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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 CEO, Alex Hewlett


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ASX Announcement 13 November 2018 

  • Hammer Metals Limited is pleased to report the results of the first metallurgical program for the Jubilee Cu-Au Prospect. Jubilee is located within the Mt Frosty Joint Venture between Hammer Metals Limited (51% and operator) and Mount Isa Mines Limited (49%). 
  • The recently completed diamond drilling programme obtained significant results including 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. (Refer to ASX release dated August 27th 2018) 
  • Testwork was conducted on a single composite sample sourced from the three recently completed diamond drillholes (HJDD001, HJDD002 and HJDD003). Optimum grind and reagent settings were obtained in Test 3 which resulted in a peak copper recovery of 98% and gold recovery of 80% to a copper concentrate. 
  • The maiden Mineral Resource Estimate for Jubilee is underway. It is anticipated the results will be released later in the quarter. 

Hammer’s Executive Chairman, Russell Davis, said: “The positive test results bring Hammer one step closer to the commercialisation of Jubilee. This is set to continue with the release of the maiden Jubilee resource estimate in the near future” 


A single composite sample was sourced from a recently completed diamond drill program at Jubilee. (Refer to ASX release dated August 27th 2018.)

The aims of the ALS study were: 

  1. determine copper, gold and cobalt recoveries via rougher flotation; 
  2. determine preliminary comminution parameters; and 
  3. determine the main copper minerals in concentrates.

Six rougher flotation tests were undertaken on the composite using different grind and reagent settings. To investigate gold recovery, gravity separation tests were conducted in isolation and in combination with rougher flotation. It was concluded that the gold was fine and there was no benefit in the introduction of gravity separation. Both copper and cobalt concentrates were produced.

The conclusion was that Test T3 achieved optimal recoveries of both copper and gold using flotation without gravity concentration. As expected, the cobalt grade of the cobalt concentrate was not high enough to be a stand-alone product, however the additional gold recovered in the cobalt concentrate may be of commercial value. 

The 19.4% copper grade from the T3 concentrate should increase through regrind and cleaner flotation test work. This will be undertaken in future metallurgical studies.

Comminution tests reported an SMC classification of “medium” for JK impact breakage parameters and an abrasion index classification of “slightly abrasive”. Optical mineralogy indicated that that copper in the composite concentrate was exclusively present as chalcopyrite (CuFeS2). 

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ASX Announcement 8 November 2018 

  • Hammer Metals Limited is pleased to report the results of the first metallurgical program conducted over the northern quartzite zone of the Millennium Co-Cu-Au resource. The Millennium Project is a joint venture with TSX listed, Global Energy Metals Corporation (GEMC). 
  • Two composite samples were sourced from diamond drill core (MIDD001-MIDD010) from a program conducted in the first quarter of 2018. (Refer to ASX releases January 17th, June 5th and July 19th.) The drilling tested the northern quartzite domain which contains the majority of the Millennium Co-Cu-Au resource. 
  • The key outcomes of the metallurgical test work: 
    • Production of separate cobalt and copper rougher concentrate streams is possible. 
    • High-grade composite peak rougher flotation test:
      • Combined Cu recovery of 95.1% 
      • Combined Co recovery of 95.4% 
      • Au total recovery of 81.4% reporting dominantly to the Cu concentrate 
    • Low-grade composite peak rougher flotation test: 
      • Combined Cu recovery of 91.3% 
      • Combined Co recovery of 91.7% 
      • Au total recovery of 77.9% reporting dominantly to the Cu concentrate 
  • It is expected that the concentrate grades may increase on re-grind and final cleaner flotation. This test-work will be conducted in 2019. 
  • The results are considered very encouraging. Looking ahead, further drilling is planned on the southern portion of the Millennium deposit to expand and upgrade the current resource. This will be accompanied by ongoing metallurgical characterisation.

Hammer’s Executive Chairman, Russell Davis said: “Very encouraging recoveries of copper and cobalt to separate concentrates have been achieved from this initial phase of metallurgical testwork. Hammer looks forward to GEMC further advancing the evaluation of the Millennium project in 2019.” 


Two composites were sourced from diamond drill core from a program conducted during the first quarter of 2018. (Refer to ASX releases January 17th, June 5th and July 19th.) The drilling was testing what is termed the northern quartzite domain at Millennium. This domain hosts the majority of the Millennium Co-Cu-Au resource.

The test-work was done by ALS in Adelaide. The aims of the test-work were: 

  1. determine copper, cobalt and gold recoveries via rougher flotation; 
  2. determine preliminary comminution parameters; and 
  3. determine the main cobalt and copper minerals in concentrates.

Twelve rougher float tests were undertaken on the high-grade and low-grade composites. Each test was conducted using different grind and reagent settings. The optimum settings were obtained in tests HG-7 and LG5 and the results of these tests are summarised below.

Quartzite is the main host lithology for this domain at Millennium and, as expected, the comminution test work reported results indicative of a silica rich gangue material. The SMC test classified the composites as “very hard”, abrasion tests as “slightly abrasive” and the Ball Mill index test as “hard”.

Optical mineralogy and XRD analysis indicated that copper was exclusively present as chalcopyrite (CuFeS2) and cobalt was identified in both cobaltite (CoAsS) and catterite (CoS2).

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ASX Announcement 31 October 2018 

Copper-Gold Exploration 


  • Surface prospecting finds new outcropping copper-gold systems at the Perentie Project. 
  • High-grade copper and gold values in rock chips of up to 31% Cu, 19g/t Au and 240g/t Ag. 
  • Two structural trends over 5km long now identified with first pass ground geophysics (SAM) and RC drilling planned for the 4th Quarter. 
  • Other similar demagnetised zones concealed under thin cover yet to be evaluated. 
  • New tenement applications were made to secure all available ground surrounding discovery

Toby and Charlie 

  • Field prospecting following up VTEM anomalies locates two new zones of base metal and gold mineralisation 8km north of Kalman. 
  • Infill rock chip sampling and mapping underway with results to date including 18.4g/t Au, 76g/t Ag ad 15% Cu.

Mt Frosty Joint Venture (Hammer 51% and operator) 

  • Results from three diamond drill holes drilled at Jubilee return significant results including: 
    • 5.5m at 6.9% Cu and 14.5g/t Au from 74m in HJDD003. 
    • 5.6m at 1.43% Cu and 0.24g/t Au from 36m in HJDD02. 
  • Metallurgical sulphide flotation test work and the maiden Mineral Resource Estimate for the deposit are in progress with results expected later in the 4th Quarter.

Millennium Cobalt Joint Venture 

  • First pass metallurgical sulphide flotation test work nearing completion. 
  • Project sale to GEMC pending completion of final agreements.


  • Fully underwritten non-renounceable option entitlement offer and strategic share placement raises $1 million before costs. 
  • Cash balance at end September 2018 is $1.6 million 
  • Ziggy Lubieniecki previously Exploration Director at Gold Road Resources Limited joined the board as a Non-Executive Director as part of a board and management restructure.



Hammer Metals Limited (ASX: HMX) (“Hammer” or “the Company”) is exploring its Mount Isa project for large iron oxide copper-gold (IOCG) deposits of the Ernest Henry style (approximately 220 million tonnes at 1.1% Cu and 0.5g/t Au). Hammer holds approximately 3,000 km2 of tenure in the Mount Isa region.

During the quarter Hammer focused on a new discovery of outcropping copper-gold mineralisation at Perentie, part of its 80% owned Dronfield tenement (EPM 18084). Exploration on its 100%-owned Mt Philp Breccia Project and a range of VTEM targets generated in late 2016 along the Pilgrim Fault zone also produced encouraging results from rock chip soil geochemical sampling. A systematic IOCG targeting exercise within the Mount Isa region is ongoing.

At the Millennium Cobalt-Copper Project in Joint Venture with Global Energy Metals Corporation (GEMC), a Vancouver-based exploration company, core samples of the sulphide material were submitted for first pass metallurgical test work. (Late in the previous quarter Hammer reached provisional agreement with GEMC to sell its interest in the Millennium project along with several other cobalt prospects to GEMC. At the conclusion of the divestment Hammer will hold a 19.9% interest in GEMC – a focused cobalt explorer. (Refer to ASX release dated June 27th 2018 for details.)

The Jubilee copper-gold deposit within EPM 14467, forms part of the Mt Frosty Joint Venture with MIM Limited (a subsidiary of Glencore) (51% Hammer). Hammer’s drilling has returned encouraging results and first pass metallurgical test-work and the maiden resource estimate for the deposit are in progress.

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ASX Announcement 30 October 2018

  • Mt Dockerell Mining Pty  Ltd  (a wholly  owned  subsidiary of Hammer Metals  Limited) has  executed a Sale and Purchase Agreement to purchase two exploration permits that cover  the  Sunset  and  Black  Rock  copper‐gold  prospects  located  5km  northwest  of  Hammer’s  Jubilee and Elaine‐Dorothy copper‐gold deposits near the Mary Kathleen Mine.   
  • The  Sunset  Prospect  has  potential  for  Jubilee‐style  copper‐gold  deposits.    Selected  drill  intersections include 24m @ 1.41% Cu and 0.49g/t Au and 14m at 2.57% Cu. 
  • Black Rock returned broad drill intersections of up to 78m at 0.54% Cu and 0.13g/t Au and 94m at 0.44% Cu.  The prospect extends over a strike length of 1.2km with true widths of  the mineralised zone of up to 60m, indicating good potential to host a large tonnage copper‐ gold deposit similar to Hammer’s Elaine‐Dorothy deposit.  
  • The  rock  sequence  that  hosts  the  Black  Rock  and  Sunset  Prospects  also  hosts  the Mary  Kathleen, Jubilee and Elaine‐Dorothy deposits as well as several other copper occurrences  for over 20km along strike and is considered to have substantial exploration potential.

Hammer’s Executive Chairman said: “The acquisition is an opportunity  for Hammer Metals  to  acquire highly prospective exploration  tenements  that augment Hammer’s Mount Isa project.   With  further  drilling  the  tenements  have  good  potential  to  add  additional  copper  and  gold  resources to the existing inventory, and specifically complement Hammer’s Elaine‐Dorothy and  Jubilee copper‐gold deposits located nearby.” 


The Sunset and Black Rock Prospects occur on a mineralized trend termed the Wonga detachment surface. This  trend is largely located along lithological boundaries and has been an important channel‐way for hydrothermal  fluids during mineralising events in the Mary Kathleen Fold Belt. The Hammer Prospects at Jubilee and Lakeview also occur on or close to the surface.

The Sunset Prospect occurs in a shear zone typified by the presence of remobilized carbonate. Mineralisation  occurs  as  multiple  stacked  lenses  which  were  mined  by  narrow  vein  methods.  Drilling  has  delineated  mineralisation over a 700m strike length.  Significant intercepts include:  

  • 24m at 1.41% Cu and 0.49g/t Au from 10m including 4m at 4.57% Cu and 2.74g/t Au from 16m in CAMC004  
  • 17m at 1.40% Cu and 0.38g/t Au from 35m including 8m at 2.66% Cu and 0.18g/t Au from 40m in CAMC015  
  • 14m at 2.57% Cu from 21m in CR07002

The  Black  Rock  Prospect  is  hosted  within  a  magnetite‐hematite  altered  fractured  quartzite.    Mineralisation  occurs as  quartz  stockwork veining with  pyrite‐chalcopyrite  (+ hematite‐magnetite). Mineralisation  has  been  delineated by wide spaced drilling over a 1.2km strike length with a mineralised envelope true width of up to  60m.  Significant intercepts include:  

  • 78m at 0.54% Cu and 0.13g/t Au from 140m in CAMD003   
  • 94m at 0.44% Cu from 159m in DDH‐PN1 (no gold assays)   98m at 0.30% Cu including 3m at 4.05% Cu and 0.59g/t Au from 85m in CAMC033   
  • 70m at 0.33% Cu including 5m at 1.08% Cu and 0.23g/t Au from 206m in CAMC028

Together with existing Hammer tenements the Wonga Detachment surface is now covered for a distance of over  20km along strike. Along this trend, mineralisation is present at multiple locations, many of which have not been  drill tested. This acquisition also completes Hammer Metals coverage over the core and surrounds of the Mount  Philp Breccia IOCG target, specifically the northern strike extension of the Prince of Wales workings.

Consideration for the acquisition is $25,000 cash and a 1.5% NSR royalty.  Completion remains subject to the  satisfaction of several conditions precedent.

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