- Multiple thick zones of high-grade copper, gold, molybdenum, rhenium.
- Results validating and improving geological confidence in the resource.
- Additional drill-holes continue to indicate extensive mineralisation.
- Drilling designed to support completion of scoping study.
Hammer Metals (ASX:HMX) has reinforced the critical element potential of the Kalman project in Northwest Queensland with significant initial drilling results, completing six of the eight planned holes in its current resource upgrade program at Kalman, with mineralisation encountered in the first five holes.
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The company’s managing director, Daniel Thomas, today told shareholders drilling at Kalman is designed to increase the proportion of indicated resources relative to inferred resources to support a planned scoping study.
“We are very pleased with the progress of the Kalman drilling program and the results received to date. Early indications support our objective of improving confidence in the resource classification, with multiple mineralised intercepts recorded at depth within the conceptual open pit shell,” he explained.
“Importantly, these early results continue to demonstrate the scale and endowment of the Kalman system. We now look forward to receiving the remaining assay results, including additional gold and rhenium analyses.
“In addition to the Kalman drilling, Hammer also plans to undertake its maiden drilling program across the Blackrock-Mountain View trend, which the company believes has the potential to materially increase its copper-gold JORC mineral resource inventory.”
The trend is assessed to host significant widths and strike lengths of copper-gold mineralisation, including several discrete zones of high-grade mineralisation such as Yellowstone, Ana Maria and Sunset.
Mr Thomas said Hammer’s initial program will focus on these higher-grade zones while it assesses the opportunity to define a larger lower-grade resource in the project area based primarily on historical drilling.
Following completion of the current Kalman program, the rig will move to Blackrock, followed by Lady Jenny. The current Kalman drilling run is largely focusing on upgrading inferred to indicated resources close to the base of current pit optimisations, with the aim of providing the necessary increase in mineralisation confidence to underpin a maiden scoping study at the QLD project.
HMX is steady at 3.4¢. Mkt cap $30.35M.
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