Hammer Metals Ltd (ASX:HMX) Exploration Update - Best Intercept to Date from Millennium Cobalt Project
Hammer Metals Limited (ASX:HMX) (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.
- Final results from a 10-hole diamond drilling program at Millennium received
- Significant results from the final four holes include:
o 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).
o 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 (see link below).
- The results will now be fully assessed and interpreted followed by planning of any additional drilling required and undertaking preliminary metallurgical studies.
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 (see link below).
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-Co-Au deposit.
To view tables and figures, please visit:
Alex Hewlett Executive Director & CEO Russell Davis Executive Chairman T: +61-8-6369-1195 E: firstname.lastname@example.org www.hammermetals.com.au
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