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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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EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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