Drilling campaign yields 53% resource upgrade and adds nearly 8000 tonnes of copper concentrate
Perth based Hammer Metals have achieved considerable success with their latest drilling campaign at the Overlander North prospect in Mt Isa.
Following on from a recent drilling campaign, the company has achieved a 53% or $65m uplift in the in-ground value of the Overlander resource by adding 7775 tonnes of copper and a further 340 tonnes of cobalt.
The latest round of exploration increases the total resource estimate at the Overlander Deposit to 1 772 000 tonnes grading 1.2% copper taking Hammer’s metal inventory at Overlander to 21116 tonnes of copper concentrate and 788 tonnes of Cobalt.
The deposit which is just 60km from the iconic mining centre of Mt Isa in Queensland, remains open down plunge and along strike and the company is now planning to test further targets at Overlander. Hammer estimates that around 6500m of drilling has occurred at the Overlander prospect between the 1970’s and this year.
Alexander Hewlett, CEO of Hammer Metals Limited said that: “Our work continues to demonstrate the prospectivity of Hammer’s Overlander prospect and the Mount Isa project area as a whole. With limited drilling we have generated a major upgrade to the Mineral Resource estimate with further drilling at the adjacent Overlander Rhyolite and Overlander IOCG targets planned.”
The company holds approximately 2000 square kilometres of tenements in the Mt Isa region.