Hammer Metals Ltd (HMX) – ASX Release

UP TO 46% COPPER IN ROCK CHIP AT NEW ZONE EXTENDS PERENTIE MINERALISED TREND TO OVER 3.4KM

  • Reconnaissance rock chip sampling to the south of Paddy B on the Judith – Paddy B structure has identified another zone of mineralisation 1.6 kilometres to the south. Mineralisation has now been found on this structure over a distance of more than 3.4 kilometres.

  • The new occurrence named Susan, appears to be a circular “pipe-like” quartz veined zone (of up to 60 metres diameter) with peripheral veining to the south. The prospect is located at a structural intersection on the margin of the Wimberu Granite. Outcrop is poor but initial sampling at this site has obtained individual grades of up to 46% copper and 0.6g/t gold.

  • In addition to Susan, a fourth zone has been identified on a separate but parallel structure approximately 2.7 kilometres to the southeast of Paddy B. Sampling along this trend has confirmed that mineralisation extends over a 900 metre strike length with marginal redrock altered granite up to 30 metres in thickness. Individual maximum grades of up to 7.47% copper and 4.72g/t gold were obtained from this structure.

  • Reconnaissance sampling and mapping of the demagnetised zones will continue with more results expected in coming weeks. Aboriginal heritage clearances and geological mapping at Judith and Paddy B are also underway.

  • Hammer is excited with the results to date. Following completion of the sampling programs an assessment and prioritisation of the multiple target zones will be undertaken with drilling anticipated in the next quarter.

PERENTIE PROJECT

The Perentie Project incorporates an area of approximately 50km2 centred on the north-western corner of the highly magnetic Wimberu Granite, a Williams-aged granite that is considered to be associated with the development of iron oxide copper-gold (IOCG) mineralisation within the Mount Isa Inlier. Perentie forms part of the Dronfield Joint Venture on EPM 18084 between Hammer Metals (80%) and Kabiri Pty Ltd (20%). Previous exploration by Hammer in this area has focussed on strong magnetic and gravity features along the northern margin of the granite.
Recent prospecting south of this area by Hammer along demagnetised northerly trending structural zones has so far located and rock chip sampled six new prospects with visible copper mineralisation at surface. Three of these prospects Judith, Paddy B and Susan are located along one of these north-south structures where they intersect north-westerly faults. The demagnetisation is caused by alteration of magnetite to hematite and is often accompanied by quartz-carbonate veining, brecciation and red-rock alteration.
A review of the magnetic imagery in this area indicated that there are at least 20 other demagnetised structures which require investigation. These zones will be progressively examined in coming weeks.

Capture.PNG

Secondary copper mineralisation (chalcocite, malachite and chrysocolla) associated with quartz vein breccia at the Susan Prospect


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