Nice to see some drilling at Kalman. This is the largest JORC resource in HMX ground and as far I can tell HMX has not drilled any holes into it at all. My wish list is shallow extensions adding tonnage, hopefully 200,000t Cu metal, and some holes to pair the previous long and very high grade intersections (to excite the market but also provide confirmation of the high grade zones because these are critical to the overall grade). If not paired then perhaps an infill section between existing sections (probably better as it improves confidence in the resource).
Has Hammer ever added any tonnes to any of the JORC resources since the company formed? I understand early days was about accumulating the ground, not a complaint just an observation. Sunset has had some great intersections and historical production. This deserves drilling out to confirm JORC Resources. How is Jubilee an emerging deposit? No action reported for 2021 yet.
The strategy seems now seems to be:
add to JORC resources at Kalman, Sunset
exploration drilling to expand mineralisation known at Trafalgar, Neptune, Lakeview, etc. Some nice results to date but not defined well enough to drill out for a JORC Resource yet.
keep searching for the big IOCG given the abundance of indicators for this on HMX ground.
BWS - I remain hopeful for a deposit that will be good enough for toll treatment or sale. We are a long way off a stand alone gold mine at this stage. For me it is the sacrificial project that might help fund a copper mine. A few magnificent drill results could help change my mind of course!
I see CNB drilling out some great results adjacent to HMX ground at Cloncurry and keep thinking the tie up of the two projects seems almost inevitable. Nil Desperandum is starting to look like the additional 200,000t Cu that HMX want.
HMX Price at posting:
4.7¢ Sentiment: Buy Disclosure: Held
