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Corporate Spotlight

Hammer Metals Limited (HMX, formerly Midas Resources Limited) is a minerals exploration company with a focus on gold, iron ore, copper projects in Australia.
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INTERVIEW WITH RUSSELL JOHN DAVIS

GOLD AND COPPER RESULTS

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ELEVATED GOLD AND COPPER RESULTS FROM THE MALBON REGION DEFINE THREE MINERALISED TRENDS 

ASX Announcement 8 May 2019 


  • Rock chip sampling has defined the Speculation, Pioneer Prince and Alice-Kings trends in the Malbon region. 
  • The first phase of rock chip sampling indicated that these zones had a high gold-copper ratio with elevated cobalt and bismuth. (Refer to ASX release dated 16 April 2019.) 
  • The results of the second tranche of follow-up rock chip sampling reported herewith contain individual maximum grades of up to 12.9g/t Au and 15.8% Cu. 
  • Results to date are considered highly encouraging although outcrop in the area is sparse and further mapping and sampling will be required to understand the extent and structural controls of mineralization. 
  • Anomaly reviews over the Mt Philp IOCG Breccia Project continue and further results from this ongoing sampling program are expected shortly


Hammer’s Chairman, Russell Davis said: “Whilst the Malbon region has not been a high priority for Hammer Metals the high gold values being outlined along these trends are considered encouraging and warrant further investigation. We also look forward to reporting additional results from the ongoing sampling at the Mt Philp IOCG Breccia project shortly.” 


Gossan sample from the Deadlock Prospect (ZL480, 9.91g/t Au and 1.79g/t Au) 

Table 1 – Significant results from rock chip sampling (with a full listing located in Table 2). Bismuth over grade results to be reported soon. 

MALBON PROJECT 

The Kings, Alice and Deadlock prospects are located approximately 40km east of Kalman. The second tranche of surface samples reported herein are dominantly from the Speculation, Pioneer Prince and AliceKings trends. Individual maximum grades of 12.9g/t Au, 15.8% Cu and 0.39% Co. 


These three parallel prospective trends are up to 1.8km in length. Notably outcrop is sparse in the area with a thin veneer of colluvial cover masking bedrock. Mapping and additional sampling will be conducted in due course. Its worthy to note that gossan zones develop on the intersections of north-south and eastwest trending structures. The intersection between the Kings and Charlotte trends is shown in figure 1.


MOUNT PHILP BRECCIA PROJECT 

Field work has resumed with examination of multiple soil geochemical anomalies. Further results from Mt Philp are expected shortly. This work is to be augmented by a planned gravity survey.


Figure 1 – Oblique view looking north showing the gossan development at the intersection of the Kings-Alice and Charlotte trends. This gossan has not previously been drilled. 


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BRONZEWING SOUTH

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GOLD RESULTS

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GOLD RESULTS FROM SOIL SURVEY CONFIRMS PROSPECTIVITY OF THE MT PHILP BRECCIA 

ASX Announcement 1 April 2019 


  • Soil survey on a 200m x 200m grid at Mt Philp has identified numerous gold anomalies with the maximum value of 401ppb Au 
  • Most of anomalous gold values coincide with zones of elevated copper in soil 
  • The core of the copper-gold anomalism is associated with the rim of an interpreted 4km in diameter circular caldera feature and magnetic highs associated with the presence of disseminated and brecciated magnetite 
  • Three gold anomalies not associated with copper anomalism could indicate the presence of Tick Hill style gold mineralisation. 
  • Field work has commenced in March with ground investigation of target zones.


Hammer’s Chairman, Russell Davis said: “The soil results are very encouraging and now that surface anomalies have been defined more detailed field examination can commence. The field work and planned gravity survey aims to delineate drill targets which will be tested late in the 2019 field season.“


Mt Philp Breccia near the Magnetite Prospect 

MOUNT PHILP BRECCIA 

The soil survey conducted in 2018 at Mt Philp Breccia Project on a 200m x 200m grid and covering area of approximately 50km2 was initially analysed by portable XRF and this resulted in the delineation of three major coppertarget zones, denoted as the Core, West and East zones. (Refer to ASX announcement January 24th, 2019).


Gold assays have now been reported. The gold distribution is similar to that of copper in most instances with a number of strong Cu-Au anomalies present at the Magnetite East and West, Mt Philp Copper, Rangeview, Pelican Waterhole and Bette areas. Notably there are three +50ppb Au anomalies which are not associated with copper. Economic gold-only mineralisation is not common in the Mt Isa region however one notable exception is the Tick Hill Deposit which is located on the margin of Hammer’s Mt Isa Project area 50km to the south. This deposit was small but high grade with 0.7Mt @ 22.5g/t Au mined over a short period by Mount Isa Mines Limited.


Field has commenced in March with detailed ground reviews of the copper-gold and gold-only geochemical targets. A ground gravity survey is also planned which aims to delineate possible blind targets at depth.


As announced to the ASX on December 11th, 2018 Hammer was awarded Collaborative Exploration Initiative (CEI) funding from the Queensland Government for the Mt Philp Breccia Project which covers one of the largest known breccia complexes in the Mount Isa region. The grant is to part-fund first-pass geophysical and geochemical exploration activities that are expected to generate drilling targets.


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INVESTOR PRESENTATION

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VIDEOS

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