- Hammer Metals (HMX) has kicked off reverse circulation drilling at the Mount Isa Project in Queensland
- Twenty-four drill holes are planned across seven high-priority targets, including the Trafalgar copper gold discovery within the company’s joint venture with Japan’s state-owned JOGMEC
- The company said some of the targets have not been previously drill tested and have shown promising signs of base metal mineralisation
- Following on from this program, HMX has planned a second phase drill program in the second half of 2021 to test known zones of mineralisation at Black Rock, Sunset, Smoko Gossan and Tiny Boot
- Shares are trading in the grey this morning for 9.5 cents
Hammer Metals (HMX) has kicked off reverse circulation drilling at the Mount Isa Project in Queensland.
At the end of April, the company announced a $5 million capital raise to help fund an “aggressive” exploration program at Mount Isa.
The first tranche is complete, raising $4.3 million, with the additional $1 million to be raised through a share purchase plan.
The company has planned for 24 holes to be drilled across its wholly owned projects and at the recent Trafalgar copper gold discovery within the company’s joint venture with Japan’s state-owned JOGMEC.
Drilling at Trafalgar aims to test extensions to previous “significant” intersections with the hope of extending mineralisation to the south, north and west of the deposit as well as test the continuity at depth.
Over at HMX’s wholly owned Lady Rose prospect, which is part of the company’s Neptune project area, drilling has been designed to test under previous workings and looks to extend known mineralisation to the north.
At Kalman West, which is also 100-per-cent owned by HMX, one planned drill hole will aim to reach across an interpreted graphitic zone and test the system at a greater depth than previous drilling.
Approximately six kilometres south of Kalman is the Serendipity prospect and the proposed holes there will look to test a zone of ferruginous, fractured and magnetite altered quartzite.
HMZ said the area has an anomalous gold in soil response and elevated copper and gold in rock chips.
Also part of the drilling program is the Overlander North iron-oxide-copper-gold-ore deposit, which is considered to have substantial untested potential for large, mineralised bodies, based on drilling to date, its extent as indicated by mapping and drilling, and large gaps in the drilling patterns.
Consequently, drilling at Overland North looks to test a prospective zone between the deposit and the Overlander Central rhyolite breccia target.
Further, one hole will also be drilled to the east of the Overlander North deposit, targeting a zone of crackle breccia and red rock alteration.
The program will also drill four to eight holes at the largely untested Lake View prospect which sits around seven kilometres along trend from Trafalgar and has outcropping copper-gold mineralisation.
Finally, HMX has planned to drill five to ten holes in the Kings and Charlotte region, which hasn’t been drilled before.
Managing Director Daniel Thomas commented on the commencement of the program.
“Drilling in Mount Isa is pleasing and presents Hammer with its first opportunity since the Trafalgar discovery earlier this year to drill Hammer’s 100 per cent owned prospects which sit along trend and in close proximity to the discovery.”
“The program, which has commenced, aims to test 7 high-priority targets, some
of which have not been previously drill tested and have shown promising signs of base metal mineralisation,” he said.
A second phase drill program is planned to follow on in the second half of 2021 to test known zones of mineralisation at the Black Rock, Sunset, Smoko Gossan and Tiny Boot prospects.
Shares are trading in the grey this morning for 9.5 cents at 10:02 am AEST.