- Hammer Metals (HMX) extends the mineralisation at its Kalman deposit in Queensland ahead of a planned resource update
- The company’s latest round of reverse circulation drilling returned broad zones of copper, gold, molybdenum and rhenium mineralisation
- The “exceptional” intercepts include a top result of 24 metres at 5.1 per cent copper equivalent from 194 metres
- Hammer plans to complete its updated mineral resource estimate for the deposit in the first or second quarter of 2023
- HMX shares are trading at 7.9 cents at 11:51 am AEDT
Hammer Metals (HMX) has extended the mineralisation at its Kalman deposit in Queensland ahead of a planned resource update.
The company’s latest round of reverse circulation drilling returned broad zones of copper, gold, molybdenum and rhenium mineralisation that extended the deposit north of the existing JORC resource.
The “exceptional” intercepts included a top result of 24 metres at 5.1 per cent copper equivalent from 194 metres.
Additionally, the company recorded 89 metres at 1.74 per cent copper equivalent and nine metres at close to six per cent copper equivalent.
Hammer Managing Director Daniel Thomas said the latest results underscored Kalman’s status as one of the Mount Isa Inlier’s largest undeveloped deposits.
“The new intersections extend mineralisation at the shallow northern end of the deposit, with an anticipated positive impact on the upcoming resource update,” Mr Thomas said.
The updated mineral resource estimate is due to be completed in the first or second quarter of this calendar year.
Mr Thomas said the updated resource model would use refreshed long-term commodity prices and noted molybdenum prices had more than doubled since the start of 2023, trading recently in excess of US$95,000 a tonne.
Hammer has planned to undertake a downhole electromagnetic survey and a number of surface fixed-loop electromagnetic surveys within the target zone along the Pilgrim Fault.
Several untested geochemical anomalies are also being investigated, with additional infill geochemical sampling planned for after the wet season.
Following “positive” results from ore sorting testwork back in November, the company is undertaking a second, more comprehensive program.
Pending the success of the resource and metallurgical investigations, Hammer will assess the potential to complete a scoping study and financial evaluation of the Kalman deposit.
HMX shares were trading at 7.9 cents at 11:51 am AEDT.