Hammer Metals Ltd announcement overview

Hammer Metals Ltd (ASX:HMX) has announced the acquisition of an option to purchase an 80% interest in the Lady Jenny Mining Leases, a historic copper and gold mining operation in NW Queensland. The mining leases are strategically located near Hammer's defined JORC Mineral Resources within its broader Mount Isa copper-gold portfolio. Subject to due diligence and approvals, Hammer plans to commence drilling to test the copper sulphide mineralised zone towards the end of October. The company aims to verify historical records and test the mineralised system at depth, with the program expected to pave the way for the release of a JORC Mineral Resource at the prospect during 2025.

Executive commentary on Lady Jenny acquisition

Hammer's Managing Director, Daniel Thomas, highlighted the substantial opportunities associated with historical mining operations in the region. He emphasized the potential for historical mines to deliver high grades of copper from close to the surface, offering Hammer an advanced exploration opportunity. Thomas also stressed the complementary nature of the Lady Jenny Mining Lease to the company's established exploration tenure and existing hub copper-gold resources at Kalman, Jubilee, Lakeview, Elaine, and Overlander. He expressed confidence that the establishment of another potential source of ore for a regional processing mill represents another piece of the Mount Isa Inlier puzzle and will ensure that Hammer's already substantial Resource inventory continues to grow.

Summary of Hammer Metals Ltd announcement

Hammer Metals Ltd (ASX:HMX) has secured an option to purchase an 80% interest in the Lady Jenny Mining Leases, positioning the company to explore and potentially develop a historic copper and gold mining operation in NW Queensland. The acquisition aligns with Hammer's strategy to expand its Resource inventory and advance exploration opportunities. The company plans to commence drilling to test the copper sulphide mineralised zone towards the end of October, aiming to verify historical records and test the mineralised system at depth. If successful, the program is expected to pave the way for the release of a JORC Mineral Resource at the prospect during 2025. Hammer's Managing Director, Daniel Thomas, emphasized the significant opportunities associated with historical mining operations in the region and the potential for the Lady Jenny Mining Lease to complement the company's existing exploration tenure and copper-gold resources. The acquisition represents a strategic move for Hammer Metals Ltd as it continues to pursue its goal of discovering large copper-gold deposits and expanding its presence in the Mount Isa mining district.