HMX 0.00% 2.7¢ hammer metals limited

Couple of notes re Bronzewing

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    Some notes... firstly the bronzewing south project is technically up for approval by shareholders as its held by two directors. I'm assuming that vote passes.

    The Bronzewing South project has a long legal history, Mark Creasy fought over it in court for many years due to the fact that it was believed the Bronzewing deposit extended into the tenement.

    This is understandable - Bronzewing is literally 20m from the tenement boundary and the fertile structures trend into the tenement. (Bronzewing >4moz)

    After Creasy took it to every court in the land (Google: Creasy Hot Holdings) it was finally awarded to Hot Holdings (Audax), and soon enough Newmont (who were operating Bronzewing) initiated a JV and drilled it reasonably aggressively and found nothing "of size", hugely disappointing and ironic given the big noise over the ballot process.

    Question here - At the time Newmont was drowning in debt issues, did they do it right, where they a little distracted? Not saying its happened here but Newmont seem to have a habit of walking away from billions in value that is later realised by others, like NST.

    In recent times the area surrounding the HMX tenements has been revisited by Echo Resources (EAR):

    I only highlight the "famous" bronzewing south tenement now with HMX.

    EAR have successfully shown that patience and good science can produce economic deposits, they've yet to hit a big one but thanks to the existing plant at Bronzewing they can build things up one satellite deposit at a time.

    Some notes from EAR presentation, they are excited about finding repetitions to the north:

    Note our tenement is in the southern most portion of that image on the right.

    I would hazard a guess and say past results show that there are possible repetitions to the south as well, in this image Bronzewing is in the northern most portion:

    And those little 50-100ppb Au blips in the NW corner of the lease are also interesting given the slides from EAR above.

    EAR say that there are "Large Areas where drilling has been relatively "ineffective" (i.e not intersecting fresh rock)

    And that they are "defining the search space in 3D".

    I guess I'm really intrigued given that Russell founded GOR (not an overnight but a huge success) and Ziggy (AMEC prospector of the year 2015) discovered Gruyere (6moz), and these guys are the vendors of the tenement.

    Simply taking the fact that the companies QLD land package was given an emphatic thumbs up by Exploration Insights (Brent Cook etc) last year (they since exited after being completely spanked on their entry price during the 2018 general sector spanking), and now we are at under half the price they entered, and on top of this Russell / Ziggy are kind enough to vend in Bronzewing South, you have to at least be curious.

    Thats where I'm up to, I have a foot in the door for now with 10m units of HMXOD, researching for a larger position over coming month.

    I'll be back.

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