Hammer Metals Ltd (ASX:HMX) has identified a number of compelling new drill targets within the company’s Mount Isa exploration portfolio in NW Queensland through recent exploration field work within the Mount Isa East Joint Venture area.
The rejuvenation of our copper exploration program in Mount Isa continues to gather momentum with drill testing of an exciting IP anomaly located below an existing Hammer JORC resource set to commence this week,” Managing Director, Daniel Thomas, said.
“Given the significant role that IP has played with recent discoveries in the district, we are looking forward to seeing what this drilling can deliver. Hammer’s exploration portfolio continues to provide mature, high-quality targets that are drill-ready.
“The addition of these targets increases the number of targets to be tested in the current exploration programme to 14. With multiple work programs continuing and an active drilling program, Hammer’s shareholders can look forward to a strong pipeline of news-flow in the coming months.”
100% HMX Projects Overlander South
Following recent success by ASX-listed explorer Carnaby Resources in utilising Induced Polarisation (IP) surveys to define copper mineralisation at its nearby Nil Desperandum discovery, Hammer has reviewed historical IP survey data to assess potential drill targets within the company’s 2,600 sq. km exploration portfolio.
A number of IP anomalies have been defined, with the Overlander South anomaly prioritised for drill testing due to its proximity to previously defined copper-cobalt mineralisation.
A recent review of a 2015 double offset dipole-dipole IP survey at Overlander and Andy’s Hill identified an untested target located 200m below the Overlander South JORC Resource. The anomaly is interpreted to be adjacent to a copper and cobalt-bearing rhyolitic crackle breccia.
The core of the IP conductivity feature presents over a 500m strike extent running contiguous with surrounding stratigraphy.
This compelling target has elevated Overlander South as a priority target for immediate drill testing. Two sites have been prepared, with drilling to commence later this week. The second of the holes will be drilled to an anticipated depth of 500m, with drilling to comprise an RC pre-collar with a diamond tail extension.
Ajax
Ajax has also been elevated as a high-priority target in light of the high-grade copper intersection observed in preliminary analysis of initial drilling at the target zone, with XRF field analysis indicating an intercept of 10m at 3.5% Cu in HMLVRC014.
While the drill rig has been progressing drilling at other prospects, Hammer has completed geological mapping and prospecting at Ajax and has also secured a team to undertake a down-hole and fixed loop EM survey to test the strike continuity of mineralisation in this area. This EM programmed has recently commenced, with results imminent.
The survey results will be integrated with recent geological mapping to define drill targets along strike. Any new drill targets will require additional earth works to prepare for drilling, with ground conditions currently suitable to complete these preparations.
Drilling at Ajax is likely to commence at the conclusion of the Overlander South programme, which is expected by mid-March. Laboratory results from Hammer’s initial drilling at Ajax are expected within the next seven days.
Upcoming Work Programme
Hammer Metals has a busy field season planned, with drilling, geophysics and geochemical surveys designed to advance multiple targets across the Mount Isa project area. Drilling continues, with targets at Neptune, Overlander South and Ajax remaining to be completed within the current programme.
An Induced Polarisation programme will commence in late March with targets to potentially include Hammertime, Saint Mungo, Revenue, Saint Andrews and Mount Mascotte.
Results are awaited from recently completed drilling at Orion, Sunset and three targets at Neptune. Future drilling programmes are being planned, including follow-up drilling at the Kalman deposit.
