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HAMMER METALS LIMITED Capital/Financing Update 2018

Oct 29, 2018

65065_rns_2018-10-29_8a87d36c-2604-4fca-9c0d-23d2346e72f4.pdf

Capital/Financing Update

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30 October 2018 ASX Code: HMX

CAPITAL STRUCTURE:

Share Price (29/10/18) $0.032 Shares on Issue 278m Market Cap $8.9m Options Listed 165m Options Unlisted 21m

Significant Shareholders
Deutsche Rohstoff
Resource Capital Fund VI		 13%
9.3%
Management 8.8%

HAMMER METALS LTD:

ABN 87 095 092 158 Suite 1, 827 Beaufort Street Mt Lawley WA 6052

T: +61 8 6369 1195

E: [email protected] W: www.hammermetals.com.au

DIRECTORS / MANAGEMENT:

Russell Davis Executive Chairman

Nader El Sayed Non–Executive Director

Ziggy Lubieniecki Non-Executive Director

Mark Pitts Company Secretary

Mark Whittle Chief Operating Officer

HAMMER METALS TO ACQUIRE SUNSET AND BLACK ROCK COPPER-GOLD PROJECTS

  • Mt Dockerell Mining Pty Ltd (a wholly owned subsidiary of Hammer Metals Limited) has executed a Sale and Purchase Agreement to purchase two exploration permits that cover the Sunset and Black Rock copper‐gold prospects located 5km northwest of Hammer’s Jubilee and Elaine‐Dorothy copper‐gold deposits near the Mary Kathleen Mine.

  • The Sunset Prospect has potential for Jubilee‐style copper‐gold deposits. Selected drill intersections include 24m @ 1.41% Cu and 0.49g/t Au and 14m at 2.57% Cu.

  • Black Rock returned broad drill intersections of up to 78m at 0.54% Cu and 0.13g/t Au and 94m at 0.44% Cu . The prospect extends over a strike length of 1.2km with true widths of the mineralised zone of up to 60m, indicating good potential to host a large tonnage copper‐ gold deposit similar to Hammer’s Elaine‐Dorothy deposit.

  • The rock sequence that hosts the Black Rock and Sunset Prospects also hosts the Mary Kathleen, Jubilee and Elaine‐Dorothy deposits as well as several other copper occurrences for over 20km along strike and is considered to have substantial exploration potential.

Hammer’s Executive Chairman said: “The acquisition is an opportunity for Hammer Metals to acquire highly prospective exploration tenements that augment Hammer’s Mount Isa project. With further drilling the tenements have good potential to add additional copper and gold resources to the existing inventory, and specifically complement Hammer’s Elaine‐Dorothy and Jubilee copper‐gold deposits located nearby.”

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Oblique view of the Sunset and Black Rock trends looking south

SUNSET AND BLACK ROCK PROSPECTS

The Sunset and Black Rock Prospects occur on a mineralized trend termed the Wonga detachment surface. This trend is largely located along lithological boundaries and has been an important channel‐way for hydrothermal fluids during mineralising events in the Mary Kathleen Fold Belt. The Hammer Prospects at Jubilee and Lakeview also occur on or close to the surface.

The Sunset Prospect occurs in a shear zone typified by the presence of remobilized carbonate. Mineralisation occurs as multiple stacked lenses which were mined by narrow vein methods. Drilling has delineated mineralisation over a 700m strike length. Significant intercepts include:

  • 24m at 1.41% Cu and 0.49g/t Au from 10m including 4m at 4.57% Cu and 2.74g/t Au from 16m in CAMC004

  • 17m at 1.40% Cu and 0.38g/t Au from 35m including 8m at 2.66% Cu and 0.18g/t Au from 40m in CAMC015

  • 14m at 2.57% Cu from 21m in CR07002

The Black Rock Prospect is hosted within a magnetite‐hematite altered fractured quartzite. Mineralisation occurs as quartz stockwork veining with pyrite‐chalcopyrite (+ hematite‐magnetite). Mineralisation has been delineated by wide spaced drilling over a 1.2km strike length with a mineralised envelope true width of up to 60m. Significant intercepts include:

  • 78m at 0.54% Cu and 0.13g/t Au from 140m in CAMD003

  • 94m at 0.44% Cu from 159m in DDH‐PN1 (no gold assays)

  • 98m at 0.30% Cu including 3m at 4.05% Cu and 0.59g/t Au from 85m in CAMC033

  • 70m at 0.33% Cu including 5m at 1.08% Cu and 0.23g/t Au from 206m in CAMC028

Together with existing Hammer tenements the Wonga Detachment surface is now covered for a distance of over 20km along strike. Along this trend, mineralisation is present at multiple locations, many of which have not been drill tested. This acquisition also completes Hammer Metals coverage over the core and surrounds of the Mount Philp Breccia IOCG target, specifically the northern strike extension of the Prince of Wales workings.

Consideration for the acquisition is $25,000 cash and a 1.5% NSR royalty. Completion remains subject to the satisfaction of several conditions precedent.

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Example of copper mineralisation consisting of chalcopyrite, chalcocite, malachite and chrysocolla from the Sunset prospect

For further information contact: Russell Davis | Executive Chairman T: +61 8 6369 1195 [email protected] www.hammermetals.com.au

About Hammer Metals

Hammer Metals Limited (ASX: HMX) holds a strategic tenement position covering approximately 3000km[2] 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‐Dorothy (Cu‐Au) deposit. Hammer also has a 75% interest in the Millennium (Cu‐Co‐Au) deposit and a 51% interest in the emerging Jubilee (Cu‐Au) project. Hammer is an active mineral explorer, focused on discovering large copper‐gold deposits of the Ernest Henry style and has a range of prospective targets at various stages of testing.

Competent Person’s Statement:

Exploration Results

The information in this report as it relates to exploration results and geology was compiled by Mr. Mark Whittle, who is a Member of the AusIMM and a consultant to the Company. Mr. Whittle who is a shareholder and option‐ holder, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Whittle consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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Location of EPM 11919 and EPM 25165 relative to the Hammer Metals Mount Isa Project Area.

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Drill hole location plan for Sunset and Black Rock Prospects

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Long section through Black Rock

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Cross section through Black Rock

Table 1 – Sunset drill hole intercepts

EPM11919 ‐ SUNSET ‐ COPPER INTERSECTION EXTRA EPM11919 ‐ SUNSET ‐ COPPER INTERSECTION EXTRA EPM11919 ‐ SUNSET ‐ COPPER INTERSECTION EXTRA EPM11919 ‐ SUNSET ‐ COPPER INTERSECTION EXTRA EPM11919 ‐ SUNSET ‐ COPPER INTERSECTION EXTRA EPM11919 ‐ SUNSET ‐ COPPER INTERSECTION EXTRA CTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu)
AREA HOLE TYPE (3) Collar Location Dip Az_Grid (1) TD Intersection Downhole Maximum Grades
East (1) **North (1) ** RL (2) From To Interval Cu (%) **Au (g/t) ** **Co (ppm) ** **Cu (%) ** Au (g/t) Co (ppm)
SUNSET CAMC001 RC 393269 7703966 393 ‐55 84 150 15 16 1 0.43 0.12 26 0.64 0.17 778
43 51 8 0.23 0.04 156
incl. 43 44 1 0.64 0.01 778
CAMC002 RC 393260 7703969 392 ‐75 84 198 3 5 2 0.21 0.01 201 0.21 0.12 386
CAMC003 RC 393262 7703920 383 ‐60 84 120 6 7 1 2.94 0.05 104 2.94 0.13 104
17 18 1 1.69 0.08 29
46 47 1 0.24 0.01 63
CAMC004 RC 393262 7703924 385 ‐75 84 198 0 1 1 0.21 0.02 25 5.00 4.21 451
10 34 24 1.41 0.49 44
incl. 16 20 4 4.57 2.74 166
& 27 28 1 3.56 0.10 139
& 33 34 1 2.89 0.05 20
43 45 2 1.04 0.18 18
64 66 2 0.29 0.14 25
CAMC005 RC 393247 7703893 389 ‐55 84 120 No Intersections above 0.2% Cu cut‐off 0.12 0.02 83
CAMC006 RC 393239 7703900 389 ‐75 84 150 No Intersections above 0.2% Cu cut‐off 0.10 0.07 77
CAMC007 RC 393267 7703805 385 ‐55 84 126 23 35 12 0.89 0.05 17 7.30 0.28 85
incl. 24 30 6 1.66 0.09 25
incl. 25 26 1 7.30 0.28 85
CAMC008 RC 393264 7703805 385 ‐75 84 150 7 17 10 0.31 0.06 21 1.59 0.26 87
incl. 11 12 1 1.20 0.26 41
& 16 17 1 0.87 0.05 42
33 36 3 0.91 0.09 9
incl. 34 35 1 1.59 0.17 19
CAMC009 RC 393257 7703805 385 ‐60 264 144 0 2 2 0.31 0.05 21 0.36 0.10 174
58 59 1 0.27 0.10 129
CAMC010 RC 393263 7703753 394 ‐55 86 96 27 28 1 0.41 0.15 5 0.41 0.15 112
CAMC011 RC 393257 7703755 393 ‐75 84 138 22 23 1 0.20 0.01 0 0.22 0.05 67
57 58 1 0.22 0.01 4
CAMC012 RC 393256 7703757 393 ‐60 264 162 20 22 2 0.51 0.05 117 1.28 0.12 487
64 65 1 1.28 0.12 487
CAMC013 RC 393291 7703809 407 ‐55 84 96 No Intersections above 0.2% Cu cut‐off 0.06 0.06 70
CAMC014 RC 393293 7703771 395 ‐55 84 96 11 12 1 0.00 0.36 10 0.20 0.36 79
CAMC015 RC 393266 7703667 401 ‐60 264 126 14 24 10 0.55 0.14 3 10.67 4.69 95
incl. 23 24 1 3.86 0.17 12
35 52 17 1.40 0.38 21
40 48 8 2.66 0.18 26
CAMC016 RC 393313 7703659 397 ‐70 264 216 147 148 1 0.00 3.47 4 0.08 3.47 56
CAMC017 RC 393347 7703548 405 ‐55 264 150 20 21 1 0.42 0.08 55 1.10 0.89 241
60 63 3 0.72 0.4 24
incl. 61 62 1 1.10 0.89 28
CAMC018 RC 393344 7703547 405 ‐70 264 252 5 6 1 0.21 0.06 60 1.39 0.15 112
35 43 8 0.33 0.04 10
incl. 35 36 1 1.39 0.15 45
& 41 42 1 0.60 0.08 21
CAMC019 RC 393284 7704081 401 ‐55 84 102 3 8 5 0.49 0.12 45 0.91 0.33 67
incl. 5 7 2 0.72 0.17 59
CAMC020 RC 393281 7704082 401 ‐70 84 97 4 13 9 0.31 0.01 33 0.47 0.01 68
CAMC021 RC 393235 7703861 392 ‐75 86 131 No Intersections above 0.2% Cu cut‐off 0.02 ‐0.01 50
CAMC025 RC 393253 7703745 387 ‐90 0 30 0 1 1 0.20 0.02 33 0.29 0.05 33
22 23 1 0.29 0.03 6
CAMC026 RC 393336 7703478 394 ‐55 264 150 13 16 3 1.31 0.14 49 2.10 0.27 83
incl. 13 14 1 2.10 0.27 83
36 40 4 0.24 0.06 6
CAMC027 RC 393336 7703476 394 ‐75 264 186 14 15 1 0.05 0.12 3 0.20 0.19 119
44 45 1 0.04 0.19 0
CAMD001 DD 393188 7703914 372 ‐75 84 435 81 82 1 0 0.26 8 0.06 0.26 111
CAMD002 DD 393324 7703636 397 ‐70 264 348.6 No Intersections above 0.2% Cu cut‐off 0.12 ‐0.01 268
CR07001 RC 393246 7703705 387 ‐60 262 60 0 3 3 0.48 N/A N/A 2.71 N/A N/A
2 3 1 0.73
15 19 4 1.46
incl. 18 19 1 2.71
40 44 4 0.55
50 52 2 0.32
CR07002 RC 393248 7703862 382 ‐60 84 60 0 1 1 0.48 N/A N/A 14.15 N/A N/A
7 12 5 0.36
21 35 14 2.57
incl. 23 34 11 3.18
CR07003 RC 393284 7703845 391 ‐60 84 40 16 22 6 0.24 N/A N/A 0.60 N/A N/A
incl. 16 17 1 0.60
CR07004 RC 393275 7703892 390 ‐60 84 66 13 19 6 0.42 N/A N/A 4.01 N/A N/A
incl. 15 18 3 0.53
36 37 1 2.30
43 52 9 0.99
incl. 43 44 1 1.37
& 51 52 1 4.01
CR07005 RC 393331 7703557 400 ‐60 270 54 No Intersections above 0.2% Cu cut‐off 0.12 N/A N/A
Note
1 ‐ Datum GDA94 Zone54
2 ‐ RL de rived from a 50m line‐ spaced airborne magnetics
3 ‐ Diam ond Drilling (DD), Reve rse Circulation(RC)
Data sou rced from vendor data base and reviewed by two Hammer Metalspersonne l

Table 2 – Black Rock drill hole intercepts

EPM11919 ‐ BLACK ROCK ‐ COPPER INTERSECTION EXT EPM11919 ‐ BLACK ROCK ‐ COPPER INTERSECTION EXT EPM11919 ‐ BLACK ROCK ‐ COPPER INTERSECTION EXT EPM11919 ‐ BLACK ROCK ‐ COPPER INTERSECTION EXT EPM11919 ‐ BLACK ROCK ‐ COPPER INTERSECTION EXT EPM11919 ‐ BLACK ROCK ‐ COPPER INTERSECTION EXT RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu) RACTION AT VARIABLE CUT‐OFFS(0.2%, 0.5%, 1% and 2% Cu)
AREA HOLE TYPE (3) Collar Location **Dip ** Az_Grid (1) TD Intersection Downhole Maximum Grades
East (1) **North (1) ** RL (2) From To Interval Cu (%) **Au (g/t) ** **Co (ppm) ** **Cu (%) ** Au (g/t) Co (ppm)
BLACK ROCK CAMC022 RC 393574 7704093 412 ‐60 84 258 233 235 2 0.33 0.03 144 0.44 0.13 178
CAMC023 RC 393633 7704134 411 ‐60 86 258 124 126 2 0.29 0.01 40 0.31 0.13 77
227 228 1 0.30 0.01 42
244 245 1 0.25 0.03 40
CAMC024 RC 393739 7704094 404 ‐60 90 252 80 82 2 0.43 0.14 85 0.51 0.14 88
CAMC028 RC 393591 7703793 402 ‐60 84 274 200 270 70 0.33 0.05 28 1.87 0.45 107
incl. 200 216 16 0.56 0.10 48
incl. 206 211 5 1.08 0.23 77
incl. 207 208 1 1.87 0.45 99
CAMC029 RC 393672 7703804 383 ‐60 84 288 93 135 42 0.24 0.04 27 0.71 0.13 108
incl. 105 106 1 0.71 0.13 108
CAMC030 RC 393742 7703802 383 ‐60 84 198 28 69 41 0.20 0.03 15 0.65 0.12 59
incl. 44 45 1 0.65 0.11 33
& 62 63 1 0.61 0.12 32
CAMC031 RC 393562 7703484 385 ‐60 84 300 278 299 21 0.29 0.03 30 0.84 0.23 314
incl. 297 298 1 0.44 0.23 51
CAMC032 RC 393643 7703476 367 ‐65 84 277 165 264 99 0.22 0.04 28 1.20 0.24 127
incl. 182 183 1 1.20 0.21 91
& 193 196 3 0.46 0.11 40
& 222 223 1 0.31 0.24 57
CAMC033 RC 393721 7703485 374 ‐55 90 300 56 154 98 0.30 0.06 37 9.14 1.33 240
incl. 67 69 2 0.41 0.52 152
& 85 88 3 4.05 0.59 110
& 131 133 2 0.10 0.30 8
CAMC034 RC 393585 7703186 374 ‐60 84 294 119 120 1 0.011 0.17 264 1.20 0.17 359
144 184 40 0.24 0.03 75
incl. 162 164 2 1.09 0.09 268
CAMC035 RC 393672 7703184 350 ‐60 84 300 171 173 2 0.36 0.13 29 0.43 0.20 242
182 183 1 0.43 0.04 23
211 213 2 0.27 0.06 23
222 225 3 0.21 0.06 35
228 230 2 0.30 0.09 29
232 233 1 0.23 0.20 28
238 239 1 0.21 0.04 70
241 243 2 0.30 0.09 38
CAMC036 RC 393742 7703189 380 ‐60 84 240 29 30 1 0.27 0.01 23 0.45 0.08 1475
34 41 7 0.20 0.03 21
45 55 10 0.20 0.03 26
84 85 1 0.35 0.03 62
88 90 2 0.27 0.03 69
114 115 1 0.35 0.05 29
149 150 1 0.45 0.01 92
176 180 4 0.01 0.01 692
186 188 2 0.40 0.01 509
CAMC037 RC 393825 7702894 357 ‐60 84 252 No Intersections above 0.2% Cu cut‐off 0.04 0.02 78
CAMC038 RC 393664 7702898 374 ‐60 84 180 1 2 1 0.24 0.14 39 0.87 0.39 285
14 20 6 0.34 0.08 38
incl. 14 16 2 0.36 0.20 38
44 57 13 0.36 0.05 31
incl. 55 56 1 0.58 0.10 34
64 70 6 0.48 0.09 51
incl. 64 65 1 0.77 0.20 106
& 67 68 1 0.56 0.18 54
84 86 2 0.56 0.23 28
incl. 84 85 1 0.87 0.39 37
CAMC039 RC 393755 7702871 379 ‐60 84 252 No Intersections above 0.2% Cu cut‐off 0.06 0.03 115
CAMC040 RC 393586 7702886 402 ‐60 84 252 153 154 1 0.43 0.10 27 0.43 0.10 142
191 195 4 0.21 0.03 39
CAMC041 RC 393656 7703689 396 ‐75 84 318 138 139 1 0.29 0.01 27 2.45 0.60 89
201 202 1 1.20 0.60 78
272 317 45 0.33 0.05 22
incl. 272 273 1 1.05 0.15 42
291 292 1 1.18 0.11 53
303 305 2 1.63 0.12 61
CAMD003 DD 393665 7703684 382 ‐60 84 309.5 115 117 2 0.47 0.11 63 2.11 1.88 700
134 135 1 0.68 0.05 16
140 218 78 0.54 0.13 64
incl. 141 142 1 2.08 0.44 149
& 164 165 1 2.10 0.44 197
& 177 182 5 1.44 0.69 667
& 194 211 17 0.75 0.26 92
incl. 210 211 1 0.25 1.88 26
& 214 215 1 0.46 0.03 61
& 217 218 1 0.24 0.03 21
225 227 2 0.34 0.08 29
DDH‐PN1 DD 393657 7703642 386 ‐65 91 332 159 253 94 0.44 Not assayed 8.9 Not assayed
incl. 228 228.5 0.5 8.9
PDH‐PN1 RC 393682 7703865 402 ‐70 91 127 75 86 11 0.43 Not assayed 1.4 Not assayed
PDH‐PN2 RC 393713 7703495 401 ‐60 91 196 88 132 44 0.3 Not assayed 0.85 Not assayed
PDH‐PN3 RC 393731 7703642 390 ‐70 91 206 92 126 34 0.41 Not assayed 1.2 Not assayed
137 184 47 0.37
Note
1 ‐ Datum GDA94 Zone54
2 ‐ RL de rived from a 50m line‐ spaced airborne magnetics
3 ‐ Diamo nd Drilling (DD), Reve rse Circulation(RC)
Data sou rced from vendor data base and reviewed by two Hammer Metalspersonn el

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Table 3 – Mountain View drill hole intercepts
EPM11919 ‐ MOUNTAIN VIEW ‐ COPPER INTERSECTION EXTRACTION AT VARIABLE CUT‐OFFS (0.2%, 0.5%, 1% and 2% Cu)
Collar Location Intersection Downhole Maximum Grades
AREA HOLE TYPE (3) East (1) North (1) RL (2) Dip Az_Grid (1) TD From To Interval Cu (%) Au (g/t) Co (ppm) Cu (%) Au (g/t) Co (ppm)
53 79 26 0.34 0.31 239
incl. 60.5 73 12.5 0.58 0.60 390
incl. 69.1 71 1.9 1.70 1.85 736
CAMD004 DD 393023 7700076 385 ‐55 84 500.4 77.1 79 1.9 0.27 0.17 219 1.74 2.37 852
111 148 37 0.34 0.04 259
incl. 127 128 1 1.17 0.09 845
& 139.3 140.3 1 1.16 0.06 538
310.25 311.9 1.65 0.36 0.01 1729
CAMD005 DD 393023 7700551 385 ‐75 90 381.3 0.68 ‐0.01 1898
333 334 1 0.68 0.01 188
8 30 22 0.32 0.01 254
incl. 28 29 1 1.61 0.08 1435
40 48 8 0.25 0.01 140
58 61 3 0.28 0.02 108
67 71 4 0.35 0.03 178
99 101 2 1.21 0.14 86
103 105 2 0.76 0.13 59
110 111 1 0.43 0.07 225
125 126 1 0.30 0.01 154
CAMD006 DD 393023 7700551 385 ‐55 284 209.4 1.93 1.39 1435
141 142 1 0.38 0.01 186
152 153 1 0.47 0.02 251
163 164 1 0.20 0.01 249
168 173 5 0.79 0.22 138
180 183 3 0.49 0.59 70
incl. 182 183 1 0.96 1.39 53
189 190 1 0.51 0.10 134
194 197 3 0.80 0.07 207
207 209.4 2.4 0.16 0.09 64
Note
1 ‐ Datum GDA94 Zone54
2 ‐ RL derived from a 50m line‐spaced airborne magnetics
3 ‐ Diamond Drilling (DD), Reverse Circulation (RC)
Data sourced from vendor database and reviewed by two Hammer Metals personnel
Mountain View
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Hammer Metals Mount Isa Project area showing the location of the acquired tenements

JORC Code, 2012 Edition

Table 1 report – Exploration Update

  • This table is to accompany an ASX release updating the market on the acquisition of EPM11919 and EPM25165.

  • The release exclusively comments on results from multiple drilling programs undertaken by a private vendor in 2007 and 2011 and Mines Exploration Pty Ltd in the late 1970’s.

  • The reader should note that the Mines Exploration drilling was conducted in the late 1970’s and as a result the standard of drilling and assaying is not considered current best practice. Therefore, care should be taken with information presented in relation to holes prefixed PDH and DDH. More recent drilling conducted by the vendor effectively tests the same areas as the Mines Exploration drilling.

  • Work pertaining to these companies is split out below utilising the headings Vendor and ME.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections in this information release.)

Criteria
JORC Code explanation		 Commentary
Sampling
techniques
Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised
industry
standard
measurement tools appropriate to the
minerals under investigation, such as
down
hole
gamma
sondes,
or
handheld
XRF
instruments,
etc).
These examples should not be taken
as limiting the broad meaning of
sampling.
Include reference to measures taken
to ensure sample representivity and
the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are Material to the
Public Report.
In cases where ‘industry standard’
work has been done this would be
relatively
simple
(eg
‘reverse
circulation drilling was used to obtain 1
m samples from which 3 kg was
pulverised to produce a 30 g charge for
fire assay’). In other cases, more
explanation may be required, such as
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralisation types
(eg submarine nodules) may warrant
disclosure of detailed information.		 Vendor

CAMD (NQ diamond).

CAMC, and CR prefixed holes
(5.25”
diameter
reverse
circulation).
ME

DDH prefixed holes (diamond).

PDH-PN (Rotary Percussion –
unknown diameter).
Vendor

NQ diamond drilling was utilised
to obtain half cut core samples
over nominal 1m sample lengths.

Reverse
Circulation
drilling
utilising a 5.25” bit was used to
collect
nominal
1m
samples
which were subject to a riffle split
to collect a 3-5kg sample which
was submitted for assay.

3-5kg samples were analysed for
multielements by ICP OES after a
4-acid digest. Gold was analysed
via flame AAS. The charge weight
for the gold analyses was not
recorded in the data received
from the vendor.
ME

HQ Pre-collar to 2.6m, NQ to 42m
and BQto 332m. Half cut core
Criteria
JORC Code explanation		 Commentary
was assayed over one metre
intervals
where
mineralisation
was observed.

Rotary Percussion drilling was
conducted however the hole
diameter is not specified

1kg samples were sent to Amdel
in Adelaide and assayed for Cu
and Co by AAS.
Drilling
techniques
Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details
(eg core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc).		 Vendor

CAMD (NQ diamond).

CAMC, and CR prefixed holes
(5.25”
diameter
reverse
circulation).
ME

DDH prefixed holes (HQ-NQ-
BQ).

PDH-PN (Rotary Percussion –
unknown diameter).
Drill
sample
recovery
Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.
Whether a relationship exists between
sample recovery and grade and
whether sample bias may have
occurred due to preferential loss/gain
of fine/coarse material.		 Both Vendor and ME
Drill
sample
recovery
was
not
recorded in data received from the
vendor nor in open file reports
examined by Mines Exploration
Logging
Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
Whether logging is qualitative or
quantitative
in
nature.
Core
(or
costean, channel, etc) photography.
The total length and percentage of the
relevant intersections logged.		 Both Vendor and ME
Drill holes were logged by the vendor
and Mines Exploration personnel.
Sub-
sampling
techniques
and
sample
preparation
If core, whether cut or sawn and
whether quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature,
quality and appropriateness of the
_sample preparation technique. _		 Both Vendor and ME
Samples
from
diamond
drilling
consisted of half-cut core.
Samples
from
RC
and
rotary
percussion
drilling
consisted
of
nominal 1m samples which were
Criteria
JORC Code explanation		 Commentary
Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the
sampling is representative of the insitu
material
collected,
including
for
instance
results
for
field
duplicate/second-half sampling.
Whether sample sizes are appropriate
to the grain size of the material being
sampled.		 subject to a riffle split.
Quality of
assay data
and
laboratory
tests
The
nature,
quality
and
appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
For geophysical tools, spectrometers,
handheld XRF instruments, etc, the
parameters used in determining the
analysis including instrument make
and model, reading times, calibrations
factors applied and their derivation,
etc.
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (ie lack of bias) and precision
have been established.		 Vendor
Samples were analysed by ICP OES
for a range of elements after a 4-acid
digest.
Gold was analysed via flame AAS.
Duplicate samples were taken every
45m and a lab check samples was
conducted every 18m.
34 blanks were utilised in the reported
drilling.
The analytical methods and QA QC
sampling density is appropriate for
resource delineation drilling.
ME
Samples were analysed by AAS for Cu
and Co.
Gold was not analysed.
No duplicate samples, standards or
blanks were noted in the open file
documentation.
The analytical methods and element
mix are not considered appropriate for
current
exploration
best
practice.
However, as this work was conducted
in 1978 they would be considered
appropriate at that time.
Verification
of
sampling
and
assaying
The
verification
of
significant
intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification,
data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.		 Vendor
The assays received as part of the
acquisition dataset have been verified
by
alternate
Hammer
Metals
personnel.
It is not known whether assay files
were received electronically from the
laboratory.
ME
Criteria
JORC Code explanation		 Commentary Commentary
No primary assay files were noted in
the open file reports submitted to the
government by ME.
Assays
were
transcribed
into
geological logs.
As this work was conducted in the late
70’s no assay files would have been
received
electronically
from
the
laboratory.
Location of
data points
Accuracy and quality of surveys used
to locate drill holes (collar and down-
hole
surveys),
trenches,
mine
workings and other locations used in
Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.		 Datum used is UTM GDA 94 Zone 54.
Vendor
Reverse Circulation hole collars were
surveyed by GPS. Downhole surveys
were conducted by a reflex camera.
Diamond hole collars were surveyed
by GPS. Downhole surveys were
conducted by gyro.
ME
Collars were located by the explorer
using a local grid. Hammer Metals has
since located the collars using GPS.
Downhole surveys were documented
as being conducted using acid tube
and a Pajari Tropari survey instrument.
At the time these downhole survey
methods were best practice but would
now be considered inadequate.

Data
spacing
and
distribution
Data
spacing
for
reporting
of
Exploration Results.
Whether
the
data
spacing
and
distribution is sufficient to establish the
degree of geological and grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s)
and
classifications
applied.
Whether sample compositing has
been applied.

No sample variography has been
conducted to establish the degree of
grade continuity. However,utilising the
vendor drilling in isolation, the sample
spacing is sufficient to determine the
envelope of mineralisation.
The vendor drill hole spacing is
sufficient
to
enable
geological
continuity to be established.
Sample
compositing
has
been
conducted in order to quote intercepts
used Tables 1, 2 and 3.
Orientation
of data in
relation to
geological
structure
Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this		 Vendor
It is not known at this time whether drill
hole
spacing
has
introduced
a
sampling bias.
ME
Open file reports noted strong water
influx occurred during drilling. As the
drill method was rotary percussion the
Criteria
JORC Code explanation		 Commentary
should be assessed and reported if
material.		 water inflow would be enough to
possibly introduce a sampling bias.
Sample
security
The measures taken to ensure sample
security.		 Both Vendor and ME
It is not known whether pre-numbered
bags were utilised.
Audits or
reviews
The results of any audits or reviews of
sampling techniques and data.		 Vendor
The dataset associated with this
sampling has been subject to data
import validation by both the vendor
and Hammer Metals.
All assay data as received from the
vendor has been reviewed by two
Hammer Metals personnel.
ME
The dataset associated with this
sampling has been subject to data
import validation by Hammer Metals.
The drill hole locations have been
verified on site.
It should be noted that the data
generated from the ME drilling is of
insufficient quality to be included in
any future ore resource estimations

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral Type,
reference
name/number,		 The Sunset, Black Rock, Pinnacle,
tenement and
location and ownership including		 Junction
and		 Mountain View
land tenure agreements or material issues with Prospects are located on EPM
status third parties such as joint ventures, 11919. The tenement is subject to a
partnerships,
overriding
royalties,		 sale agreement and ownership will
native title interests, historical sites, be transferred to Mt Dockerell Mining
wilderness or national park and Pty Ltd - a 100% owned subsidiary of
environmental settings. Hammer Metals Limited.
The security of the tenure held at the
time of reporting along with any
known impediments to obtaining a
_licence to operate inthe area. _
Exploration Acknowledgment and appraisal of The
prospects
have
not
been
done by other
exploration by other parties.		 appraised by any other parties
parties connected with Hammer Metals
Limited.
Geology Deposit type, geological setting and Mineralisation at Sunset is located on
style of mineralisation. a shear zone within a carbonate unit
of the CorellaFormation. Alteration
Criteria JORC Code explanation Commentary Commentary
consists of ferroan carbonate.
Mineralisation at the Black Rock and
Pinnacle Prospects is located within
the Ballara Quartzite close to its
contact with the Corella Formation.
The Quartzite has been hematite and
magnetite altered, ferruginised and
fractured.
Drill hole A summary of all information material See Tables 1, 2 and 3 which
Information to
the
understanding
of
the		 summarise aspects of the previous
exploration
results
including
a		 drilling on the prospects.
tabulation of the following information
for all Material drill holes:
o easting and northing of the drill
hole collar
o elevation or RL (Reduced Level –
elevation above sea level in
metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
If the exclusion of this information is
justified on the basis that the
information is not Material and this
exclusion does not detract from the
understanding of the report, the
Competent Person should clearly
_explain why this is the case. _
Data In reporting Exploration Results,
aggregation
methods		 weighting
averaging
techniques,
maximum and/or minimum grade
truncations
(eg
cutting
of
high
grades) and cut-off grades are
usually Material and should be
stated.		 Intercepts have been calculated at
variable cut-offs (0.2, 0.5 and 1% Cu)
primarily to illustrate the mineralised
envelope and higher-grade zones
within the envelope.
Where
aggregate
intercepts		 .
incorporate short lengths of high
grade results and longer lengths of
low grade results, the procedure used
for such aggregation should be stated
and some typical examples of such
aggregations should be shown in
detail.
The assumptions used for any
reporting of metal equivalent values
should be clearly stated.
Relationship These relationships are particularly The hole angles at Sunset vary
between important
in
the
reporting
of		 therefore the true width of
mineralisation Exploration Results. mineralised intercepts cannot be
widths and If the geometry of the mineralisation stated as a simple proportion.
intercept
lengths		 with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down
hole lengths are reported, there		 At Black Rock and Pinnacle true
widths are approximately 70% of
intersected widths.
should be a clear statement to this
effect (eg ‘down hole length, true
_width not known’). _
Criteria JORC Code explanation Commentary
Diagrams Appropriate maps and sections (with See attached figures
scales) and tabulations of intercepts
should be included for any significant
discovery being reported These
should include, but not be limited to a
plan view of drill hole collar locations
_and appropriate sectional views. _
Balanced Where comprehensive reporting of all
reporting Exploration
Results
is
not
practicable, representative reporting
of both low and high grades and/or
widths should be practiced to avoid		 The intersections in Tables 1, 2 and
3 illustrate grades at differing cut-offs
– the minimum being 0.2% Copper.
misleading reporting of Exploration The reader can therefore assume
Results. that any zones not represented in
these tables will have an both
individual and aggregated grades of
less than 0.2% Copper.
Other Other exploration data, if meaningful The
overview
figure		 shows
a
substantive and material, should be reported background
aeromagnetic
image
exploration including
(but
not
limited
to):		 which has been derived from 200m
data geological observations; geophysical and
50m
line-spaced
publicly
survey results; geochemical survey available datasets.
results; bulk samples – size and
method of treatment; metallurgical
test
results;
bulk
density,
groundwater, geotechnical and rock
characteristics; potential deleterious
or contaminating substances.
Further work The nature and scale of planned It is the intention of Hammer Metals
further work (eg tests for lateral Limited to delineate JORC resources
extensions or depth extensions or at both Sunset and Black Rock
large-scale step-out drilling). Prospects.
Diagrams clearly highlighting the
areas
of
possible
extensions,
including
the
main
geological		 This will involve further confirmatory
and resource delineation drilling.
interpretations and future drilling
areas, provided this information is not
_commercially sensitive. _

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