Hammer Metals (ASX: HMX) has unveiled multiple high-potential exploration targets across its North Queensland project areas, headlined by a standout electromagnetic conductor and promising soil sampling results that suggest analogies to high-grade gold deposits in the region.
Powerful EM Conductor Discovered at Lex Target
A standout electromagnetic discovery has emerged at Hammer's Revenue prospect area with the identification of the new "Lex" target. The Fixed Loop EM (FLEM) survey has delineated an exceptionally strong 2,000 Siemens conductor coincident with a discrete magnetic feature.
This compelling geophysical target is particularly intriguing as it's located under shallow cover (>9m) with limited outcrop. Despite the sparse surface expression, rock chip samples collected from a small historical working directly above the conductor returned values of up to 3.1% copper.
The conductor consists of two modelled plates – a high conductance plate (2,075 Siemens) and a lower conductance body (50 Siemens), potentially indicating a zoned sulphide system progressing from pyrrhotite to chalcopyrite.
Hammer has secured a drill rig to test this priority target in April, alongside the Tourist Zone South target.
Tick Hill-Style Gold Targets Emerge from Soil Sampling
Exciting results from Hammer's systematic soil sampling program along the Pilgrim Fault corridor, which has identified several significant anomalies:
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A gold-only anomaly (S3) on a secondary fault structure adjacent to the Pilgrim fault – notably in a geological position analogous to the high-grade Tick Hill Gold Mine (0.7Mt at 22.5g/t Au). The peak soil sample returned 86ppb Au.
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Two coincident copper-gold anomalies (S1, S2) identified in the "Kalman position" next to the Pilgrim fault with peak values of 768ppm Cu and 59ppb Au.
The discovery is particularly significant as this represents the first meaningful exploration work conducted on this tenure despite its proximity to the highly mineralised Tick Hill and Kalman projects.
High-Grade Copper Confirmed at Lady Jenny
Systematic sampling at the Lady Jenny project has delivered impressive results, with one sample returning 20.5% copper and 0.93g/t gold. Additional samples along strike to the southwest returned up to 1.51% copper, confirming continuity of mineralisation beyond the existing open pit.
The Lady Jenny target is currently being evaluated through a systematic exploration program, with sampling results being integrated with recent RC drilling data.
Understanding Electromagnetic Surveys in Mineral Exploration
Electromagnetic (EM) surveys are a vital geophysical technique used in mineral exploration to detect conductive bodies beneath the Earth's surface. The technique works by inducing electromagnetic fields in the ground and measuring the secondary fields generated by conductive materials.
In the case of Hammer's Lex target, the company utilised Fixed Loop EM (FLEM), where a transmitter loop remains stationary while measurements are taken at different positions. The conductivity measurement of 2,000 Siemens identified at Lex is considered exceptionally strong and often indicates the presence of massive sulphide mineralisation.
Conductivity in this context is measured in Siemens, with higher values typically associated with better electrical conductors such as massive sulphides containing pyrrhotite, chalcopyrite, or other metal-bearing minerals. The variation in conductance between the two plates at Lex (2,075 Siemens vs 50 Siemens) potentially indicates a zoned system with different sulphide compositions.
EM surveys are particularly valuable in areas with limited surface exposure, as they can detect mineralisation beneath cover – precisely the situation at the Lex target where outcrop is sparse and surface cover exceeds 9 metres.
Geological Understanding Driving New Target Generation
Hammer Metals' exploration strategy continues to deliver results through methodical data collection across its extensive 2,800km² landholding in the Mount Isa district. The company has also added new ground with the Fort William application near Boulia, covering anomalous basement magnetic responses interpreted as representing the Mary Kathleen Fold Belt beneath younger basin sediments.
Daniel Thomas, Hammer's Managing Director, noted: "Hammer's team had a busy 2024 collecting and collating significant datasets that have since yielded a number of high-quality targets to pursue in the coming year. The region remains lightly explored with our recent soil sampling program across the Pilgrim Fault representing the first meaningful work to be conducted on this tenure despite its proximity to highly mineralised projects."
What's Next for Hammer Metals
With drilling at the Bullrush JV continuing through March and results expected by April-May, Hammer has set a busy exploration schedule for Q2:
- April: RC drilling program to test the Tourist Zone South, Lex and Mount Mascotte targets
- May-June: Expanded soil sampling programs across 100% HMX ground
Why Investors Should Pay Attention
Hammer Metals presents a compelling investment case for several reasons:
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Multiple Discovery Opportunities: With high-grade targets across gold and copper identified through complementary exploration techniques
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Strategic Land Position: Controlling 2,800km² in the prolific Mount Isa mining district
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Systematic Exploration Approach: The company's methodical data gathering is generating high-quality targets in underexplored areas
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Proximity to Proven Deposits: New targets show geological similarities to significant mines like Tick Hill (0.7Mt at 22.5g/t Au)
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Near-term Catalysts: Multiple drilling programs and results expected throughout 2025
With approximately $2.7 million in cash as of December 31, 2024, Hammer is well-positioned to advance its exploration programs across multiple fronts in this highly prospective region. HMX's high-potential exploration targets continue to demonstrate the company's ability to identify meaningful mineralisation in one of Australia's premier mining districts.
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