- Hammer Metals (HMX) intersects copper sulphide mineralisation at the Pearl prospect within its Mt Isa portfolio in Queensland
- The company has received results from drilling at Pearl and the Trafalgar trend, with 11 out of 12 holes intersecting copper-gold mineralisation across four kilometres
- Hammer Metals believes Pearl is part of the same mineralised system as the nearby Ajax East and Trafalgar areas and will follow up this program with further drilling in 2023
- Company shares are down 7.04 per cent to trade at 6.6 cents at 11:36 am AEDT
Hammer Metals (HMX) has intersected copper sulphide mineralisation at the Pearl prospect within its Mt Isa portfolio in Queensland.
The company completed five wide-spaced drill holes for 990 metres at Pearl to test a cluster of electromagnetic (EM) plates defined earlier this year. Hammer also drilled seven holes for 1703 metres along the Trafalgar trend to target induced polarisation (IP) chargeability zones.
Pearl lies one kilometre south of Ajax East and 4.7 kilometres north of the Trafalgar prospect.
Of the 12 holes completed at Pearl and the Trafalgar trend, 11 holes intersected copper-gold mineralised zones.
“The prolific nature of the copper endowment in his region is clearly evident in our wide-spaced drilling and highlights the strategic nature of Hammer’s significant ground holding in the Mt Isa region,” Hammer Managing Director Daniel Thomas said.
Highlighted assays from Pearl include 68 metres at 0.29 per cent copper and 0.06 grams per tonne (g/t) gold from 31 metres, including one metre at 2.55 per cent copper and 0.22 g/t gold from 75 metres.
The Pearl Prospect contains a wide, low-grade mineralised envelope with a wide zone of over 120 metres grading above 0.2 per cent copper, which the company said suggested the system had “good potential” for the discovery of a significant iron oxide copper-gold (IOCG) orebody.
The best results from Trafalgar include 44 metres at 0.29 per cent copper from 12 metres, including two metres at 1.8 per cent copper from 14 metres and three metres at 1.04 per cent copper from 34 metres.
Following this drilling, Hammer Metals said it believed Pearl was part of the same mineralised system as Ajax East and Trafalgar and would follow up this program with additional drilling in the new year.
Company shares were down 7.04 per cent to trade at 6.6 cents at 11:36 am AEDT.