New JORC estimate confirms 1.77 million ore tons at a grade of 1.2% Cu
Heidelberg. The Australian company Hammer Metals (“HMX”), in which Deutsche Rohstoff is the largest shareholder, has released a new JORC compliant (2012 edition) resource estimate for its “Overlander” deposit.
The new estimate is the sum of indicated and inferred resources for the whole “Overlander” area, adding up to 1.77 million tons of ore grading 1.2% Cu. 1.1 million tons grading 1.3% Cu originate from a new estimate for “Overlander North”. This reflects a 53% increase of the total resource including the 2014 estimate for “Overlander South”. A cut-off grade of 0.7% Cu was applied to all estimates.
The estimate was assessed with new data from the most recent successful drilling campaign. It was completed in June 2015. Drilling has so far not reached the limits of the mineralization. Therefore the deposit remains open at depth an along strike with good potential for a further resource increase in the future.
Alex Hewlett, CEO of Hammer Metals: “Our work continues to demonstrate the prospectivity of Hammer’s “Overlander” target and the Mount Isa project area as a whole. With limited drilling we have generated a major upgrade to the mineral resource estimate with further drilling at the adjacent “Overlander Rhyolite” and IOCG targets planned.”
Jörg Reichert, CTO of Deutsche Rohstoff, adds: “Hammer Metals’ results for “Overlander” are very positive and once again confirm the significant exploration potential of the company’s tenements. We are not heavily concerned about the currently weak copper market, as these exploration projects are many years away from production. We do expect commodity prices to recover on a long term basis and intend to take advantage of the current bear-market by investing in under-valued exploration and development projects.”
A detailed version of the press release can be found at www.hammermetals.com.au .
Heidelberg, 26 August 2015
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.