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Hammer Metals Identifies Gold and Copper Targets in North Queensland

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) has identified a strong EM conductor within the company’s 100 per cent-owned Mount Isa project in north-west Queensland.

Hammer Metals recently completed ground-based fixed loop electromagnetic (FLEM) survey that identified the EM conductor in the Revenue mine area.

Soil surveys carried out in 2024 also identified several copper-gold and gold-only targets within the Mount Isa project.

The new EM conductor is now known as the Lex Target, the area of which lies west of the Revenue trend of historical workings, where historical drilling intersected metre scale zones of percent level copper and gold.

Lex is located north-northeast of the Clarks historical workings which consists of a chalcopyrite-bearing calcite vein.

Hammer indicated that Lex is to be drilled in the company’s upcoming RC program along with Tourist Zone South target in April.

“Hammer’s team had a busy 2024 collecting and collating significant datasets that have since yielded a number of high-quality targets to pursue in the coming year,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“The region remains lightly explored with our recent soil sampling program across the Pilgrim Fault representing the first meaningful work to be conducted on this tenure despite its proximity to highly mineralised projects at Tick Hill and Kalman.

“The standout EM conductor at Lex is intriguing with the added mystery of the area being undercover.

“I’m looking forward to seeing the drill test of this EM anomaly in the near term.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Hammer Metals Hits Lady Jenny Gold and Copper

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) provided a spark to the final morning of the RIU Explorers Conference by reporting drilling results from the company’s Lady Jenny Mining Lease in the Mt Isa region Queensland.

Hammer Metals had conducted an eleven-hole Reverse Circulation (RC) drilling program through November and December 2024 at the Lady Jenny Mining Lease with all holes intersecting copper and gold mineralisation under the historical pit, confirming a strike extent of approx. 180 metres.

Highlights from these first intercepts included:

HMLJRC005
32 metres at 1.05 per cent copper and 0.22 grams per tonne gold from 14m – estimated true width of approx. 25m, including 20m at 1.35 per cent copper and 0.3g/t gold from 16m;

HMLJRC008
26m at 0.67 per cent copper and 0.34g/t gold from 37m – estimated true width of approx. 21m, including 1m at 9.08 per cent copper and 4.4g/t gold from 42m;

HMLJRC003
15m at 1.10 per cent copper and 0.11g/t gold from 11m – estimated true width at 10m and 15m at 0.88 per cent copper; and

HMLJRC004
0.12 g/t gold from 36m – estimated true width of approx. 8m, including 6m at 1.76 per cent copper and 0.23g/t gold from 36m.

“Hammer’s program has successfully confirmed the extent of the presence of copper sulphides beneath the historical oxide workings at Lady Jenny,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“Several other exploration targets at the property are emerging and the team will assess geophysical methods to aid targeting for future drilling programs.

“The team’s attention now turns to our Bullrush IOCG drilling program, which we expect to commence next week.

“This diamond drilling program is targeting a classical magnetic and gravity anomaly masked by approximately 100m of cover.

“It is shaping up to be a busy start for 2025, with drilling programs also scheduled for Hammer’s 100 per cent-owned project areas.

“We’re looking forward to the end of the wet season to allow us to finally test Tourist Zone South plus an exciting new VTEM target at Revenue near Mt Hope.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Hammer Metals Identified New North Queensland Copper-Gold Drill Targets

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) has been busy of late, identifying several high-quality copper-gold targets within the company’s 100 per cent-owned tenure that forms part of its Mount Isa project in north-west Queensland.

Hammer Metals is conducting soil sampling across multiple targets within these areas, concentrating on soil sampling and geological mapping at the Tourist Zone, Overlander North, Kalman East and South, as well as Mascotte North.

This work is generating new targets to test as part of the company’s next Mount Isa drilling program.

“An extensive soil sampling program at Tourist Zone and Kalman continues to generate high-quality drill targets,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“The identification of a more significant gold and copper trend to the south of previous drilling is highly encouraging given that the historical drilling at the northern target generated copper intercepts of up to 37 metres at one per cent copper (TRC-019).

“These trends are highly anomalous and are supported by our geological reconnaissance which has identified mineralisation on surface.

“These prospects have never been drilled before and offer potential for further discoveries on our 100 per cent-owned Mount Isa tenure.

“Hammer has been systematically identifying untested trends and anomalies within our extensive tenement position for further investigation by soil sampling and geological reconnaissance.

“The exciting results emerging from Hammer’s initial work at Kalman and Tourist Zone are very pleasing and highlight the untapped potential of this project for further discoveries.”

Hammer has preparations underway for upcoming drilling with activities including refining drilling locations, environmental authorisations, heritage clearances and preparatory earthworks.

Drilling is expected to commence in late September 2024.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Hammer Metals (ASX: HMX) managing director Dan Thomas at Resources Roadhouse Steak Sandwich Showdown in Kalgoorlie.

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Hammer Metals (ASX: HMX) managing director Dan Thomas presents his company’s case to punters at The Resources Roadhouse Steak Sandwich Showdown in Kalgoorlie.

Hammer Metals Delivers Maiden Mineral Resource Estimate for Orelia North Gold Deposit

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) delivered the initial Mineral Resource Estimate (MRE) for the Orelia North gold deposit, part of the company’s Yandal gold project in Western Australia.

The Orelia North deposit is located to the northeast of Leinster in the Yandal Greenstone Belt in WA in a good neighbourhood sitting approximately 9.5 kilometres to the north of the Orelia gold operation operated by Northern Star Resources (ASX: NST) and around 12.5km northwest of that company’s Bronzewing gold operations.

Hammer Metals released a JORC Code-compliant Inferred MRE for Orelia North of 1.48 million tonnes at 1.15 grams per tonne gold for 54,500 ounces of contained gold (0.5g/t Au cut-off).

The deposit extends from surface and remains open at depth, which the company consider displaying potential for Resource extensions.

“We’re pleased to report the initial Mineral Resource Estimate of over 54,000 ounces of contained gold for the Orelia North deposit, providing a solid foundation for Hammer’s ongoing exploration within the Yandal Greenstone Belt,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“Orelia North was discovered by Hammer in 2020 as part of a reconnaissance aircore drilling program.

“The discovery highlights the potential of Hammer’s exploration ground in the Yandal region where shallow first pass exploration conducted in the late 1970s and 1980s has been shown, in some instances, to not have detected near surface gold mineralisation.

“The Yandal gold region has long been a significant contributor to Australia’s gold production, with numerous significant gold systems including Bronzewing (2.3Moz), Jundee (>10Moz) and Thunderbox (>8Moz).

“With the Orelia North deposit located less than 10 kilometres north of Northern Star’s operating gold mine at Orelia, the project is ideally situated for future development.

“Additional exploration potential will now be considered with a view to increasing the project’s contained gold inventory.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Hammer Metals Commences Yandal Gold Drilling

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THE DRILL SERGANT: Hammer Metals (ASX: HMX) has commenced drilling programs targeting two prospects within the company’s 100 per cent-owned Yandal gold project in Western Australia.

Hammer Metals is air-core drilling at the Sword prospect testing soil anomalism on the margin of the Overlord Thrust in an analogous position to the nearby Julius Gold Deposit, owned by Northern Star Resources (ASX: NST).

Hammer describes Sword as being characterised by significant gold-in-soil (>5ppb to 44ppb) anomaly which stretches over 400 metres.

Historic drilling at the prospect by previous explorers was widely spaced with the holes predominantly drilled vertically.

Aircore drilling at the Harrier prospect is testing an eastern limb of the Bronzewing Anticline approximately 4km south-east of the Bronzewing deposit.

Harrier has a coherent soil anomaly extending over a strike length of approx. 1.3km and a width of 250m, with a maximum soil result of 41ppb gold.

Historical work at Harrier has focused on soil and surface gold anomalism with previous drilling encountering bottom-of-hole gold anomalism.

“We’re pleased to return to grassroots exploration targets in one of Australia’s most prominent gold production and exploration regions,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“The prospects at Sword and Harrier are located close to significant gold mines in the district and have been inadequately explored given the significant gold anomalism associated with both of these targets.

“Our pending gold resource at North Orelia, quality exploration targets and a recent peak in gold prices underpin the potential of our Yandal project and highlight the opportunity to create additional value within Hammer’s portfolio of projects.

“Ongoing field work at Hammer’s prospects and Joint Ventures in the Mount Isa region is ongoing with significant soil sampling programs in progress and preparations underway for various work programs within Hammer’s recently executed Joint Ventures with South32 and Sumitomo Metal Mining Oceania.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Carnaby Resources and Hammer Metals Ink Mt Hope Mining Lease Deal

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THE BOURSE WHISPERER: Carnaby Resources (ASX: CNB) has struck a deal with Hammer Metals (ASX: HMX) that will result in Carnaby expanding its footprint adjacent to and surrounding the company’s 100 per cent-owned Mount Hope Mining Lease in Queensland.

Carnaby Resources explained the acquisition of three Sub-Blocks surrounding its Mount Hope mining lease ML90240 will allow it to optimise the Mount Hope Central and Mount Hope North open pits to their full extents, unrestricted by the current mining lease boundary.

The Mount Hope mining lease ML90240 currently contains a Mineral Resource of 10.3 million tonnes at 1.7 per cent copper equivalent (CuEq) for 173,000 tonnes CuEq.

Carnaby considers the benefits of being able to mine these larger open pits will be important to the Mount Hope development in respect to scheduling, capital expenditure and life of mine cashflow.

“This is a great transaction for both companies and their shareholders,” Carnaby Resources non-executive chairman Peter Bowler said in the company’s ASX announcement.

“For Carnaby it ensures we now have the unfettered ability to develop the Mount Hope Central and Mount Hope North deposits in the most optimal and unconstrained manner.

“We look forward to advancing the Mount Hope development and the broader Greater Duchess Scoping Study which is expected to highlight the significant value our projects can deliver to Carnaby shareholders.

“We are also highly encouraged by the exploration potential along the Mount Hope corridor both in the near mine environment for direct extensions of the lodes into the area acquired and for mineable satellite deposits like South Hope and The Stubby where significant historical drill results have been recorded.”

Hammer Metals does alright from the deal as well with total consideration payable by Carnaby Resources being up to $20 million.

Hammer will retain 30 per cent equity and to be free-carried by Carnaby to production from the three Sub-Blocks.

The initial tranche of payments comprises $4 million in cash and $5 million in Carnaby shares.

Hammer indicated this will provide funding for exploration drilling with a view to increasing its Mount Isa regional copper resource inventory.

A further $5 million in cash will be payable to Hammer upon a Mount Hope open pit decision to mine.

A final payment of $6 million in cash will be made upon a final investment decision for any separate new development on the Sub-Blocks (which could include prospects such as South Hope, Mount Hope U/G Extensions and The Stubby).

“We are extremely pleased to have realised this strong valuation outcome of up to $20 million for the three Sub-Blocks as part of this landmark transaction with our neighbour, Carnaby Resources,” Hammer Metals managing director Daniel Thomas said in his company’s ASX announcement.

“We see this as a good example of the emerging mining sector working collaboratively to deliver value to shareholders through a pragmatic and commercial approach to the advancement of copper-gold assets.

“With a material equity position in these Sub-Blocks, Carnaby will be well placed to progress the Scoping Study for the Greater Duchess project, without the previous constraint of the lease boundary at Carnaby’s key Mount Hope Central tenement.

“Importantly, Hammer shareholders maintain upside exposure to the future development of the three Sub-Blocks through the equity we will retain as well as the potential to receive future cash payments linked to a decision by Carnaby to mine at the Mount Hope Central and Mount Hope North deposits (part of Carnaby’s Greater Duchess project) and a decision to progress open cut or underground operations from within the Sub-Blocks themselves.

“Hammer will now use its enhanced cash position to intensify our exploration efforts both at Kalman as well as at our other exciting copper prospects such as Hardway, Bullrush and Mascotte, as we look to add to our existing copper inventory strategically located in the Mt Isa district of North Queensland.”

 

TO READ THE FULL CARNABY RESOURCES ANNOUNCEMENT: CLICK HERE

 

TO READ THE FULL HAMMER METALS ANNOUNCEMENT: CLICK HERE

 

Hammer Metals Welcomes Sumitomo JV Continuation

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) should be taking questions without notice at the RIU Explorers Conference this morning after announcing it is in confidential discussions regarding a potential merger with Carnaby Resources (ASX: CNB).

Hammer Metals said discussions at this stage remain confidential and incomplete and are at a relatively early stage, adding that there is no certainty that a transaction between the companies will eventuate.

The company released another announcement regarding recent exploration activities and the status of its Mount Isa East Joint Venture with Sumitomo Metal Mining Oceania (SMMO) in North Queensland.

Hammer explained that SMMO has reached a milestone $6 million of exploration expenditure under the JV and has now elected to continue funding the joint venture.

However, Hammer signalled its intention to dilute its interest in the JV in order to preserve capital to focus on its 100 per cent-owned prospects.

“We are very pleased that our partner in the Mount Isa East Joint Venture, Sumitomo Metal Mining Oceania, has elected to continue to fund the JV after reaching the $6 million earn-in milestone,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“This is another important and positive milestone for our Mount Isa exploration efforts and secures the continued support of Sumitomo Metal Mining as a valued strategic partner in this part of our portfolio.

“Importantly, this will ensure that we have ongoing funding for exploration activity within the JV, with the first cab off the rank being the start of drilling in early March at the high-priority Shadow South IOCG target.

“This is a large and compelling IOCG target with significant geophysical, geochemical and geological characteristics.

“We are looking forward to seeing what this drilling can deliver.

“We have also now received all of the assay results from drilling completed late last year across multiple prospects within the Mt Isa East JV.

‘The results included several relatively narrow but very high-grade and broad spaced mineralised intercepts, several of which are considered to be worthy of further follow-up.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Hammer Metals Drills South Optimism

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) reported further drilling results from the company’s Mt Isa portfolio in North Queensland.

This time, Hammer Metals reported new high-grade assay results from Reverse Circulation (RC) drilling completed in September at the company’s Hope South and nearby Mt Mascotte prospects.

The company said the drilling it carried out down-dip of previous intercepts at South Hope had highlighted the continuity of the high-grade mineralised zone, producing new assays including:

HMSHRC010
14 metres at 3.34 per cent copper and 0.72 grams per tonne gold from 113m within 34m 2.5 per cent copper and 0.49g/t gold; and

HMHSRC011
6m at 1.05 per cent copper and 0.28g/t gold from 114m.

Drilling also encountered a high-grade zone of mineralisation along strike at Mt Mascotte, producing:

HMMARC009
4m at 2.82 per cent copper and 3.84g/t gold from 104m.

“These outstanding results cap a highly successful drilling program and offer some great opportunities for further follow-up in early 2024,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“The high-grade nature of the mineralisation at Mt Mascotte and South Hope provides further evidence of the attractiveness of these prospects, which continue to deliver significant wide high-grade copper intercepts from shallow depths.

“As the copper inventories of the region grow, these prospects offer good grades of mineralisation close to surface and will provide opportunities for future development of the deposits in the region.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Hammer Metals Intersects Further Mt Isa Copper and Gold

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THE DRILL SERGEANT: Hammer Metals (ASX: HMX) reported further assay results from Reverse Circulation (RC) drilling completed in September across the company’s Mt Isa portfolio in North Queensland.

Hammer Metals had previously reported initial results from drilling at the Hardway prospect while the latest results stem from the Bulonga, Pommern, Tourist Zone and Overlander Central prospects.

Drilling at the Tourist Zone confirmed and extended mineralisation encountered in previous drilling, with new intercepts of:

HMTZRC001
30 metres at 0.8 per cent copper and 0.24 grams per tonne gold from 121m, including 15m at 1.13 per cent copper and 0.24g/t gold; and

HMTZRC002
12m at 1.14 per cent copper and 0.18g/t gold from 107m, including 2m at 3.02 per cent copper and 0.53g/t gold.

An initial drill hole at the Bulonga prospect hit an encouraging zone of copper and gold mineralisation of:

HMPORC003
5m at 2 per cent copper and 0.64g/t gold from 18m.

Drilling at Overlander continued to deliver broad zones of copper mineralisation, including:

OVRC037
113m at 0.21 per cent copper; and

OVRC038
90m at 0.23 per cent copper.

“Overall, this 3,500 metres drilling program has exceeded our expectations with multiple targets delivering significant intersections of both copper and gold mineralisation,” Hammer Metals managing director Daniel Thomas said in the company’s ASX announcement.

“The Tourist zone program has confirmed historical work in this region and highlights great potential along strike.

“At Overlander, the area of mineralised copper continues to grow.

“We continue to improve our understanding of this system, with a view to pinpointing a more substantive zone of higher-grade material in what is a very broad halo of lower grade copper mineralisation.

“We were pleasantly surprised by the gold mineralisation encountered at Kalman North in the bottom of the final drill hole.

“The final batch of assay results from this recent program of drilling are imminent and highly anticipated given they included holes drilled to follow up previous 50 metres plus intercepts at grades in excess of one per cent copper at both South Hope and Mount Mascotte.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE