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Hammer Metals Ltd.
Summary
| Project: | Millennium | |
|---|---|---|
| Deposit: | Millennium | |
| Location: | Australia | |
| Commodities: | Cobalt-Copper-Gold-Silver-Lead | |
| Date: | 12/6/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 6-12-2016: Hammer Metals Ltd. announces a Resource Estimation report for its Millennium deposit at the Millennium project. Initial Resource declared at the project. Hammer Metals Limited (Hammer) (ASX: HMX) is pleased to advise that the maiden Mineral Res | |
| Resources: | (Maiden Resource, Inf): 3.07Mt @ 0.14% Co, 0.35% Cu, 0.12ppm Au at !.0% CuEq cut-off | |
| CP/QP: | [Resources]: Elizabeth Haren (Haren Consulting Pty Ltd.) | |
| ABSTRACT: | Hammer Metals Limited (Hammer) (ASX: HMX) is pleased to advise that the maiden Mineral Resource Estimate for the Millennium Copper-Cobalt-Gold Deposit has been completed by Haren Consulting in accordance with the guidelines of the JORC Code (2012 Edition). The 100%-owned Millennium polymetallic deposit is situated on granted mining leases approximately 32 kilometres northwest of Cloncurry in North West Queensland and 19 kilometres northwest of the operating Rocklands copper-gold-cobalt mine. Hammer holds a strategic tenement position covering approximately 2,600km2 within the Mount Isa region and also holds the Kalman (Cu-Au-Mo-Re) deposit and Overlander North and Overlander South (Cu-Co) deposits. The Mineral Resource was based on a series of 23 RC holes drilled by Hammer Metals following its acquisition of the tenements in May 2016 and 17 RC holes drilled by the previous operator in 2013-2014. The Mineral Resource estimate is reported here in compliance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ by the Joint Ore Reserves Committee (JORC). Therefore it is suitable for public reporting. The reported Mineral Resources are only those which fall within the Hammer tenements. The geological and mineralisation continuity has been assumed with sufficient confidence to allow the majority of mineralisation to be classified as an Inferred Mineral Resource. Where significant extrapolation past drilling has occurred the material remains unclassified. The deposit is similar in size and style to other deposits in the region that have been successfully mined by small-scale open pit techniques which implies that the mineralisation may be economically extracted. Hammer has conducted high level economic studies on similar deposits within the Mt Isa region and found positive results. Preliminary hydrometallurgical studies were undertaken by Strategic Resources N.L. in 1980 and by Diversified Mineral Resources N.L. in 1993 on sulphide drill samples from a total of 5 drill holes. They concluded that saleable copper and cobalt concentrates could be recovered. | |
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