Hammer Metals Limited (ASX:HMX) shared the interim outcomes of a drilling program conducted at Trafalgar, Shadow and Even Steven South prospects in December 2020.
As per the announcement, two holes were drilled 140 metres apart and both the holes intersected copper mineralisation with a major gold credit.
The HMX shares soared up and went on to mark gains up to ~175% on the update.
Here are some major takeaways from the Company’s announcement:
- The mineral explorer Hammer Metals has its eyes on unearthed huge copper-gold deposits, possessing a tenement position that is spread in 2200 sqkm within the Mount Isa mining district.
- The Trafalgar prospect is a part of a huge copper-gold soil site. It stretches for 2.7 kms and has been explored very little.
- The best of the outcomes features 32 metres at 1.04% copper and 0.25g/t gold from 64 metres, with 3.22g/t gold and 7.58% copper.
- The Copper mineralisation at Trafalgar is mostly chalcopyrite and has a peripheral magnetite alteration halo.
- Furthermore, the outcome of this whole drilling process will be assessed by the Joint Venture.
Meanwhile, the HMX stock was found trading at $0.091, up 175.757% at 4:21 PM AEDT.