Hammer Metals (ASX:HMX) hits copper-bearing sulphides at Ajax
Hammer Metals intercepts shallow copper-bearing sulphides at the Ajax prospect within its Mt Isa project in Queensland
Results from one reconnaissance reverse circulation drillhole returned 10 metres at 3.5 per cent copper from 25 metres downhole
The results are subject to confirmation by subsequent lab analysis using fire assay, however HMX says there is potential for the area to host multiple copper-gold deposits
Follow-up drilling is being prioritised, however wet weather is providing a challenge and the team plans to monitor the conditions before preparing any new drill sites
Company shares last traded at 7 cents on February 11
Hammer Metals (HMX) has intercepted shallow copper-bearing sulphides at the Ajax prospect within its Mt Isa copper project in Queensland.
The preliminary results are from one reconnaissance reverse circulation hole drilled at the prospect which is situated along the 12 kilometre Trafalgar to Jubilee mineralised trend.
Interim portable XRF results returned 10 metres at 3.5 per cent copper from 25 metres, with a maximum individual one-metre PXRF analysis of 8.9 per cent copper.
According to the company, the mineralised interval is composed of a quartz vein within a biotite schist host, and the mineralisation is located in a local demagnetised zone.
While the results are subject to confirmation by subsequent lab analysis using fire assay, Managing Director Daniel Thomas said this is great first result.
“This interim result from our first drillhole into this prospect illustrates the potential of the Trafalgar to Jubilee trend to host multiple copper-gold deposits,” he said.
“This intercept is a testament to the team’s hard work over the past 12 months and it’s exciting as we look to drill several similar targets along this highly prospective trend.”
Now, the drillhole is set to be cased with PVC to enable the completion of a Downhole EM survey.
Hammer has prioritised follow up drilling at Ajax, however said wet weather events have presented challenging ground conditions which the team will continue to monitor and
consider before preparing any new drill sites.
Dry conditions are expected to return towards the end of the month.
Results from a recent soil geochemical survey covering the prospect are also expected soon.
Company shares last traded at 7 cents on February 11.
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