Hammer Metals’ maiden drill program at the Mt Frosty joint venture with Glencore has produced a series of impressive hits of copper and gold, including 6 metres at 2.55% copper. The results are an early reward for Hammer, who bought its way into Mt Frosty earlier this year on the basis that it could potentially define a resource with minimal drilling. This is the second time Hammer have done this.
Hammer Metals has encountered strong copper and gold hits at its Jubilee prospect within the new Mt Frosty joint venture with Glencore in Queensland.
The Perth-based junior with one of the biggest exploration footprints of any company in the Mt Isa region this week reported the first batch of assay results from a maiden, nine-hole RC program.
Among the best results was a 6m intersection grading 2.55% copper and 1.25 g/t gold from just 60 metres down-hole, with peak values over a 1 metre interval of 4.46% copper and 1.81 g/t gold.
Other results included 3m @ 4.91% copper and 5.73 g/t gold from 26 metres within a larger intersection of 6m @ 2.69% and 2.89 g/t gold from 23 metres.
More assays are still pending, however portable XRF results suggest that other strong intercepts are in store. Portable XRF from one hole still being analysed at the lab produced a 5m intersection at 4.86% copper within a wider intersection of 26 metres at 1.05% copper.
Mt Frosty is adjacent to the old Mary Kathleen Uranium mine, 60km east of Mt Isa and is being explored under a newly-formed, 51%/49% joint venture between Hammer and Glencore.
Hammer bought their Mt Frosty stake from AuKing after looking at previous drilling and concluding there was excellent potential to delineate a shallow copper-gold resource with minimal infill drilling.
This is not the first time that Hammer have added a lot of value to a project quickly through well planned exploration. The company did exactly the same thing at the Millennium cobalt project last year and early signs suggest there could be a repeat performance at Jubilee. The company aims to bring the rig back to Jubilee to begin a second phase of drilling before the end of the month setting up the possibility of strong news flow into the new year.