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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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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 


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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ASX Announcement 14 March 2019 

  • Terms agreed for the acquisition of a 100% interest in the Bronzewing South Gold Project located in the heart of the Yandal Greenstone Belt in Western Australia. Agreement subject to approval under Section 195(4) of the Corporations Act. 
  • Secures under-explored terrain immediately along strike of the 4 million-ounce Bronzewing Gold mine and the 1 million-ounce Orelia deposit. 
  • Limited previous drilling has intercepted high-grade gold mineralization in bedrock. 
  • Initial proposed program comprises detailed structural targeting and RC drilling.

Hammer’s Chairman, Russell Davis said: “With the proposed acquisition of the Bronzewing South Gold Project Hammer will have strategic tenement positions in two of the world’s great mining provinces – the Mount Isa Province in NW Queensland and the Eastern Goldfields of WA.

Bronzewing South is strategically located in the heart of the 24 million-ounce Yandal Greenstone Belt with its current high levels of gold mining and exploration activity and existing infrastructure. Hammer also has substantial Board and management experience in gold exploration with a track record of success in this endeavour.” 


The Bronzewing South Gold Project is situated in the heart of the 24 million-ounce Yandal Greenstone Belt in the Western Australian Goldfields, immediately along strike from both the Bronzewing gold mine (4 million ounces) and the Orelia deposit (1 million ounces), held by Echo Resources Limited.

The Yandal Greenstone Belt is an active mining jurisdiction with the currently operating Jundee Mine that produces approximately 300,000 ounces of gold per year as well as the Darlot and Thunderbox Gold Mines. 

The tenements to be acquired are all within a 20km radius of Echo’s 2.5mtpa Bronzewing Mill that is currently the subject of a study to determine the feasibility of its re-opening as part of a new mining operation.

It is anticipated that the Bronzewing South Project will be a positive addition to Hammer’s portfolio for the following reasons: 

  • Bronzewing South is in a prime gold exploration location, close to existing infrastructure and active exploration and development activities;
  • The principal tenement (E36/854) has not received the intensity of exploration you would expect considering its location adjacent to a major historical mine; 
  • Previous exploration drilling was mostly shallow and did not consider the structural framework inherent in the Bronzewing area; 
  • The limited deeper drilling confirmed zones of high-grade gold mineralization in bedrock; 
  • Hammer has a well-considered exploration program planned for the project, targeting favourable structural orientations within the mineralised corridors that are yet untested; 
  • Hammer’s management has a successful track record in gold exploration in general and specifically in the Western Australian Goldfields; 
  • The consideration is ordinary shares in Hammer Metals only, with no cash payments, aligning the Vendors with Hammer shareholders on potential exploration success.


The Bronzewing South Project consists of five granted Exploration Licences and two granted Prospecting Licences for a total area of approximately 111km2 . The tenements are all held (100%) by Carnegie Exploration Pty Ltd.

Tenement Schedule 

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ASX Announcement 7 February 2019 

Hammer Metals Limited (“Hammer” or “the Company”) (ASX: HMX), is pleased to advise that it has agreed terms for a share placement to sophisticated investors to raise $1 million.

The funds will enable the Company to continue with planned exploration activities. DJ Carmichael Pty Limited (“DJC”) has acted as Lead Manager to the offer and will receive advisory fees for its work on industry accepted commercial terms.

Terms of Share Placement 

A placement of approximately 50,000,000 shares at $0.02 per share to raise $1,000,000 (“Placement”) will be made to sophisticated investors and will incorporate a free attaching listed option on the basis of 1 listed option for every 2 placement shares. The options to be issued will have the same terms as the existing class of quoted options, they will be exercisable on or before 30 September 2020 by payment of $0.03. The Company reserves the right to accept over subscriptions.

Directors Mr Russell Davis and Mr Ziggy Lubieniecki have agreed to participate in the Placement on the same terms subject to shareholder approval. Accordingly, a Notice of Meeting will be circulated in due course 

The Placement will be completed in two tranches with 14,000,000 shares and 7,000,000 options to be issued to Directors and subject to shareholder approval. The balance of the Placement will be issued under the Company’s current available capacity pursuant to ASX Listing Rules 7.1 and 7.1A as follows: 

  • 8,170,292 ordinary shares and 18,000,000 listed options pursuant to listing rule 7.1; and 
  • 27,829,708 ordinary shares pursuant to listing rule 7.1A.

Firm bids for the Placement have been received and an Appendix 3B and section 708A notice will be issued in due course on finalisation of applications and receipt of cleared funds. 

Use of funds 

The Company will use the net proceeds from the Offer in a targeted program as follows: 

  • Mining Studies – Jubilee / Overlander/ Kalman/ Elaine 
  • Drilling high-grade copper-gold assets 
  • Generating drilling targets for potential large-scale copper-gold systems at Mt Philip Breccia / Perentie; and 
  • Identifying new copper and gold projects.

Click here to view the full announcement


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Mkt cap ! $9.743M
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3.0¢ 47649 1
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