ASX listed Hammer Metals continues to ring in some chart topping numbers from drilling at the Jubilee prospect within its Mt Frosty JV near Mt Isa in Queensland.
Its recent three hole diamond drilling program returned an outstanding intercept of 5.5 metres grading 14.5 grams per tonne gold and 6.87% copper from 74m down hole.
This is located within a broader 14m intercept grading 5.93g/t gold and 2.19% copper from 66m and contains some eye-watering one metre assays of 43g/t gold and 9.03% copper.
Notably, it follows on encouraging high-grade intercepts reported from RC drilling during the first quarter of 2018 of 5 m @ 7.34% copper and 3.75g/t gold from just 35m down hole and 4m @ 6.27% copper and 0.7g/t gold from 59m.
Jubilee is the main prospect within Hammers Mt Frosty JV, where it retains a 51% stake in partnership with Glencore subsidiary MIM contributing for the remaining 49%.
The prospect is within easy trucking distance of Glencore’s Mt Isa operation and would potentially benefit from the infrastructure provided by its JV partner who could possibly even provide toll treating options for a low-cost, start-up satellite open pit mining operation.
Drilling was designed to collect fresh Jubilee sulphide mineralisation samples for preliminary metallurgical studies and results from the study, which will help determine copper, gold and cobalt recoveries, are expected within five to seven weeks.
Hammer is mid-way through the stage 2 joint venture program that aims to characterise and extend the copper-gold mineralisation at Jubilee and generate targets elsewhere within the JV.
The company is one of the largest ground holders in the Mt Isa base metals district with access to a 3200km2 tenement portfolio that has enjoyed a string of exploration successes recently.
At the new Perentie project, surface rock chip sampling at the Judith prospect identified a second zone of very high grade copper mineralisation and gold with assays returning up to 23% copper and 7.23g/t gold.
This follows up on rock chips from the Paddy B and Spiros prospects that returned up to 36% copper, 6.8g/t gold and 23g/t silver.
Perentie is part of the larger Dronefield JV with Kabiri Pty Ltd, over which Hammer holds an 80% interest.
In June, drilling at the Millennium JV near Cloncurry returned a top near surface intercept of 41m @ 0.18% cobalt with sold gold and copper credits going 0.11 grams per tonne gold and 0.23% copper.
By Matt Birney
