- Explorer Hammer Metals (HMX) has hit copper-gold intercepts at the Trafalgar prospect within its Mount Isa East joint venture in Queensland
- The fresh findings come as the explorer completes a round of follow-up drilling at the underexplored prospect based on some encouraging drill results from December last year
- Key intercepts from the latest two-hole drill yielded 15 metres at 1.15 per cent copper and 0.35g/t gold, including two metres 3.17 per cent copper and 1.33g/t gold
- With the potential for higher and thicker grade finds, the explorer says it is now evaluating the findings with the aim of developing an exploration programme to extend the deposit and test along the greater trend
- Hammer Metals shares are up 2.30 per cent following the announcement, trading at 8.9 cents each
Explorer Hammer Metals (HMX) has hit copper-gold intercepts at the Trafalgar prospect within its Mount Isa East joint venture in Queensland.
The fresh finds come as the company wraps up a 256-metre, two-hole follow-up drill at Trafalgar, in addition to targets at the Alpha, Charlie, Juliett, Shadow and Toby East prospects, where assays are still pending.
The underexplored Trafalgar tenement is a north-northeast trending copper-gold that located on the regional scale Fountain Range Fault.
It had previously been held under a mining lease held by a non-related party for roughly 50 years, with HMX’s initial December drilling programme said to mark the first exploration activity at the tenement.
The follow-up drills from late January appear to have built on these initial December findings, encountering a shallow second zone of mineralisation. key intercepts include 15 metres at 1.15 per cent copper and 0.35g/t gold from 92 metres including two metres at 3.17 per cent copper and 1.33g/t gold.
The new finds lie approximately 80 metres north of the previous drilling intersects which included 10 metres at 0.59 per cent copper and 0.18g/t gold.
More broadly, the explorer says it confirms the structure hosting mineralisation is open along strike both north and south, with the potential for higher-grade finds and thickening at further depths.
In terms of next steps, the joint venture is set to conduct a thorough review of these new findings and work towards developing an exploration programme to extend the deposit and test along the greater trend.
Hammer signed a farm-in agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) over four areas within the Mount Isa East project in 2019.
Hammer Metals shares are up 2.30 per cent following the announcement, trading at 8.9 cents each at 10:29 am AEDT.