Hammer Metals (HMX.AX) has released an updated resource estimate on its flagship Kalman copper-gold-molybdenum project in the Mt Isa region in Queensland, Australia.
The updated resource estimate now contains just over 39 million tonnes with an average grade of 0.53% copper, 0.27 g/t gold, 0.10% molybdenum, 1.5 g/t silver and some rhenium as a by-product credit. The average copper-equivalent grade is 1.07%. About 71% of the total resource would be amenable for open pit mining (the potential open pit contains just under 28 million tonnes at an average grade of 0.89% CuEq and within the total resource, there is a higher grade zone of approximately 10.5 million tonnes at an average grade of 1.98% CuEq (including 0.83% copper).
The increased tonnage means the project now hosts about 208,000 tonnes of copper (in excess of 450 million pounds) with approximately 343,000 ounces of gold and 38,000 tonnes of molybdenum (approximately 85 million pounds, so we shouldn’t ignore the moly potential here).
Disclosure: The author has no position in Hammer Metals. Please read our disclaimer.
