Hammer Metals Extends Kalman Mineralisation with 165m at 1.96% CuEqRec

Outstanding Intercept Extends Kalman Mineralisation

Hammer Metals (ASX:HMX) has unveiled a significant extension to its Kalman Copper-Gold-Molybdenum-Rhenium Project resource, with drill hole K162 delivering a 165-metre intercept grading 1.96% recovered copper equivalent (CuEqRec). This intercept, starting at 175 metres depth, includes higher-grade zones of 50 metres at 3.17% CuEqRec and 62 metres at 2.32% CuEqRec, confirming the deposit's broad and continuous mineralisation.

Drilling Reinforces Resource Upgrade Strategy

The recent reverse circulation drilling program, comprising eight holes totalling 2,326 metres, was designed to increase the proportion of Indicated Resources relative to Inferred Resources. This upgrade is critical to underpin a maiden Scoping Study for Kalman. Alongside K162, other notable intercepts include 98 metres at 1.36% CuEqRec in hole K163, 175 metres at 0.84% CuEqRec in K164, and 142 metres at 0.71% CuEqRec in K165, all demonstrating consistent copper-gold-molybdenum-rhenium mineralisation.

Validation of Geological Model and Resource Potential

Hammer’s Managing Director, Daniel Thomas, emphasised that the drilling results align with the company’s existing resource model, reinforcing confidence in the scale and continuity of Kalman’s mineral system. The program has also returned encouraging mineralisation at the southern end of a potential pit, suggesting opportunities to expand the resource and optimise open pit design. Pending assays from additional drilling at Black Rock IOCG target and the Lady Jenny Copper-Gold Prospect are expected to provide further insights.

Kalman’s Strategic Position in Mount Isa District

Kalman sits within Hammer Metals’ extensive 3,600 square kilometre Mount Isa mining district portfolio, which includes several copper and gold deposits such as Overlander, Lakeview, Elaine, and Jubilee. The deposit is characterised by intrusion-related mineralisation hosted in calc-silicate rocks, with copper as the dominant metal, complemented by gold, molybdenum, and rhenium credits. The company’s updated resource model from May 2023 reported a total of 39.2 million tonnes at 1.27% CuEq, with ongoing drilling aimed at converting inferred resources to indicated status.

Metallurgical and Economic Considerations

The recovered copper equivalent grades incorporate current metal price assumptions reflecting a stronger commodity environment, with copper priced at US$12,125 per tonne and gold at US$5,000 per ounce. Metallurgical recoveries are based on flotation test work, with copper recovery at 86%, gold at 74%, molybdenum at 86%, and rhenium at 77%. The inclusion of rhenium, a critical metal, adds strategic value to the deposit, although its market remains relatively small.