Hammer (HMX) reported two intercepts of 55m at 1.12% Cu and 0.3 gpt gold from 119m in its first hole, and 32m at 1.04% Cu and 0.25 gpt gold from 64m, at the Trafalgar prospect near Mt Isa. The mineralisation was IOCG-style. The holes were 140m apart, into a 2.7 km soil anomaly. Another 8 holes are being drilled in this program, so we could get more good results soon. However, note that HMX has done a $6m JV with JOGMEC that will see Hammer's interest reduced to only 40% if JOGMEC goes all the way. The shares jumped from 3.3¢ to hit 9.7¢ on the day, on turnover of 229 mill. shares worth $17m. The intercepts were good, but were they really that good?
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