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- Hammer Metals (HMX) extends mineralisation at the Trafalgar prospect, within its Mount Isa East joint venture (JV) in Queensland
- Recent drilling has expanded mineralisation to the north and identified new mineralised zones to the west of the deposit
- Japan Oil, Gas and Metals National Corporation (JOGMEC) has transferred its interests in the project to Sumitomo Metal Mining Oceania (SMMO)
- Shares are trading 1.41 per cent lower at seven cents at 10:46 am AEST
Hammer Metals (HMX) has extended mineralisation at the Trafalgar prospect, within its Mount Isa East joint venture (JV) in Queensland.
The company said a restricted drilling program had confirmed the extension of mineralisation to the north with new mineralised zones found west of the deposit.
Intercepts included 16 metres at 0.88 per cent copper and 0.34 grams of gold per tonne (g/t) from 192 metres. This also contained nine metres at 1.28 per cent copper and 0.5g/t from 195 metres.
Following the work, HMX said detailed geological mapping along the Trafalgar trend had identified an extensive red rock-magnetite alteration zone spanning the central mineralised trend, along strike for 2.7 kilometres.
Further, it said the presence of magnetite and elevated light rare earth elements were indicative of mineralisation associated with an iron-oxide-copper-gold system.
Meanwhile, Hammer’s former JV partner, Japan Oil, Gas and Metals National Corporation (JOGMEC), has completed the transfer of its interests in the project to Sumitomo Metal Mining Oceania (SMMO).
Hammer Metals Managing Director Daniel Thomas commented on the developments.
“Following the recent completion of the transfer of the JV, Hammer has now recommenced an aggressive exploration program pursuing mineralised zones along the four-kilometre trend at Trafalgar and elsewhere within the JV area,” he said.
“Several exciting targets remain to be tested with targeting being refined in the coming weeks with detailed geophysical and geochemical surveys.”
Elsewhere, he said the company was facing delays to drilling results from its Overlander, Serendipity, Kalman West and Lakeview deposits due to long laboratory turnaround times.
Shares were trading 1.41 per cent lower at seven cents at 10:46 am AEST.
