Cobalt and copper identified in numerous drill holes / Convertible note fully carried out
Heidelberg/Perth. Hammer Metals, 17.84 % owned by Deutsche Rohstoff, announced the first results of the current exploration campaign at the Millennium area today. Over the past months a total of 25 holes were drilled. The geochemical analyses have now been completed for 18 holes. As an example, significant mineralization was observed over 4 meters at 0.51 % cobalt and 0.46 % copper intersected in drill core MIRC013 or 12 meters at 0.19% cobalt and 0.57 % copper intersected in drillhole MIRC014.
The Millennium area, which is located near the city Cloncurry, was acquired in May and was already explored by 13 historic drillings. Hammer intends to use its own drilling results from the 25 drill holes together with the historic information in order to create a 3D model and plans to prepare a JORC conform Mineral Resource estimation.
In addition to the existing drillings, which only cover the southern part of the Millennium area, Hammer is confident to identify additional prospective areas in the northern part. Even though no drillings have been performed in this area yet, surface sampling shows a strong cobalt and copper anomaly. This area will be addressed in a future drilling campaign.
The drilling rig, which currently operates at ‘Scalper’ will shortly move to ‘Overlander’ to conduct a three hole, 1.500 m drilling program. This area is explored for an IOCG-type deposit (Iron Oxide Copper Gold) as part of a JV with Newmont. Drilling at ‘Overlander’ is expected to take approximately seven weeks to complete.
A detailed version of the announcement can be found at http://www.hammermetals.com.au.
In addition, Deutsche Rohstoff announced the conversion of its convertible note in Hammer Metals in the amount of AUD 650,000 at a conversion price of AUD 0.06. Thus, although Deutsche Rohstoff has not participated in the most recent placements, the portion of its stake in Hammer Metals has increased from 15.50 % to 17.84 %. Therefore, Deutsche Rohstoff remains the major shareholder of Hammer.
Heidelberg, 13 September 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.