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Hammer Metals Ltd (ASX: HMX) (“Hammer” or the “Company”) is pleased to advise that follow-up Reverse Circulation (RC) drilling at the Hardway Prospect, part of the Company’s Mt Isa portfolio in NW Queensland, has delivered further broad, shallow intercepts of significant copper and rare earth element (REE) mineralisation.
- Broad, shallow intercepts of copper & rare earth element (REE) mineralisation from wide-spaced follow-up drilling confirm the Hardway Prospect as an exciting new discovery within Hammer’s Mount Isa portfolio.
- Significant results include:
- 57m at 1.0% Cu from surface in HMHWRC012, including:
- 10m at 2.87% Cu, 0.11g/t Au and 0.09% Total Rare Earth and Yttrium Oxides (TREYO) from 25m;
- 24m at 1.06% Cu and 0.20% TREYO from 14m within 58m at 0.55% Cu from surface in HMHWRC006 (hole terminated in mineralisation);
- 13m at 1.20% Cu from 35m within 38m at 0.66% Cu from 13m in HMHWRC010;
- 9m at 1.51% Cu and 0.18% TREYO from 67m within 43m at 0.54% Cu from 48m in HMHWRC005;
- 43m at 0.52% Cu and 0.12% TREYO from 57m in HMHWRC002; and
- 30m at 1.1% Cu from 48m and 26m at 0.14% TREYO from 34m in HMHWRC001 (previously reported).
- 57m at 1.0% Cu from surface in HMHWRC012, including:
- Cobalt mineralisation also observed in numerous holes, with a maximum individual assay of 0.21% Co.
- New high-grade REE zone identified at the Easy Life Prospect, 1.2km south-west of Hardway, where rock chip sampling has identified a new Cu/REE-bearing gossan:
- Individual assays of up to 1.2% TREYO and 1.6% copper, including maximum individual REE values of 0.40% yttrium oxide, 0.06% dysprosium oxide and 0.15% neodymium oxide.
- Planning underway for a follow-up drilling program at Hardway, focusing on a 500m strike extent which has returned elevated grades of copper and REE mineralisation.
- Drilling at high-grade copper prospects at South Hope, Mascotte, Mascotte Junction and Stubby is expected to commence within the next fortnight.
Figure 1. HMHW005 60-80m showing copper oxide mineralisation. 9m at 1.51% Cu and 0.18% TREYO from 67m
Hammer’s Managing Director, Daniel Thomas said:
“The Hardway Prospect is continuing to deliver exceptional drilling results, with these latest assays confirming that the copper and heavy rare earth mineralisation continues along the previously identified ~2km long trend. With this drilling still being very wide-spaced, a follow-up program for Hardway is now being designed with the aim of optimising the discovery and focusing in on zones with the best potential to add metal inventory at higher grades.
“Pleasingly, a geological review of this tenement has identified a new zone of higher grade REE and copper mineralisation at the Easy Life Prospect, which lies just 1.2km south-west of the main Hardway workings. This will be a priority target for follow-up exploration.
“With drilling soon to also commence at our high-grade Mount Hope copper targets, shareholders can look forward to strong upcoming news-flow from our ongoing drilling of fertile copper and gold systems in the world- class Mt Isa district.”
These latest results further enhance the previously reported intercepts from the initial drill-hole, HMHWRC001, which included 30m at 1.1% copper from 48m and 26m at 0.14% Total Rare Earth and Yttrium Oxides (TREYO) from 34m (see ASX announcement dated 6 February 2023).
The Hardway Prospect is unique in the Mt Isa inlier due to the combination of copper and REE mineralisation, the heavy rare earth (HREE) dominated REE assemblage and its location near regional infrastructure.
Figure 2. Hardway North Pit looking North.
Hardway
The Hardway Prospect is situated within Hammer Metals’ 100%-owned EPM14022, located between Mount Isa and Cloncurry and 1km north of the Barkly Highway.
The prospect is located on the margin of the Hardway Granite within the Corella Formation. The Corella Formation also hosts mineralisation at the Mary Kathleen U-REE deposit and Hammer’s Kalman Cu-Au-Mo- Re deposit, Jubilee Cu-Au deposit, Elaine Cu-Au deposit, Overlander Cu deposit and the Lakeview Cu-Au deposit, in addition to other Hammer prospects such as Ajax, Trafalgar and Hammertime.
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This article includes content from Hammer Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
