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Hammer Metals terminates Mount Isa copper joint venture with Newmont unit

Hammer Metals Ltd. said June 4 that it terminated an option for Newmont Mining Corp. unit Newmont Exploration Australia Pty. Ltd. to earn up to a 75% interest in a 250-square-kilometer area in the Mount Isa copper project in Queensland, Australia.

The agreement, signed in December 2015, covered the Overlander, Even Steven and Dronfield iron oxide copper-gold targets. Hammer will retain 100% interest in the former joint venture areas.

The miner will seek new partners to help advance exploration on the targets and on the entire Mount Isa project.