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Hammer Metals (ASX:HMX) has shown that one old ASX truism remains the case: The market will always respond favourably to visible gold. Hammer’s reported just that on Tuesday with shares climbing +15% in response right before lunchtime, albeit, on low liquidity.
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Described as being “near the boundary of [the] Bronzewing Mine,” Hammer flagged intercepting visible gold in a diamond drill run occurring within a seven-metre wide quartz zone of interest. One possible issue is the depth it came from: No less than 417 metres downhole.
Still, full-fledged assay results are due back in September, and given where Hammer’s ended up on HotCopper’s most-watched rankings on Tuesday, eyes are likely to be watching for those results.
Included in that batch of assays will be the results of recent RC drilling at Bronzewing South and another target called Ken’s Bore; looking out at the months ahead, Hammer is lining up a second stage of diamond drilling to plug depths on-site within its boundary envelope. Diamond rigs are also still active on-site.
“While it is important for us to wait for assays, we are very encouraged by the recent drilling – which opens up a significant search space for gold mineralisation adjacent to the former 3Moz Bronzewing Gold Mine,” HMX MD Daniel Thomas said.
“This highlights the inadequacy of historical shallow drilling on this tenure and provides Hammer shareholders with a tremendous gold exploration opportunity adjacent to a world-class deposit. Drilling is continuing with the diamond drill rig; we will continue to test other planned targets within the current program.”
HMX last traded at 3cps.
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