Australian copper explorer Hammer Metals Ltd. has lowered its resource estimate for its Kalman deposit, part of the Mount Isa project in Queensland, Australia.
Kalman now hosts an indicated and inferred resource of 20.0 million tonnes at 0.61% copper, 0.34 g/t of gold, 0.14% molybdenum and 3.7 g/t of rhenium, or 1.8% copper equivalent, according to a Sept. 27 statement.
The resource was updated to include eight new drill holes and applies higher cutoff grades to both the open pit and underground parts of the ore body, being based on a copper equivalent cutoff of 0.75% for the open pit and 1.4% for underground.
Kalman was previously estimated to contain an inferred resource of 30 million tonnes at 1.3% copper equivalent, at 0.54% copper, 0.28 g/t of gold, 0.08% molybdenum and 2.2 g/t of rhenium, using a 1.1% copper equivalent cutoff for the open pit and 1.9% for underground.
Under the new estimate, the underground section has an inferred resource of 7.0 million tonnes at 2.4% copper equivalent, while the open pit hosts an inferred resource of 6.2 million tonnes at 1.6% copper equivalent and an indicated resource of 7.1 million tonnes at 1.5% copper equivalent.
The Kalman deposit remains open along strike and down plunge, and Hammer will start follow-up diamond and reverse circulation drilling to extend the resource.