Mount Isa Drilling Programme Set To Commence In Late April
Hammer Metals Ltd (ASX:HMX) has successfully received binding commitments for a Single Tranche Placement to raise A$5 million. The Placement has introduced several new, high quality institutional and sophisticated investors, whilst also being well supported by existing significant shareholders of the company.
Hammer will also launch a Share Purchase Plan to existing shareholders to participate at the same issue price as the Placement, to raise up to an additional A$1 million.
The Placement together with the SPP will raise up to A$6 million and in conjunction with existing cash reserves will enable Hammer to fund an:
- Aggressive exploration programme in Mount Isa, including RC and diamond drill testing of high priority ‘Trafalgar look alike’ targets at Hammer’s 100% owned copper-gold targets, including but not limited to Lakeview, Neptune, Serendipity, Kings, Alice and Charlotte;
- Potential extension and infill drilling at Sunset, Black Rock and Overlander to either define or extend JORC compliant resources;
- Near field exploration at Kalman including potential extensions to the existing JORC resources; and
- Target generation and drilling at the Bronzewing South and North Orelia projects at the company’s 100% owned Yandal Gold Project in Western Australia
“We are delighted with the outcome of the Placement that was well supported by existing shareholders and a number of new institutional investors,” CEO, Andrew Grove, said.
“With the recent success drilling Copper-Gold targets in Mount Isa, we are excited to continue the momentum by accelerating exploration efforts throughout the remainder of 2021.”
Hammer Metals Limited (ASX: HMX) holds a strategic tenement position covering approximately 2,200 sq. km within the Mount Isa mining district, with 100% interests in the Kalman (Cu-Au-Mo-Re) deposit, the Overlander North and Overlander South (Cu-Co) deposits and the Elaine (Cu-Au) deposit.
Hammer also has a 51% interest in the emerging Jubilee (Cu-Au) deposit. Hammer is an active mineral explorer, focused on discovering large copper-gold deposits of Ernest Henry style and has a range of prospective targets at various stages of testing.
Hammer also has a 100% interest in the Bronzewing South Gold Project located adjacent to the 2.3 million- ounce Bronzewing gold deposit in the highly endowed Yandal Belt of Western Australia.
