The market is distracted and brain dead imo. These assets show major promise and grade. The company is worth less than a Saudis lunch bill.
Few people understand that these potential (to be drilled within days) targets hold tier1 scope. I do like the Mt Isa location.There is no way we could buy such cheap leveraged stock if the market was awake and in the mining boom the stock would be multiple times of this price with less ground/ targets. HMX attracted Ziggy and guys like him with his track record don't just sign up to little specs without fully understanding its potential. His last discovery was for Gold Rd at 6m ounces. The entire team is excellent. There are small caps out there who have raised money on just one of these sorts of assets let alone multiple ones and JV's.
We can see that Hammer has something here and we wont die waiting. There are multiple targets with kms of strike and many more probably laying under near surface cover. They should announce the start of drilling very soon. dyor. good luck.
Given the market is asleep, the company will drill and we can go from there.
Here is the corporate summary for those who have not read it yet.
- Hammer Metals anticipates commencing a Sub Audio Magnetics (“SAM”) ground geophysical survey over the Paddy B, Judith and Trackside prospects at Perentie in two weeks.
- The SAM method, developed by Gap Geophysics, measures magnetic, conductivity and chargeability responses. This survey together with recently completed detailed mapping and rock chip sampling is expected to assist in delineating zones with greater sulphide content thereby aiding drill targeting.
- RC drilling will commence immediately following the SAM survey which is expected to take one week.
- Provided the SAM technique is effective in detecting the mineralisation the survey will be extended over other “demagnetised” mineralised trends, many of which are obscured by shallow cover and remain to be evaluated.
Executive Chairman Russell Davis said: “Hammer is keen to expedite exploration at Perentie and is planning to have the first pass drilling completed and reported by late November. It is still however early days at Perentie with many of the other targets and trends obscured by shallow cover to be tested in due course.”
About Perentie
Perentie is a new copper-gold discovery made in August 2018 by surface prospecting and rock chip sampling (refer ASX announcement 15 August 2018). The project incorporates an area of approximately 50km2 centred on the north-western corner of the highly magnetic Wimberu Granite, a Williams-aged granite that is considered to be associated with the development of iron oxide coppergold (IOCG) mineralisation within the Mount Isa Inlier.
Perentie forms part of the Dronfield Joint Venture on EPM 18084 between Hammer Metals (80%) and Kabiri Pty Ltd (20%). Previous exploration by Hammer in this area has focussed on strong magnetic and gravity features along the northern margin of the granite.
Recent grassroots prospecting and rock chip sampling has identified multiple mineralised trends with multi-kilometre strike lengths. These trends are located within zones of demagnetisation of the granite. The demagnetisation is caused by alteration of magnetite to hematite and is often accompanied by quartz-carbonate veining, brecciation and red-rock alteration.
Three of these prospects Judith, Paddy B and Susan are located along one of these north-south structures where they intersect north-westerly faults. A parallel structure, termed the Rainbow Ridge – Trackside trend has now been defined over a 5km strike length.
Multiple samples with strongly anomalous copper and gold with individual maximum grades of up to 31% Cu, 19g/t Au and 240g/t Ag are reported (refer ASX announcements on 22 August and 3 September 2018).
Surface geophysics and drilling will commence shortly on the higher ranked targets at Judith, Paddy B and Trackside. A range of other similar demagnetised zones are concealed under thin cover and are still to be evaluated.
