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Jogmec joins Hammer in exploration

25th November 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Hammer Metals has signed a farm-in and joint venture (JV) agreement with Japan Oil, Gas and Metal National Corporation (Jogmec) over four of its Mt Isa projects.

The farm-in and JV agreement would cover the Even Steven, Mount Philip, Dronfield West and Malbon target areas, covering 290 km2 of Hammer’s 2 200 km2 Mt Isa project.

Jogmec would have the right to earn a 60% interest in the project areas by spending A$6-million between now and March 2024, with a minimum expenditure commitment of A$1-million by the end of March next year.

Hammer MD Daniel Thomas on Monday said that the company was excited that Jogmec shared its vision that a large tonnage iron-ore/copper/gold deposit such as the Ernest Henry mine could be present at Mt Isa.

“The increased exploration funding allows a focused and accelerated exploration programme at Mt Isa, thereby maximizing the chances of success while minimising shareholder dilution. We aim to start immediately,” Thomas said.

Hammer would manage all exploration at the project area until the 60% earn-in is complete, and would also retain full ownership of the existing resource at the Kalman deposit, the Overlander deposit and the Elaine deposit, as well as 51% interest in the Jubilee deposit.

Edited by Creamer Media Reporter

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