Hammer Metals has signed a joint exploration agreement with Sumitomo Metal Mining Oceania for the Bullrush Project in North-West Queensland.
Spanning 87km2 within Hammer's Mount Isa Project, the site targets iron oxide copper-gold deposits.
Initial findings indicate IOCG potential under cover up to 250m thick. Sumitomo Metal Mining Oceania commits to a 2,000m drilling program in the first year.
The agreement outlines Sumitomo Metal Mining Oceania's potential to earn up to an 80% interest through a staged investment, starting with $4.5 million over four years and an optional $2 million in the fifth year.