Hammer Metals (ASX:HMX) has raised $1.25 million for planned...

Hammer Metals (ASX:HMX) has raised $1.25 million for planned exploration at its Mount Isa Projects in Queensland, which have potential to host large IOCG deposits.

The funds were raised through a placement of 15,625,000 shares at $0.08 each to German resources company Deutsche Rohstoff AG (ETR:DR0).

Results from previous geophysical and magnetic surveys have defined numerous interesting drilling targets at the company’s projects.

Particularly, modelling of detailed gravity and magnetic data has defined multiple anomalies indicative of large IOCG alteration systems at Overlander, Andy’s Hill and Dronfield.