News: Hammer Metals raising funds for Queensland mineral search

Queensland-focussed explorer Hammer Metals (ASX:HMX) is heading to market with a capital raising.

The ASX has granted a trading halt, with its shares placed in pre-open.

The company has an extensive footprint including 1950 square kilometres in the Mount Isa Region, and 320 square kilometres in the Mount Morgan region.

Adding to the prospectivity of the Mount Isa project, it is strategically located between several major players.

These include Glencore (LON:GLEN) (Mount Isa, E1, George Fisher, Ernest Henry), BHP Billiton (ASX:BHP) (Cannington), Chinova Resources (Osborne, Merlin, Mt Elliott, Starra), CopperChem (Mt Colin, Cloncurry) and Cudeco (ASX:CDU) (Rocklands).

The halt will remain in place until the opening of trade on Monday 1st September 2014, or earlier if an announcement is made to the market.