South32 strikes Queensland earn-in deal with Hammer
Diversified mining company South32 is set to earn into ASX-listed Hammer Metals’ Isa Valley project, in north-west Queensland.
Hammer unveiled the earn-in agreement on Monday, stating that South32 has an option to earn an 80% interest in the project and form a joint venture.
The project covers sections of the Mount Isa fault comprising 320 km2 of Hammer’s broader 2 800 km2 Mount Isa project. These are considered highly prospective for Mount Isa-style sedimentary lead/zinc/copper mineralisation similar in style to the Mount Isa and George Fisher-Hilton deposits.
South32 has made an initial minimum commitment to complete an ionic-leach soil sampling programme over the coming months (A$20 000 to A$25 000), followed by subsequent investment decisions that include a A$150 000 commitment to a 900 m drilling programme within 18 months and spending A$3-million to earn a 70% interest.
South32 may extend the earn-in period by one year by spending a further A$1-million for a total A$4-million.
The group could increase its interest in the project from 70% to 80% by electing to free-carry Hammer to the completion of a prefeasibility study.
“The Hammer team enthusiastically welcomes another high-quality partner that shares our vision and belief that the Hammer’s tenure in the Mount Isa district holds significant potential to yield further new Tier-1 base metal discoveries,” commented MD Daniel Thomas.
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