Hammer Metals Ltd reports new findings in VTEM survey

Hammer Metals Ltd (ASX:HMX) has reported preliminary results from its recent Versatile Time Domain Electromagnetic (VTEM) geophysical survey over portions of its 100%-owned holdings in the Mount Isa Project in north-west Queensland. The survey, completed by UTS Geophysics and supervised by Southern Geoscience Consultants, focused on Hammer's Greater Mascotte region prospects and the Revenue copper trend to the south of Mascotte and Mount Hope. The company continues to advance detailed geochemical soil surveys, including programs at Mascotte, Smiths Store, and the Pilgrim Fault south.

Executive commentary on VTEM survey results

Preliminary results from the recent VTEM survey have exceeded our expectations, generating new anomalies near zones of coincident copper-gold geochemistry. The zones at Smith's Store and Mascotte were highlighted in a regional structural review completed by Hammer in 2023 and are now beginning to deliver new and 'covered' target zones. The presence of high-grade copper mineralisation in surface workings in and near these anomalies suggests further potential that these VTEM anomalies may be associated with copper sulphide mineralisation. Further work is required to prepare these targets for drilling; however, our team's immediate programs will be fulfilled by drilling at Lady Jenny, Tourist Zone South, and Kalman South-East. Each of these prospects has the potential to generate exciting drilling results.

Summary of VTEM survey findings and upcoming activities

Hammer Metals Ltd (ASX:HMX) has identified multiple EM conductors and high-intensity late-time anomalies in the Greater Mascotte region, including Smith's Store and Revenue trend, through a VTEM survey. The preliminary data indicates the presence of several high-intensity late-time anomalies, none of which have been drilled. The company is also conducting extensional soil sampling across the Mascotte region, with considerable copper and gold anomalism observed. Additionally, the VTEM survey over the Revenue trend has identified multiple sub-parallel conductors, with two high-priority and seven moderate anomalies requiring immediate follow-up. Hammer Metals is planning a drilling program at Lady Jenny, Tourist Zone South, and Kalman South-East, with further soil sampling and rock chip sampling activities underway. The company's forward preparations for an upcoming drilling program are also in progress, with drilling expected to commence during October 2024. The company aims to continue its soil sampling programs, geophysical programs, and data collation for various projects in the coming months, with a focus on refining exploration programs and planning upcoming drilling activities.