Hammer’s Mt Isa project includes five copper/gold JORC resources and a range of early-stage greenfield prospects (with high-quality IOCG potential). All of Hammer’s JORC resources are 100% owned with the exception of the Jubilee deposit (51%) which is in a Joint Venture with Glencore.
Hammer’s other Joint Venture in the region is with Sumitomo Metal Mining. The JV covers just over 10% of Hammer’s tenure, with Sumitomo Metal Mining currently earning a 60% interest in these areas.
Hammer has a 100% interest in Jorc Resources of copper, gold, molybdenum, rhenum, cobalt & iron
| Deposit | Tonnes Mt | CuEq % | Cu % | Au g/t | Co % | Mo % | Re g/t | Fe % | Comment |
| Kalman (updated) | 39.1 | 1.07 | 0.53 | 0.27 | – | 0.10 | 2.1 | – | O/C 0.4% CuEq; and U/G 1.0% CuEq |
| Jubilee (51% HMX) | 1.4 | – | 1.41 | 0.62 | – | – | – | – | 0.5% Cu |
| Elaine | 9.3 | 0.95 | 0.82 | 0.19 | – | – | – | – | 0.7% CuEq |
| Overlander | 1.8 | – | 1.20 | – | 0.05 | – | – | – | 0.7% Cu |
| Lakeview | 0.6 | – | 1.03 | 0.30 | – | – | – | – | 0.3% Cu |
| Mount Philp | 30.5 | – | – | – | – | – | – | 39 |
COPPER-GOLD & IOCG POTENTIAL
Kalman Copper, Gold, Molybdenum and Rhenium Deposit
Kalman is 100% HMX owned and is located 6km east from Hammer’s 100% owned Overlander project. Kalman is one of the world’s highest grade undeveloped Molybdenum and Rhenium projects. An updated Indicated and Inferred Mineral Resource Estimate (“MRE”) was completed in May 2023 with an MRE of 39Mt @ 1.07% Recovered Copper Equivalent, (0.53% Cu, 0.27g/t Au, 0.10% Mo, 2.1g/t Re. Recent drilling has extended the deposit at shallow depths to the North with an updated mineral resource expected in the first half of the year.
With open pit and underground potential, the deposit remains open at depth and along strike.
High-grade mineralisation is evident within the broader Kalman deposit, highlighted by drill intercepts including:
- 7.7m @ 23.4% Cu & 0.5g/t Au from 582m (K-106C)
- 53m @ 2.1% Cu & 0.5g/t Au from 695 (K-106C)
- 31m @ 1.0% Cu & 1.1g/t Au from 221 (K-53)
- 7m @ 0.3% Cu, 3.4% Mo & 57.3g/t Re, within 62m @ 0.65% Mo & 11g/tRe from 206m (K-132)
Elaine Deposit
100% HMX-owned and located 5km east from Hammer’s 51% controlled Jubilee project with an Inferred Mineral Resource Estimate of 9.3Mt @ 0.82% Cu & 0.19g/t Au, drilling has identified broad copper mineralisation, highlighted by up to 206m @ 0.53% Cu (MKED011) & 159m @ 0.50% Cu from 503m (MKED007).
High-grade gold mineralisation is evident within the broader Elaine deposit with drilling intersecting up to 30m @ 6.73g/t Au from 508m (MKED009) & 26m @ 1.7g/t Au from 160m (MKED026).
Overlander Deposit
Located 6km west from Hammer’s 100%-owned Kalman project, the Overlander Project has Indicated and Inferred Mineral Resource Estimate of 1.8Mt at 1.2% Cu (0.7% Cu cut-off) and a large mineralised system with 6km in strike length and significant copper grades from historical drilling.
Significant copper grades and thickness, including:
- 28m @ 1.90% Cu & 16m @ 1.90% Cu, within 75m @ 1.33% Cu (OVRC29)
- 27m @ 1.40%Cu, within 87m @ 0.74% Cu (OVRC30)
- 56m @ 1.40% Cu & 11m @ 2.40% Cu & 10m @ 1.60% Cu, within 89m @ 1.10% Cu (OVRC31)
Jubilee Deposit
Less than 1km from the Barkly highway and 55km from Mt Isa, the Jubilee Deposit is part of the Mt Frosty Joint Venture (51% HMX and operator) with Mount Isa Mines (MIM, 49%) with a Maiden Inferred Resource Estimate of 1.41Mt @ 1.41% Cu & 0.62 g/t Au for 20kt Cu & 28kozAu.
The Jubilee deposit extends from surface with significant potential to extend the resource at depth and along strike. The Company has identified numerous greenfield targets 5km to the west at Black Rock & Sunset.
Lakeview Deposit
The Lakeview copper-gold deposit, located 2km south of the Barkly Highway approximately mid-way between Mt Isa and Cloncurry in north-west Queensland. The deposit lies approximately 4.5km south-east of the Jubilee copper-gold deposit which forms part of the Mt Frosty Joint Venture (HMX 51% and Glencore 49%).
High impact exploration along under-explored copper trend with multiple undrilled exploration targets:
- Existing JORC resources at Kalman (100% HMX), Elaine (100% HMX), Overlander (100% HMX) and Jubilee (51% HMX).
- Exploration success at Ajax, Neptune, Lakeview and Trafalgar (Mt Isa East JV).
- Ideally located close to infrastructure – power and highway traverse northern tenements, rail network connects with Townsville Port.
Southern Exploration Targets (Mount Hope Region)
Hammer’s Mount Hope prospects are located within EPM26777, immediately adjacent to Carnaby Resources Limited’s (Carnaby) (ASX: CNB) Mount Hope Copper/Gold Project and along trend from their Nil Desperandum and Lady Fanny prospects. Hammer has recently completed follow up first drilling in the region defining high grade copper prospects at South Hope, Mascotte, Mascotte Junction and the Stubby.
