Hammer look to back up 7% copper result with new drill program
Hammer Metals is wasting no time following up last month’s exciting drill hits at the Jubilee copper-gold prospect near Mt Isa, with a second RC drill program set to get underway later this month.
High-grade hits of copper and gold from the maiden drill program at Jubilee sent Hammer’s share price soaring from 3.4 cents in mid-December to a peak of 5 cents early in the new year.
Among the best results were 5 metres at 7.34% copper and 3.75 g/t gold from just 35 metres down hole, within a broader envelope of 8 metres at 4.72% copper and 2.37 g/t gold from 33 metres.
Jubilee is the first prospect to be drilled within Hammer’s newly formed Mt Frosty joint venture with Glencore.
The project is adjacent to the long-abandoned Mary Kathleen uranium mine some 60kms east of Mt Isa. Hammer has a 51% stake and is managing the exploration activities.
The JV covers a sequence of altered rocks adjacent to the Mary Kathleen shear zone that is rich with known deposits to the north and south, including copper, gold, uranium and rare earths.
The new RC drill program at Jubilee will consist of about 13 holes for 1,500 metres and is designed to better define and extend the high-grade mineralisation intercepted last month.
Hammer already has extensive historic drill data at Jubilee that could help it mature the prospect into a shallow, high-grade JORC resource just 2kms from the Barkly Highway.
The district is dotted with copper-gold processing infrastructure with potential to toll treat any newly defined resource and quickly catapult the junior explorer into the ranks of producers.