Hammer Metals Ltd. outlined a maiden inferred resource estimate for the Jubilee copper-gold deposit of 1.4 million tonnes at 1.4% copper and 0.62 g/t gold using a 0.5% copper cutoff grade.
The deposit hosts 20,000 tonnes of copper and 28,300 ounces of gold and has potential to extend the resource at depth and along strike.
The company said Dec. 20 that it will use the resource model as a basis for open pit mining and further metallurgical studies.
Jubilee is part of the Mount Frosty joint venture in Queensland, Australia, owned 51% by Hammer and 49% by Mount Isa Mines Ltd.
The resource estimate was based on 5,736 meters of drilling across 45 holes.