Hammer Metals’ recent farm in to the Mt Frosty copper-gold joint venture with Glencore in Queensland is looking like one of the deals of the year after turning out another batch of excellent assays from the maiden drill program. The Mt Isa-focused explorer this week reported a shallow, 5-metre interval assaying 7.34% copper and 3.75 g/t gold from the final hole in the program.
Hammer Metals has topped off its maiden drilling program at the Mt Frosty joint venture with a set of best ever results .
The headline result from the latest campaign was a 5m intersection grading a cracking 7.34% copper and 3.75 grams per tonne gold from a depth of only 35 metres.
The shallow, super high-grade intercept occurred in the final hole in the nine-hole RC program at the Jubilee prospect.
Hammer is exploring Jubilee in a joint venture with Glencore, 60 kms east of Mt Isa.
The 5m intercept was within a wider envelope of 8m @ 4.72% copper and 2.37 g/t gold. Peak assays over a 1m interval were 12.45% copper and 14.9 g/t gold.
The latest assay results cap off a highly successful maiden drilling program at Jubilee, which produced visible copper sulphides in the majority of holes.
Other strong results included 6m @ 2.55% copper and 1.25% gold from 60 metres down-hole and 3m @ 4.91% copper and 5.73 g/t gold from 26 metres.
The latter result occurred within a wider envelope of 6m @ 2.69% copper and 2.89 g/t gold.
Hammer Metals CEO, Alex Hewlett, said: “I am very pleased with the assay results coming out of the Jubilee drill program so far, particularly the significant gold values that accompany the copper mineralisation.
“The sulphide mineralisation intercepted is also relatively close to the surface and is therefore potentially amendable to open pit mining. The project is also well located, close to the Barkly Highway, midway between Mount Isa and Cloncurry, and is therefore easily accessible.”
The Mt Frosty JV is located adjacent to the long-abandoned Mary Kathleen uranium mine and covers a sequence of altered rocks adjacent to the Mary Kathleen shear zone with known copper, gold, uranium and rare earths deposits to the north and south. Hammer has a 51% stake in Jubilee and is the exploration manager, with Glencore holding 49%.
The company completed the acquisition of AuKing’s stake in the joint venture in August for a consideration of just 250,000 Hammer shares or just under $10,000 at recent prices. Given the spectacular start to exploration under Hammer’s management, the deal looks like one of the best buys this year in the mining space.