North Queensland junior miner Hammer Metals is heralding the results of its first resource estimate and metallurgical program at the Jubilee copper-gold deposit in north west Queensland.
The Jubilee copper-gold deposit is part of the Mount Frosty Joint Venture between Hammer Metals Limited (51% and operator) and Mount Isa Mines Limited (49%) and is located less than one kilometre from the Barkly highway, midway between Mount Isa and Cloncurry.
The mineral resource estimate for Jubilee comprises 1.4 million tonnes at 1.4 per cent copper and 0.62g/t gold in the inferred category at a 0.5 per cent copper cut-off grade.
Results of the first metallurgical program were encouraging with a peak copper recovery of 98 per cent and gold recovery of 80 per cent to a copper concentrate said Chief Operations Officer Mark Whittle.
The deposit remained open at depth and to both the north and south said Mr Whittle.
“The completion of the resource estimate brings Hammer on step closer to the commercialisation of the deposit,” he said.
This location is ideally placed for movement of ore to concentrators located in either town, mr Whittle said.
Two kilometres to the east of Jubilee, the Hammer Metals Elaine-Dorothy copper deposit contains a further 27 million tonnes at 0.53% Copper. Within five kilometres of the Jubilee and Elaine-Dorothy deposits, Hammer holds the Lakeview, Black Rock, Sunset and Blue Caesar copper-gold prospects, all of which have excellent potential to define additional copper and gold resources, said Mr Whittle.
Hammer claims it has built up the dominant tenement position in the Mary Kathleen district east of Mount Isa which it describes as a ‘highly mineralised and prospective terrain for copper and gold’.