- Hammer Metals (HMX) intersects sulphides at the Ajax East prospect, located in Mt Isa, north-west Queensland
- Results from the latest drilling program found a six-metre interval of stringer sulphide mineralisation intersected within a 30-metre zone of highly altered metasediments
- The company says the presence of a “significant” sulphide horizon at Ajax East has upgraded the target
- Managing Director Daniel Thomas said Ajax East is “emerging as an exciting new target area”
- HMX shares are down 14.1 per cent and trading at 7.3 cents
Sulphides have been intersected at Hammer Metals’ (HMX) Ajax East prospect, located in Mt Isa, north-west Queensland.
Results from the latest drilling program found a six-metre interval of stringer sulphide mineralisation intersected within a 30-metre zone of highly altered metasediments.
Additional zones of stringer sulphide mineralisation were also found in the hanging and footwall of the main target horizon, according to the company.
Hammer also said the presence of a “significant” sulphide horizon at Ajax East has upgraded the target, with this active sulphide system having potential of chalcopyrite mineralisation.
Managing Director Daniel Thomas said Ajax East is “emerging as an exciting new target area.”
“Confirmation of sulphides in the initial drilling [is] a very encouraging development,” he said.
“Based on the available geophysics, this target horizon may continue for more than a kilometre and the presence of chalcopyrite in this hole and in nearby locations gives us
confidence that this is a fertile copper system, representing an excellent exploration target that is virtually untested.”
“Our inventory of high-quality targets in the Mt Isa district continues to grow in line with our extensive geophysical and geochemical programs.”
Further fixed loop electromagnetic surveys are being completed to refine targeting for a follow-up drilling program.
On the market, HMX shares were down 14.1 per cent and trading at 7.3 cents at 12:27 pm AEST.