Hammer Metals (ASX:HMX) and Sumitomo Metal Mining Oceania are set to advance their Bullrush joint venture with a drilling campaign in the Mt Isa region of NW Queensland.
Commencing in the first quarter of 2025, the campaign aims to uncover a potential Tier-1 iron oxide copper-gold system.
Recent geophysical programs have delineated four high-priority drill targets characterised by coincident gravity and magnetic features.
The southern targets also show lower resistivity zones, adding to their potential.
The targets are situated below the Cambrian cover sequence, ranging from 100 to 250 metres in depth. Preparations are underway for the drilling to start in February 2025, subject to weather conditions.
SMMO has committed to funding at least 2,000m of drilling by June 2025, as part of the initial minimum work commitment.
"The initial work completed by the joint venture is of a high quality and has provided valuable insights into these covered targets," stated Daniel Thomas, Managing Director of Hammer Metals.
"The surveys have delineated compelling geophysical targets in an area that is shaping up as a fertile IOCG district," Thomas added.
The development marks a step in the exploration efforts aimed at increasing the geological understanding and discovery success in Hammer's portfolio.
At the time of reporting, Hammer Metals' share price was $0.032.