viewHammer Metals Ltd.

Hammer Metals posts maiden mineral resource estimate for Jubilee copper-gold deposit

The deposit extends from surface and is open at depth with excellent potential to extend the resource at depth and along strike.

Jubilee is less than 1 kilometre from the Barkly Highway between Mount Isa and Cloncurry

Hammer Metals Ltd (ASX:HMX) has posted the maiden mineral resource estimate for its Jubilee copper-gold deposit in Queensland.

The inferred resource contains 1.4 million tonnes at 1.4% copper and 0.62 g/t gold at a 0.5% copper cut-off grade, equating to an estimated 20,000 tonnes of copper and 28,000 ounces of gold.

The resource model will now be used as a basis for open pit mining and further metallurgical studies.

Jubilee is part of the Mt Frosty joint venture between Hammer, which holds 51% ownership, and Mount Isa Mines Limited.

READ: Hammer Metals raises $1 million to fast-track exploration programs

Hammer executive chairman Russell Davis said the maiden resource estimate for Jubilee brought the company another step closer to the commercialisation of the deposit.

He said: “Much of the mineralisation is primary sulphides, close to surface, and potentially open-pittable – the strongly-elevated gold content potentially adds significant value to the project.”

Results from the first metallurgical program have demonstrated peak copper recovery of 98% and gold recovery of 80% to a copper concentrate.

The deposit is similar in size and style to other copper-gold deposits in the region that have been successfully mined by small-scale open pit mining techniques, implying the mineralisation may be economically extracted.

Built up dominant tenement position

Davis added: “Within five kilometres of the Jubilee deposit, Hammer holds the Elaine-Dorothy copper-gold deposit and the Lakeview, Black Rock and Sunset copper-gold prospects, all of which have excellent potential to define additional copper and gold resources.

“Hammer has now built up the dominant tenement position in the Mary Kathleen district, a highly mineralised and prospective terrain for copper and gold around the Mary Kathleen uranium and rare earth deposit.”

READ: Hammer Metals identifies copper-gold prospects from high-grade rock chips at Perentie

Hammer’s tenements in Mount Isa’s mining district cover about 3,000 square kilometres including 100% interests in the Kalman, Overlander North, Overlander South and Elaine-Dorothy deposits.

Minerals found across these deposits include copper, gold, cobalt, molybdenum and rhenium.

The company also holds a 75% interest in the Millenium copper-cobalt-gold deposit.

Quick facts: Hammer Metals Ltd.

Price: 0.014 AUD

Market: ASX
Market Cap: $7.82 m

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