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HAMMER METALS LIMITED

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UP TO 46% COPPER IN ROCK CHIP AT NEW ZONE EXTENDS PERENTIE MINERALISED TREND TO OVER 3.4KM

ASX Announement 3 September 2018

  • Reconnaissance rock chip sampling to the south of Paddy B on the Judith – Paddy B structure has identified another zone of mineralisation 1.6 kilometres to the south. Mineralisation has now been found on this structure over a distance of more than 3.4 kilometres. 
  • The new occurrence named Susan, appears to be a circular “pipe-like” quartz veined zone (of up to 60 metres diameter) with peripheral veining to the south. The prospect is located at a structural intersection on the margin of the Wimberu Granite. Outcrop is poor but initial sampling at this site has obtained individual grades of up to 46% copper and 0.6g/t gold. 
  • In addition to Susan, a fourth zone has been identified on a separate but parallel structure approximately 2.7 kilometres to the southeast of Paddy B. Sampling along this trend has confirmed that mineralisation extends over a 900 metre strike length with marginal redrock altered granite up to 30 metres in thickness. Individual maximum grades of up to 7.47% copper and 4.72g/t gold were obtained from this structure. 
  • Reconnaissance sampling and mapping of the demagnetised zones will continue with more results expected in coming weeks. Aboriginal heritage clearances and geological mapping at Judith and Paddy B are also underway. 
  • Hammer is excited with the results to date. Following completion of the sampling programs an assessment and prioritisation of the multiple target zones will be undertaken with drilling anticipated in the next quarter.

PERENTIE PROJECT 

The Perentie Project incorporates an area of approximately 50km2 centred on the north-western corner of the highly magnetic Wimberu Granite, a Williams-aged granite that is considered to be associated with the development of iron oxide copper-gold (IOCG) mineralisation within the Mount Isa Inlier. Perentie forms part of the Dronfield Joint Venture on EPM 18084 between Hammer Metals (80%) and Kabiri Pty Ltd (20%). Previous exploration by Hammer in this area has focussed on strong magnetic and gravity features along the northern margin of the granite. 

Recent prospecting south of this area by Hammer along demagnetised northerly trending structural zones has so far located and rock chip sampled six new prospects with visible copper mineralisation at surface. Three of these prospects Judith, Paddy B and Susan are located along one of these northsouth structures where they intersect north-westerly faults. The demagnetisation is caused by alteration of magnetite to hematite and is often accompanied by quartz-carbonate veining, brecciation and red-rock alteration.

A review of the magnetic imagery in this area indicated that there are at least 20 other demagnetised structures which require investigation. These zones will be progressively examined in coming weeks.

Click here to view the full announcement

JUBILEE DRILLING INTERSECTS UPTO 43g/t GOLD 9% COPPER

ASX Announcement 27 August 2018

Significant results from a three-hole diamond drilling program include 5.5 metres at 14.5g/t Au and 6.87% Cu from 74 metres within 14 metres at 5.93g/t Au and 2.19% Cu from 66 metres in HJDD003. Individual maximum assays over a one metre interval of 43g/t Au and 9.03% Cu.

  • The program was designed to collect fresh sulphide mineralisation for preliminary metallurgical studies. 
  • The assays continue to highlight the significant gold content of the Jubilee deposit. 
  • The Jubilee Copper-Gold Prospect located within the Mt Frosty Joint Venture between Hammer Metals (51% and operator) and Mount Isa Mines Limited (49%). 
  • Results of the metallurgical testwork are expected in 5 to 7 weeks.

MT FROSTY JOINT VENTURE 

The Mt Frosty Joint Venture between MIM, a Glencore subsidiary (49%), and Hammer Metals Limited (51%) covers EPM14467, located in the Mary Kathleen area of northwest Queensland. Hammer Metals is midway through the Stage 2 joint venture program which aims to characterise and extend the copper-gold mineralisation at Jubilee and generate targets elsewhere within EPM14467.

The diamond drilling was conducted in order to provide samples for preliminary metallurgical work on the Jubilee sulphide mineralisation. This metallurgical study will determine first pass comminution parameters in addition to copper, gold and cobalt recovery. The work will be conducted by ALS in South Australia and it is expected results will be available in 5 to 7 weeks.

The three-hole program (totalling 216 metres) was conducted by Drill North Pty Ltd utilising a small footprint diamond drill rig.

Significant intercepts are tabulated below.

Click here to view the full announcement

SECOND ZONE OF HIGH GRADE COPPER GOLD WITH RESULTS UP TO 25% CU

ASX Announcement 22 August 2018 

RESULTS BACK FROM JUDITH THE SECOND OF THE NEW COPPER-GOLD DISCOVERIES AT PERENTIE

  • Judith Prospect, the second of the new zones discovered at Perentie has returned rock chip values up to 25% Cu and 7.23 g/t Au. (Refer to the attached table for a full result listing.) 
  • Judith is located 800 metres north of the Paddy B prospect from where high-grade coppergold results were reported last week. (Refer to ASX release dated August 15th, 2018.) 
  • Disseminated mineralisation occurring within quartz-carbonate veined and strongly “red rock” altered granite up to 30 metres in thickness occurs over a 450 metres strike length. This zone is shaping up as a high priority drill target. 
  • Six previously undiscovered copper-gold prospects - discovered by 2015 AMEC Prospector of The Year Ziggy Lubieniecki – have now been sampled at Perentie. 
  • Multiple other targets identified with a similar geophysical signature in the Perentie area. Ground investigation of these targets continues. 
  • Further assay results for samples from the Susan Prospect and Anomaly 5 (located to the south of Rainbow Ridge) are expected within the next week. 
  • Hammer is extremely excited with this find which has potential for a significant new copper discovery within Hammer’s existing portfolio.

Michael Burnett holding an example of Judith mineralisation

PERENTIE PROJECT 

The Perentie Project incorporates an area of approximately 50km2 centred on the north-western corner of the highly magnetic Wimberu Granite, a Williams-aged granite that is considered to be associated with the development of iron oxide copper-gold (IOCG) mineralisation within the Mount Isa Inlier. Perentie forms part of the Dronfield Joint Venture on EPM 18084 between Hammer Metals (80%) and Kabiri Pty Ltd (20%). Previous exploration by Hammer in this area has focussed on strong magnetic and gravity features along the northern margin of the granite.

Hammer has recently prospected south of this area along demagnetised northerly trending structural zones and has so far located and rock chip sampled six new prospects with visible copper mineralisation at surface. Three of these prospects Judith, Paddy B and Susan are located along one of these north-south structures where they intersect north-westerly faults. The demagnetisation is caused by alteration of magnetite to hematite and is often accompanied by quartz-carbonate veining, brecciation and red-rock alteration.

A review of the magnetic response in the region indicated that there are at least 20 other demagnetised structures which require investigation. These zones will be progressively examined in coming weeks.

Click here to view the full announcement

NEW COPPER SYSTEM DISCOVERED PRODUCES ROCK CHIPS UP TO 36%CU

ASX Announcement 15 August 2018

FOUR NEW COPPER-GOLD DISCOVERIES AT PERENTIE

  • Four previously undiscovered copper-gold prospects discovered by 2015 AMEC Prospector of The Year Ziggy Lubieniecki – Judith, Paddy B, Susan and Spiros identified by rock chip sampling at the newly-termed Perentie Project. 
  • Multiple high-grade copper-gold assays in rock chips with up to 36% Cu, 6.8g/t Au and 23g/t Ag maximum individual rock chip assays returned to date from Spiros and Paddy B. 
  • Of 100 rock chip assays to date 56 returned copper values greater that 1% Cu 
  • Mineralisation occurs in veined and “red-rock” altered Williams-age Wimberu Granite coincident with magnetic lows developed along and at fault intersections. 
  • Multiple other targets identified with a similar geophysical signature in the Perentie area. Ground investigation of these targets is underway.
  • Assay results for samples from the Judith and Susan prospects are expected next week.
  • Hammer is extremely excited with this find which has potential for a significant new copper discovery within Hammer’s existing portfolio with more results expected within the next 2 weeks. 
  • Drilling anticipated to commence late this quarter.

Hammer’s CEO, Alexander Hewlett said: “This is an exciting development for Hammer’s Mount Isa Project. Four new copper-gold systems have been identified in a short period of time and our targeting is indicating the potential for multiple similar zones within the Perentie area. This work has opened a new frontier for Hammer’s exploration in this prolific metalliferous region.”

Click here to view the full announcement

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EXPLORATION UPDATE

ASX Announcement 19 June 2018 

BEST INTERCEPT TO DATE FROM MILLENNIUM COBALT PROJECT 41 metres at 0.18% Co, 0.23% Cu and 0.11g/t Au

  • Final results from a 10-hole diamond drilling program at Millennium received 
  • Significant results from the final four holes include: 
    • 15 metres at 0.22% Co, 0.21% Cu and 0.18g/t Au from 40 metres within a mineralised envelope of 41 metres at 0.18% Co, 0.11g/t Au and 0.23% Cu from 14m in MIDD010. This zone includes a one metre interval of 1.85% Co (40- 41m). 
    • 7 metres at 0.11% Co and 0.15% Cu from 24 metres in MIDD009 and 2 metres at 0.29% Co, 0.67% Cu and 0.24g/t Au from 70 metres in MIDD009. 
  • Peak values over any one metre interval include 1.85% Co, 1.17% Cu and 2.78g/t Au. A full intercept listing is presented in Table 1. 
  • The results will now be fully assessed and interpreted followed by planning of any additional drilling required and undertaking preliminary metallurgical studies.

DIAMOND DRILLING 

Hammer Metals Limited (Hammer) and joint venture partner TSX listed Global Energy Metals Corporation (GEMC) have recently completed a 10-hole, 1141-metre diamond drilling program (MIDD001 – MIDD010), at the Millennium Co-Cu-Au project near Cloncurry in northwest Queensland.

Under an agreement signed in May 2017 GEMC can earn up to a 75% interest by spending up to CAD2.5 million on exploration over 36 months. Hammer will operate the joint venture until GEMC has earned a 65% interest.

Assays from MIDD007 to MIDD010 have now been received. Results from holes MIDD001-MIDD003 and MIDD004-MIDD006 were reported to the ASX on April 20th and June 6th, 2018 respectively

The drilling program was designed to test the near surface portion of the Millennium deposit and to provide samples for metallurgical test work. Encouragingly one of the best cobalt intersections from the project to date was intersected in the upper part of the deposit. Refer to the attached table of results and drill hole plans and sections.

Following a review of the results of the program additional drilling on the generally higher grade southern portion of the resource will be planned.

The project is located to the northwest of Cloncurry less than 20 kilometres from the Rocklands Cu-CoAu deposit.

Click here to view the full announcement 


EXPLORATION UPDATE 

ASX Announcement 5 June 2018 

MILLENNIUM COBALT PROJECT 

HIGHLIGHTS

  • Assay results have been received for drill holes MIDD003 to MIDD006 from the recent 10-hole diamond drilling program at the Millennium cobalt-copper-gold project. Significant results include: 
    • 7 metres at 0.15% Co, 0.36% Cu and 0.12g/t Au from 14 metres and 2 metres at 0.33% Co, 0.57% Cu and 0.11g/t Au from 19 metres in MIDD003. 
    • 2 metres at 0.64% Co, 0.29% Cu and 0.14g/t Au from 62 metres and 4 metres at 0.23% Co and 0.18% Cu from 69 metres in MIDD006. This is within a thick low-grade envelope of 80 metres at 578ppm Co from 42 metres.
  • Peak values over any one metre interval include 0.71% Co, 1.1% Cu, 1.10g/t Au and 62g/t Ag. A full intercept listing is presented in Table 1. 
  • Rock chip sampling has outlined a new target approximately 1 kilometre along strike to north of the existing resource.

DIAMOND DRILLING 

Hammer Metals Limited (Hammer) and its joint venture partner TSX listed Global Energy Metals Corporation (GEMC) have recently completed a 10-hole, 1141-metre diamond drilling program (MIDD001 – MIDD010), at the Millennium Co-Cu-Au project near Cloncurry in northwest Queensland.

Assays from MIDD001 to MIDD006 have now been received. Results from holes MIDD001 and MIDD002 were reported to the ASX on April 20th, 2018.

The drilling program was designed to test the up-dip continuity at the northern end of the Millennium deposit. Drilling results generally agree with the previous deeper drilling with the further delineation of wide zones of cobalt and copper mineralisation.

Detailed logging of the drill core has permitted an enhanced understanding of the nature of the mineralisation and the geology of the deposit. All mineralisation intercepted in the program to date is un-oxidised primary sulphides, indicating a thin zone of oxidation to 10-15 metres depth.

Metallurgical studies in the form of sighter flotation test work of the sulphide mineralisation is also planned to begin in the near future. The Mineral Resource estimate will also be updated.

The Millennium cobalt-copper-gold project is a joint venture with TSX listed Global Energy Metals Corporation. Hammer operates the joint venture. The project is located to the northwest of Cloncurry less than 20 kilometres from the Rocklands Cu-Co-Au deposit.

ROCK CHIP SAMPLING 

Rock chip sampling has been conducted to test for additional zones of cobalt and copper mineralisation along the Millennium trend and in particular the northern strike extension where similar host rock units and strong soil geochemical anomalies are located. This zone is located approximately 1 kilometre north of the current Millennium resource as defined.

Features such as, the continuation of elevated soil arsenic and copper geochemistry, presence of anomalous cobalt and copper in rock chip samples and analogous geology between the Millennium resource and the extension zone indicate that this area is a priority target for further investigation. These features are summarised in Figure 6. Drill targets are currently being finalised to further test this area.

Peak values in the 71 rock chip samples taken were 0.12% Co, 0.21g/t Au, 42.6g/t Ag, 45.3% Cu, 0.16% Pb and 0.25% Zn. A full rock chip listing is presented in the appended JORC table.

Click here to view the full announcement 


EXPLORATION UPDATE

HIGHLIGHTS 

  • Hammer Metals Limited and Newmont Exploration Australia Pty Ltd have reached a negotiated conclusion to the Mt Isa Farm-In and Joint Venture Agreement that commenced in December 2015. 
  • Hammer will retain a 100% unencumbered interest in the three former farm-in areas at Overlander, Dronfield and Even Steven on termination and will take the opportunity to test several of the targets identified during the joint venture period that did not meet Newmont’s target-size criteria. 
  • Amongst these opportunities are the partially tested IOCG potential at Overlander North, the Overlander cobalt potential and the copper-gold potential of the Tourist Zone. 
  • Additional copper-gold drilling targets generated at Even Steven and Dronfield also warrant drill testing. 
  • New partners will be sought to assist with advancing exploration of these targets and the Mount Isa project as a whole.

SUMMARY 
In December 2015, Hammer announced a joint venture with Newmont Exploration Australia Pty Ltd (Newmont) over three specific target areas covering approximately 10% of Hammer’s 3200km2 tenement holding at Mount Isa. Over the past two years Newmont and Hammer have conducted an active exploration program culminating in the drilling of two large IOCG targets at Overlander North and Dronfield, intercepting highly encouraging IOCG alteration and low-grade copper mineralisation in both areas. Newmont has however elected not to continue funding exploration of the targets and the projects will revert to Hammer’s ownership.

Mr Alex Hewlett, Executive Director of Hammer noted; “Newmont has been an excellent partner throughout this undertaking, allowing Hammer to significantly advance our understanding of the JV targets – particularly the large mineralised system at Overlander.

“The negotiated conclusion of the joint venture will leave Hammer with unfettered rights to pursue several untested exploration opportunities in the former farm-in areas as well as continue with the exploration of our large portfolio of prospects at Mount Isa.”

“Infill and extensional drilling is set to recommence in early June at the Jubilee copper-gold deposit in joint venture with MIM Limited, and results are expected shortly from the recently completed diamond drilling program on the Millennium cobalt-copper deposit.”

Click here to view the full announcement 

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