Hammer Metals (ASX:HMX) Strikes Deal with South32 for Isa Valley Project Exploration

Hammer Metals entered an earn-in agreement with South32 Group Operation, a wholly-owned subsidiary of South32 (ASX:S32), to explore the Isa Valley Project in North-West Queensland.

The agreement provides South32 the option to earn up to an 80% interest in the project, which covers 321km2 of Hammer's broader 2,800km2 Mount Isa Project area.

The agreement mandates an initial ionic-leach soil sampling program followed by a 900-meter drilling program within 18 months, with subsequent investments potentially totalling up to $4 million.

South32 will manage and operate the exploration program.

Hammer Metals continues to advance exploration across its Mount Isa tenements, including a diamond drilling program at the 100%-owned Hardway copper/rare earth element prospect.