Hammer Metals (ASX:HMX) has released the maiden mineral resource estimate for its Jubilee copper-gold deposit in northern Queensland.

The company said the maiden estimate comprises 1.4 million tonnes grading 1.4 percent copper and 0.62 grams per tonne of gold, for 20,000 tonnes of copper and 28,000 ounces of gold.

Jubilee is part of the Mt Frosty JV between Hammer Metals and Mt Isa Mines.

Executive chairman of Hammer, Russell Davis said:

“The completion of the maiden mineral resource estimate for Jubilee brings Hammer another step closer to the commercialisation of the deposit. Much of the mineralization is primary sulphides, close to surface, and potentially open pittable. The strongly elevated gold content potentially adds significant value to the project.

Within five kilometres of the Jubilee deposit, Hammer holds the Elaine-Dorothy copper-gold deposit and the Lakeview, Black Rock, and Sunset copper-gold prospects, all of which have excellent potential to define additional copper and gold resources.

Hammer has now built up the dominant tenement position in the Mary Kathleen district, a highly mineralized and prospective terrain for copper and gold around the Mary Kathleen uranium and rare earth deposit.”

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