Image of Mt Isa creek
Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Hammer Metals Ltd (ASX:HMX) has lined up a suite of copper-gold drill targets across various parts of its Mt Isa project in Queensland, including an extensive soil anomaly picked up at the Tourist Zone – with soil results of up to 0.49 grams per tonne of gold and 0.74% copper.

Hammer has been progressing soil sampling and geological mapping at this zone, as well as Overlander North, Kalman East and South, and Mascotte North – all within the Mt Isa tenements.

Soil surveys have also been extended south of the zone’s known mineralisation and earlier drilling work, and this has shown soils with higher grades of anomalism than a previously drilled anomaly, with the latter now stretching for up to 3 kilometres with width of up to 150 metres.

Hammer is looking ahead specifically to a reverse circulation drilling program at the Tourist Zone, with this supported by a prospective trend discovered through field mapping and geological reconnaissance; during this work, a rock chip sample of 3.96 grams per tonne of gold and 14.3% copper was discovered.

Meanwhile at Kalman, a prospective target containing a surface rock chip sample of 7 grams per tonne through geological reconnaissance of gold mineralisation intersected previously at the Kalman North EM target.

Anomalous copper, gold and molybdenum zones have also been picked up at Kalman
East, Kalman South and Kalman South-East, through soil sampling which was extended east and south of the Kalman deposit.

Managing Director Daniel Thomas said the soil sampling work had been successful in generating a range of drill targets at Mt Isa.

“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 37m at 1% Cu,” he said.

“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%-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.”

At 15:12 AEST, Hammer shares were trading at 3.9 cents -a fall of 2.5% since the market opened.

HMX by the numbers
More From The Market Online
Scattered gold nuggets

Auric sells 1,243oz of gold from Jeffrey’s Find for $5.2 million

Auric Mining Ltd has yielded gold sales of just under $5.2 million from the Jeffrey's Find…
Rob Cole when he was working at Perenti.

Iluka chairman Rob Cole steps down for health reasons

Iluka Resources Ltd chairman Rob Cole has announced he will be stepping down one month after…
The Market Online Video

ASX Market Open: Rocky red Friday in Aus futures as Week 50’s rally to end on down note | Dec 13, 2024

The ASX 200 is expected to drop as much as 0.71% at open today, according to Friday’s futures, with the Wall Street-guided re…
Logo of Rio Tinto on a building in Montreal

Rio Tinto pushes Argentina’s Rincon to 60,000 tonnes per annum with $2.5B lithium expansion

Rio Tinto Ltd is set to expand capacity at its Rincon project in Argentina to 60,000…