Hammer Metals to Re-Acquire Mt Dorothy Copper REE Project

THE BOURSE WHISPERER: Hammer Metals (ASX: HMX) is to earn an 80 per cent interest in the Mount Dorothy and Cobalt Ridge projects, two copper and critical elements projects located in the Mount Isa inlier region of Northwest Queensland.

Hammer Metals announced it has entered into a binding term sheet with Element Minerals Australia, a subsidiary of Global Energy Metals Corporation (GEMC), to complete the deal.

The deal has a sniff of Deja-vu for Hammer, which had originally sold the prospects to GEMC in 2019 as part of its divestment of the Millenium cobalt project.

Hammer’s rethink came via its copper-rare earth discovery at the nearby Hardway prospect, and the exploration results from Mount Dorothy by China Yunnan Copper Australia Ltd in 2011 that it considers to suggest similarities in the mineralogy of the Hardway and Mount Dorothy mineral systems.

“Hammer is pleased to have reached agreement with Global Energy Metals to re-take majority ownership of these tenements,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“We believe the prospects deserve further exploration and will complement Hammer’s already impressive project inventory in the world-class Mt Isa district.

“We are confident in the opportunity that the Mount Isa region presents for minerals that are critical for Australia’s future and we are determined that Hammer will play a leading role in this region in helping to secure the raw materials needed for batteries and new energy technologies through projects like Mt Dorothy and Cobalt Ridge.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE