Market Alert: ASX200 at Critical Support – Reversal or Further Fall?
Hammer Metals Ltd (ASX: HMX) has launched a 2,000m diamond drilling program at the Bullrush Joint Venture with Sumitomo Metal Mining Oceania (SMMO) in the Mt Isa district, targeting four IOCG prospects. The drill sites were identified using in-fill gravity and magneto-telluric surveys, enhancing the accuracy of subsurface geophysical trends. The targets lie beneath Cambrian cover, at depths between 100m and 250m.
Nearby drilling by Carnaby Resources and Rio Tinto has intersected significant breccia-style copper mineralization, reinforcing the potential of the area. SMMO is funding the drilling as part of a minimum work commitment due by June 2025. Hammer’s Managing Director, Daniel Thomas, emphasized that insights from Bullrush will inform exploration across other IOCG targets. Initial results are expected by mid-March, with further drilling programs planned across Hammer’s Mt Isa tenements throughout 2025.
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