Hammer and Newmont narrow on drill targets at Mt Isa
Hammer Resources and their heavyweight farm in partner Newmont are currently processing and modelling geophysical data gleaned from the first round of field programs at Hammer’s Mt Isa project with a view to defining an initial set of drill targets.
Newmont can earn up to 75% of Hammer’s copper gold project in Queensland by spending $15m on it with Hammer managing the first two stages of the JV up until Newmont earn a 65% interest.
With Newmont picking up the bill since January this year, Hammer have been flat out undertaking gravity, ground magnetics, geological mapping and geochemical sampling programs on their Overlander, Even Steven and Dronfield prospects in Mt Isa.
The Even Steven prospect in particular presents as an interesting opportunity having previously returned a result of 14 metres at 1.26% Copper and 0.7g/t gold from 20 metres and 4 metres at 1.43% Copper and 0.61g/t gold from 76 metres.
Hammer Metals plan, which attracted the interest of mining goliath Newmont late last year, has always been to target a large Ernest Henry style of iron oxide copper- gold alteration system.
The re-known Ernest Henry deposit boasts 220 million tonnes grading 1.1% Copper and 0.5 grams per tonne gold.
Hammer Metals have also gone into overtime on their own 100% owned prospects known as Hammertime, Scalper and Kalman West.
The company recently undertook detailed gravity surveys over the alteration zones on these prospects as well as infill ground magnetics to assist with target definition.
Hammer is paying particular attention to the Scalper prospect which previously returned a result of 23 metres at 1.1% Copper and 0.27g/t gold within strongly altered and brecciated sediments.
A detailed gravity survey completed over the prospect in February has identified a gravity high coincident with the northern magnetic target enhancing the prospectivity of this zone. Modelling of the geophysical data is in progress.
With such an intensive exploration program underway in such a highly prospective region and fully funded by one of the industry’s giants, it is difficult to believe that something wont be unearthed in this program in the near future.
Hammer Metals (HMX)
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