Commencement of drill program anticipated to start in the second quarter
Heidelberg. The Australian Explorer Hammer Metals (“HMX”), 15.16% owned by Deutsche Rohstoff, released an update on its exploration activities in the Mount Isa region today.
Field programs commenced in mid-January under the Farmin and Joint Venture Agreement signed with Newmont (www.newmont.com) in December 2015. The joint venture is targeting an Ernest Henry style IOCG (“iron ore copper gold”) deposit (approx. 220 million tonnes at 1.1% Cu and 0.5g/t Au).
Gravity, ground magnetics, geological mapping as well as geochemical sampling programs are well underway. Modeling of the geophysical data is in progress utilizing Newmont’s substantial in-house technical expertise. It is anticipated that drilling will be undertaken on the identified targets later in the first half of 2016 on completion of the modeling.
Concurrently with the exploration on the joint venture prospects, copper-gold targeting activities are progressing on the 100% owned Hammer tenements with a focus on the Hammertime, Scalper and Kalman West prospects. Detailed gravity surveys have been completed over the alteration zones at Hammertime and Scalper as well as infill ground magnetics at Hammertime to assist with target definition.
Since late 2013 Hammer has been undertaking a systematic targeting exercise for large IOCG deposits within under-explored sections of the Mount Isa Inlier. As a result of this three new copper-gold targets on vacant land were recently identified and secured with tenement applications – Cathay, Resolve and El Questro.
Hammer’s tenements also cover a significant section of the Pilgrim Fault structural corridor that hosts the mined-out Tick Hill gold deposit (513,333oz at 22.6g/t) located south of Duchess. An initial review of previous exploration data for gold has highlighted a number of several anomalies within Hammer tenements and further assessment of these targets will be undertaken.
Jörg Reichert, CTO of Deutsche Rohstoff comments: “We are very pleased to see the joint venture activities progressing as planned and are looking forward to the drilling campaign. Not less exciting is the fact that the remaining assets that fully belong to Hammer are also being advanced towards drill-ready state and additional discovery potential is being added to the company through further tenement acquisitions.
Mineral exploration is a high risk/reward business and the best way to minimize these risks is to explore in proven mining districts on a district-size land package that has the likelihood of hosting more than one significant discovery. Hammer Metals is doing exactly this.”
Further details of the original Hammer metals press release can be found under www.hammermetals.com.au.
Heidelberg, 15 March 2016
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