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
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