Hammer Metals and Newmont Exploration have negotiated an end to their JV on the Mt Isa farm-in and JV agreement that commenced in late 2015.
Hammer Metals (ASX:HMX) and Newmont Exploration, a subsidiary of Newmont Mining (NYSE:NEM) have negotiated an end to their JV on the Mt Isa farm-in and JV agreement that commenced in late 2015.
Over the past two years the two companies have been activly exploring three target areas at Hammer’s tenenment holding at Mt Isa, Queensland. Newmont has elected not to proceed in light of the results.
As highlighted in the press release:
- Hammer will retain a 100 percent unencumbered interest in the three former farm-in areas at Overlander, Dronfield and Even Steven on termination and will take the opportunity to test several of the targets identified during the joint venture period that did not meet Newmont’s target-size criteria.
- Amongst these opportunities are the partially tested IOCG potential at Overlander North, the Overlander cobalt potential and the copper-gold potential of the Tourist Zone.
- Additional copper-gold drilling targets generated at Even Steven and Dronfield also warrant drill testing.
- New partners will be sought to assist with advancing exploration of these targets and the Mount Isa project as a whole.