Hammer Metals have released a more upbeat video speaking about progress at their Mount Isa prospects.
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It comes a week after another video showed Hammer Metals managing director Daniel Thomas saying investor fatigue has forced them to take stock of their Mount Isa interests and diversify into gold exploration in WA.
In the new video Mr Thomas says they are doing exploratory drilling for copper and gold in the Mount Isa region.
"Our team in Mount Isa is busy preparing for the upcoming drilling program preparing drill pads and water access to Shadow, Toby and Koppany," Mr Thomas said.
Shadow and Toby are part of the Hammer joint venture with the Japan Oil Gas and Metals Energy Corporation while Koppany is part of a JV with Mount Isa Mines.
"Shadow is likely to be the first target drilled and was identified as a prospective target from regional soil samples," Mr Thomas said.
"It is next to Mt Philp hematite deposit which has never been considered for IOCG before
Mr Thomas said the nearest exploration was 4km away.
"No historical workings have been observed from this area and when you see the outcropping breccia unit there is no real indication of copper mineralisation," he said.
"However when you rock chip some of these samples the copper mineralisation becomes evident."
Mr Thomas said early observations included chalcocite and chalcopyrite and oxide mineralisation with rock chips ranging up to 28% copper and up to 6g per tonne gold.
He said Toby was another great drilling prospect.
"This target was initally identified through a VTEM anomaly and the JV has followed up with a ground electromagnetic survey," he said.
"We are finalising drill hole locations for this target."
Meanwhile Mr Thomas said Koppany target had the potential to hold rare earth mineralisation.
"This target has not been drilled historically and is near the most conductive VTEM anomaly which is also coincidental to the higher grades of rare earth elements in soils," he said.
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