- Analysis of a previously reported drill hole at Hammer Metals’ (HMX) Ajax prospect has returned new assays, confirming it intersected a high-grade copper and gold zone
- The drill hole returned grades peaking at 13.2 per cent copper, 3.2 g/t gold and 0.12 per cent nickel
- Hammer Metals has also identified an EM conductor 350 metres east of the Queensland-based prospect and sits 100 metres below a highly anomalous copper-gold soil response
- The company plans to drill follow-up holes to test different orientations and potential plunges of the high-grade zone and will also conduct diamond drilling at the EM target
- Company shares ended Tuesday’s session 11.3 per cent in the red, closing at 8.6 cents
Hammer Metals (HMX) has received assays for a previously announced copper-gold sulphide intercept from the Ajax prospect in northwest Queensland.
HMLVRC014 was designed to test surface geological features on the Lakeview trend and has now been confirmed to have intersected a significant zone of high-grade copper and gold mineralisation.
Best results include 16 metres at 3.5 per cent copper and 1.8 grams per tonne (g/t) gold from 22 metres, including 11 metres at five per cent copper and 2.5 g/t gold from 24 metres. The hole also encountered peak grades of 13.2 per cent copper, 3.2 g/t gold and 0.12 per cent nickel between 28 and 29 metres downhole.
The company said the results confirm its initial assessment of high-grade copper, however with a major upgrade in the copper content when compared to the previous results.
Hammer drilled a single follow-up hole to test for a potential westerly-dipping extension of the mineralised horizon in hole, however no significant mineralisation was observed.
The company is now planning to drill a series of holes along strike and from the east to test for different orientations and potential plunges of the high-grade copper zone, as well as any possible association to a newly identified electromagnetic (EM) conductor to the east.
HMX received results from EM survey work at the Ajax prospect, which has identified a large conductive plate about 350 metres to the east of Ajax beneath the mineralised Lakeside-Smoko Gossan trend.
The EM conductor sits roughly 100 metres below a highly anomalous copper-gold soil response between the Smoko Gossan and Lakeside prospects. It is believed to extend over a 500-metre strike and 500 metres at depth with a conductance of 3000 siemens.
Hammer Metals plans to follow up the EM conductor with diamond drilling in April, and the follow-up holes for HMLVRC014 are expected to commence this month.
Company shares ended Tuesday’s session 11.3 per cent in the red, closing at 8.6 cents.