The explorer has juts reported the drillbit intersected broad zone of copper-bearing sulphides in its first RC hole at the South Hope prospect, following yesterday's successful extensional drilling at Ajax to the north-east.
Hope South is along trend from Carnaby Resources' emerging Nil Desperandum and Lady Fanny discoveries and sits within tenements that surround Carnaby's Mt Hope prospect, where several significant intercepts have been reported in recent weeks.
Hammer's drilling, near historical working within the interpreted iron-oxide structural corridor, is the first in the area and, based on portable XRF and visual analysis, are certainly encouraging for the prospect, about 650m south of Mt Hope.
Visual sulphides have been reported, with the initial pXRF readings of 25m at 1.92% copper from 74m, including 1m at 5.04%.
The core has been shipped to the assay lab for definitive analysis.
The hole has been cased for a downhole electromagnetic, but Hammer has already moved to prioritise more holes at South Hope, although other targets within corridor, including The Stubby and a significant IP anomaly adjacent to Mt Hope North remain on the schedule.
Confirmation of the red metal at Hope South follows channel sampling that assayed 20.3m at 1.7% copper and 0.22 grams per tonne gold in July.
While cautioning it was still early days, managing director Daniel Thomas said the XRF numbers confirmed the nature of the historical workings.
The company has multiple rigs in the Mt Isa region, and is also considering more holes at Ajax East, where its recent assays, targeting an EM plate, extended the strike of know mineralisation to 1km, with intercepts of 15m at 0.82% copper from 129m, including 2m at 4.23%.
Meanwhile, at the main Ajax prospect, a new intercept of 48m at 0.43% copper and 0.12gpt from 19m, including 4m at 2.4% and 0.41gpt has opened up the structure to the south.
The Ajax prospects sit within the Trafalgar-to-Jubilee trend that includes established copper-gold resources at Elaine, Jubilee and at Aeris Resources' Mt Colin copper mine.
Hammer had cash at the start of July of A$5.4 million.
Shares in the junior explorer have traded at 4.1-13c over the past year and were up 5% this morning to 6.1c, valuing it at $48 million.
