viewHammer Metals Ltd.

Hammer Metals drills best intersection to date at cobalt project

Drilling was testing the near-surface portion of the Millenium deposit.

Northern Zone at Millennium showing the mineralised Quartzite
Northern Zone at Millennium showing mineralised quartzite near Cloncurry, Queensland

Hammer Metals Ltd (ASX:HMX) has unveiled significant results from the final four holes of its diamond drilling campaign at the Millennium cobalt-copper-gold deposit, near Cloncurry, north-west Queensland.

The highlights included a 15-metre section at 0.22% cobalt, 0.21% copper and 0.18 g/t gold from 40 metres below surface.

This was found within a 41-metre mineralised envelope grading 0.18% cobalt, 0.23% copper and 0.11 g/t gold.

The zone also included a one-metre sweet-spot grading 1.85% copper (between 40-41 metres).

Also intercepted was a seven-metre section at 0.11% cobalt and 0.15% copper from 24 metres and two metres at 0.29% cobalt, 0.67% copper and 0.24 g/t from 70 metres.

Peak values of up to 1.85% cobalt

The peak values over any one-metre interval included 1.85% cobalt, 1.17% copper and 2.78 g/t gold.

The latest assay results followed on from some equally impressive drill data published on June.

10-hole diamond drill program complete

Hammer and partner Global Energy Metals (CVE:GEMC) have completed a 1,141-metre program designed to test the near-surface portion of Millennium 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,” Hammer said.

Additional exploration is planned

Following a review of the results, additional exploration is planned that will focus on the higher-grade southern portion of the resource, which is less than 20 kilometres from the Rocklands copper-cobalt-gold deposit.

Global Energy Metals can earn up to a 75% of the Millennium by spending $2.55mln (C$2.5mln) on exploration over three years.

Hammer, meanwhile, holds 3,000 square-kilometres in the Mt Isa mining district prospective for copper, gold, cobalt and rhenium.

Quick facts: Hammer Metals Ltd.

Price: 0.044 AUD

Market: ASX
Market Cap: $25.9 m

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