interesting development with HMX from todays $tockhead !?!...

interesting development with HMX
from todays $tockhead !?!
Hammer Metals (ASX:HMX)

We (okay, I) mentioned yesterday in this column that HMX was rising on no news. How wrong we (okay, I) turned out to be. To be fair, though, we (I) were/was right at the time.
Hammer Metals has now delivered a significant update on its Mt Isa East (MIE) JV project.
Hammer’s joint venture partner Sumitomo Metal Mining Oceania has reached a $6m, (60% interest) earn-in milestone and has elected to continue to fund the JV, with drilling of the Shadow South IOCG (iron oxide copper-gold) target scheduled to kick off in early March.
The company notes the following:
• It’s elected to dilute its position in accordance with the JV agreement. It can still elect to contribute to the JV in the future to maintain an interest at that point in time.
• The 2024 JV programs will begin with RC drilling at the Shadow South IOCG prospect, which is a “coincident magnetic and IP anomaly with a peak chargeability response in excess of 40mv/V”.
• Hammer will combine this program with drilling on the 100%-owned Hardway prospect.
Hammer’s MD, Daniel Thomas, said:
“This is another important and positive milestone for our Mount Isa exploration efforts… Importantly, this will ensure that we have ongoing funding for exploration activity within the JV, with the first cab off the rank being the start of drilling in early March at the high-priority Shadow South IOCG target.”