and 8g/t silver (3.7 per cent copperEq), from 74m and 24m at 0.46 per cent molybdenum, 0.24 per cent copper and 11g/t Rhenium (3.4 per cent copperEq), from 139 metres;

K137
20m at 0.18 per cent molybdenum and 3.3g/t Rhenium (1.3 per cent copperEq) from 70m;

K138
16m at 0.14 per cent molybdenum and 4g/t Rhenium (1.2 per cent copperEq) from 45m; and

K139
12m at 1.2 per cent copper and 0.5g/t gold (1.5 per cent copperEq) from 0m.

“These results further demonstrate the extensive mineralisation and prospectivity of the Overlander, Andy’s Hill and Scalper IOCG corridor,” Hammer Metals executive director Alex Hewlett said in the company’s announcement to the Australian Securities Exchange.

“In addition the recent drilling at Kalman has the potential to increase the size of the near-surface resources in the Kalman resource model which will improve the economics of any open pit mining scenario.

“We plan to move forward quickly with resource updates for Overlander North and Kalman and a follow up drilling program is planned for Scalper.

“We consider the results of this initial hole at Scalper to be highly encouraging and for Scalper to have potential for outlining an open pittable copper-gold resource.”

Website: www.hammermetals.com.au