Hammer Metals Releases Quarterly Update on Copper-Gold and Cobalt Projects

Australian miner Hammer Metals (ASX:HMX) has released its quarterly activities report detailing highlights from JV agreements at Mt Frosty and Millennium Cobalt as well as further exploration at its tenements.

As highlighted in the press release:

Mt Frosty Joint Venture

• Stage 2 program and budget approved for the Jubilee copper-gold project (in the Mt Frosty JV with MIM Limited), following the completion of the successful stage 1 drilling program.
• The stage 2 program will comprise additional resource and extensional drilling, preliminary metallurgical studies and mineral resource estimation.
• Three diamond drill holes to provide samples for the metallurgical test work have been drilled to date.

Millennium Cobalt Joint Venture

• The 10 hole diamond drilling program was completed and results were received.

• The best cobalt intercept to date at the project was returned from in MIDD010 with 41 metres at 0.18 percent cobalt, 0.23 percent copper and 0.18 grams per tonne (g/t) gold from 14 metres.

• Samples are now being collected for first pass metallurgical test work.

• Further to the letter of intent signed with JV partner GEMC to divest 100 percent interest in 8 noncontiguous sub blocks within Hammer’s Mount Isa portfolio agreement was reached with GEMC to sell Hammer’s 75 percent interest in the project to GEMC.

• Subject to completion of the sale transaction Hammer will hold a 19.9 percent interest in GEMC.

Click here to read the full Hammer Metals (ASX:HMX) press release.