Historic drill data with high copper and cobalt mineralization
Heidelberg/Perth. Hammer Metals, 15.51% owned by Deutsche Rohstoff, announced today, that it has agreed to acquire a 100% interest in 5 mining leases – the “Millennium” leases – near the town of Cloncurry in the Mount Isa region. At completion, Hammer will pay AUD 57,950 in cash and 0.5 million Hammer shares to the seller, a Joint-Venture between Chinalco Yunnan Copper Resources Ltd. and Elementos Ltd.
The tenements that are situated 50 km north of Hammer’s Kalman deposit and 16 km west of Cudeco’s Rockland copper-cobalt mine do not have a current JORC compliant resource. However, there are several historic drill assays with encouraging results, such as 19 m at 1.27% Cu, 0.38% Co and 0.7g/t Au. Hammer Metal’s management considers the tenements as highly prospective and is confident to be able to produce a JORC compliant resource and gradually increase its size through exploration.
Cobalt is a significant contributing metal in the Millennium mineralization and it is a critical metal in the production of Lithium Ion batteries, which require approximately 15% cobalt oxide content depending on the maker. According to analysts a global supply shortage is possible with Tesla alone likely to increase the global demand by 10% p.a.
Detailed information can be found on Hammer’s website:
Heidelberg, 4 May 2016
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.