Hammer Metals has released final assay results from its Kalman drilling program, revealing thick, high-grade copper-gold-molybdenum-rhenium mineralisation and confirming Blackrock's copper-gold potential near the Barkly Highway.
- 165m at 2.24% recovered copper equivalent in hole K-162
- Spectacular molybdenum and rhenium grades up to 4.15% Mo and 107g/t Re
- Blackrock drilling confirms broad copper-gold mineralisation with expansion potential
- Lady Jenny drilling downgrades prospect potential
- Results support updated resource estimate and planned scoping study at Kalman
Kalman Drilling Delivers Thick High-Grade Mineralisation
Hammer Metals (ASX:HMX) has wrapped up its recent drilling campaign at the Kalman Copper-Gold-Molybdenum-Rhenium Project with a bang, reporting a standout 165-metre intercept grading 2.24% recovered copper equivalent (CuEqRec) in hole K-162. This intercept includes zones hitting 3.76% and 2.53% CuEqRec over substantial widths, underscoring the deposit's impressive scale and grade continuity.
The final batch of assays also revealed exceptional molybdenum and rhenium grades, with individual samples hitting up to 4.15% Mo and 107g/t Re in hole K-165, and 3.23% Mo and 74g/t Re in K-162. These critical metals add a valuable dimension to Kalman's copper-gold mineralisation, reinforcing its strategic importance in the Mount Isa district.
Blackrock Prospect Shows Promising Copper-Gold Potential
At the nearby Blackrock IOCG prospect, Hammer's maiden drill hole HMBLRC001 confirmed a broad halo of copper-gold mineralisation, including 49 metres at 0.43% Cu and 0.14g/t Au from 159m depth. Although drilling remains widely spaced, the intercepts near the Barkly Highway suggest significant scope to delineate a low-grade copper-gold resource with potential for toll treatment given its accessible location.
Lady Jenny Drilling Downgrades Prospect
In contrast, the single hole at Lady Jenny (HMLJRC012) delivered modest intercepts, with 69m at 0.13% Cu and 0.05g/t Au, leading to a downgrade of the prospect's potential. Mineralisation here is associated with magnetite alteration in felsic volcanics but appears less robust than Kalman or Blackrock.
Resource Upgrade and Scoping Study on the Horizon
The Kalman drilling program was designed to upgrade inferred resources to the indicated category near the base of existing pit optimisations. The robust intercepts and critical metals content provide a solid foundation for an updated Mineral Resource Estimate (MRE) and underpin a planned scoping study. The company’s Managing Director, Daniel Thomas, highlighted Kalman’s reinforced scale and grade, as well as Blackrock’s exciting growth potential within Hammer’s Mount Isa portfolio that also includes Overlander, Elaine, Lakeview, and Jubilee.
Kalman’s resource, reported in May 2023, totals nearly 40 million tonnes at 1.27% CuEq (recovered), containing approximately 420,000 tonnes of recovered copper equivalent, alongside significant gold, silver, molybdenum, and rhenium. The updated drilling results, using 2026 metal price assumptions, suggest potential for further resource growth and value enhancement.
Hammer Metals holds a commanding 100% interest in Kalman and other key copper-gold assets across 3,600 square kilometres in the Mount Isa district, positioning it well in a region renowned for Ernest Henry-style deposits. The company also holds a majority stake in the Jubilee deposit and a gold project in Western Australia.
Bottom Line?
Kalman’s upgraded intercepts and critical metals highlight its strategic value, while Blackrock offers a promising copper-gold expansion target close to infrastructure.
Questions in the middle?
- How will the updated Kalman resource estimate influence Hammer Metals’ development timeline?
- What are the next steps planned to advance drilling and resource definition at Blackrock?
- Could rising metal prices further enhance the economic potential of Kalman’s molybdenum and rhenium credits?