Hi Dragone, According to the MRE upgrade announced in May 2023...

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aussiemaddog

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10/04/24

17:10

Post #: 73281851
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Originally posted by Dragone64 ↑

I think the problem with Kalman is that it's a molybdenum story (60% of the revenue would come from that corner). The juicy - i.e. high-grade CU pieces - are quite deep underground - CU alone can probably not be mined profitably at current prices (with emphasis on "current prices").

Either way, Dan still wanted to provide an initial some kind of feasibility study. But as I understand it, he wants to add more resources first and then implement the "hub story" (by the way, this "idea" has been talked about since around 2014). See also his interview yesterday (or better listen to it).

I think the focus needs to be on the exploration side. There is no point in spending money on any studies or analyses. HMX has enough exploration potential. That's where the music plays for now. Further JVs (e.g. Bullrush) would be very welcome.

The traded volumes are - as so often - disappointingly low and leave room for random prices. Total nonsense - but unfortunately that's the way it is. We can only keep our fingers crossed that the next round of drilling results will be good for surprises and move the SP upwards again.

For someone who takes a long-term view, such fluctuations are now annoying - but they are part of the game. Presumably some people are "playing" with the SP again in order to get a few holders to sell (and then pick up shares cheaply at the bottom).

With this in mind, we should never lose sight of the overall picture.

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Hi Dragone,

According to the MRE upgrade announced in May 2023 last year by Hammer the assumption that its deep is unfortunately not entirely correct.

Infact the good news Dragone is it is quite the opposite for Kalman - 71% of the updated MRE is open pitable!

Therefore, over 2/3rds of the updated MRE is easily assessable, also from memory the Kalman deposit is still open in all directions, including at depth, hence the extension drilling of Kalman over the last 12-18 months.

You are correct that there are definitely juicy high grades below (underground) and there maybe even better grades deeper again?

I hope they (team Hammer) try and get further government assistance to attempt to test the high grade cu at deeper depths with a very deep drill hole or two it might be a game changer ?

Importantly Recent EM surveys have generated additional exploration Targets!

Dragone here is an extract from the May 2023 ASX announcement.

Good luck to all holders.

Cheers Aussie

Updated Mineral Resource Estimate (MRE) completed for the 100%-owned Kalman copper- gold-silver-molybdenum-rhenium deposit: •39.2Mt at 1.07% Recovered Copper Equivalent (“CuEq Rec” at 0.53% Cu, 0.27g/t Au, 0.10% Mo, 1.5g/t Ag and 2.1g/t Re.

•This equates to ~500,000t of contained copper equivalent metal. •New MRE represents a +39% increase in the contained metal within the deposit, compared with the Mineral Resource reported on 27 September 2016 of 20Mt at 1.8% copper equivalent. •

Open pit material represents 71% of the MRE (27.7Mt at 0.89% Cu Eq Rec)*.

Last edited by aussiemaddog: 10/04/24

HMX Price at posting: 4.6¢ Sentiment: Buy Disclosure: Held
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0 Great analysis

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