# HMX - Hammer Metals



## sandybeachs (12 July 2004)

hi guys..

i made a stupid error here, i rode (mds) down in the recent decline in resource stocks.

like they say "don't fall in love"..

anyway now thats behind us...

the good news is gold is edging it's way back up again.

whilst we can't call it a certainty, things are looking much better with the price of gold..

so where do we stand with midas resources.

imo i think it's way over sold now..

we should have some resource figures in the near future, some have said it could be around the million oz.

they have nearby infrastructure (treatment plant), so they could start a low cost mining project fairly quickly.

whilst building there own treatment plant.

the above is till some time off yet, but at least we can see how things might turn out.

so at present the current share price 13.5cents, if the price of gold continues up &amp; we get an announcement about resources. then i'd add approx 10-14cents onto the current price

management are first class..

Don Boyer..perhaps one of the best guys in the game..

PROJECTS:
LAKE CAREY: The Lake Carey SuperProject comprises the Lake Carey Project (100%),
the Linden Project (80%) and the Phantom Well Project (100%).

The Lake Carey Project: Prospective for gold and located near Laverton in WA.
Resources as at June 2003 were estimated at 6.6Mt @ 2.2g/t Au. MDS' strategy for
this project will focus on exploration, increasing the resource base and
advancing feasibility studies with a view to commencing mining. In April 2003,
drilling returned 5m @ 14.9g/t Au and 15m @ 4.83g/t Au at Fortitude. RC drilling
in December 2003 intersected 14m @ 8.17g/t Au and 5m @ 13.35g/t Au.

The Phantom Well Project: Located 5km south of Fortitude and comprising the
Stealth and Mirage prospects. Drilling in 2003 returned 3m @ 18.7g/t Au and 10m
@ 2.8g/t Au at Stealth.

regards


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## RichKid (20 June 2005)

*Re: midas resources*

MDS was mentioned to me so I've looked at the chart. Long downtrend. Only good sign is slowing in the trend and a recent reversal (from my understanding) rejecting lower prices. Not sure how far this is leveraged to the gold price, gold has rallied recently. If I was buying I'd buy at 6 and have a very tight stop just below to sell on close. No idea about the fundamentals and eitherway it's volatile at these prices. Appears to be stuck in a range and often closes below where it started, not enough confidence from the buyers.


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## doctorj (21 June 2005)

*Re: Midas Resources  MDS*

One year, 8 days for a reply.  That's got to be some kind of record!

This is one of those companies that is run by a good group of well respected blokes.  It's got reasonable backing from the WA brokers and a good collection of larger shareholders.  Cash reserves and cash burn see them lasting the better part of another year without a raising.  They are spending a fair bit on exploration for a company of their size.

I agree that it seems to be finding a base and it would be good to look for an entry about 6c with a tight stop.  You'd have to wonder what is going to move this company.  By all accounts its just another explorer that's a long way off being a producer and there's no decent technical reason to buy it.  What you're essentially hoping for is a big announcement - whether it be a new project or proving up some good grades.


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## doctorj (5 July 2005)

*Re: Midas Resources  MDS*

Interesting timing for this one to be picked up by ASF.

Closed at 8c today after reaching a low of 5c before news released on Friday.  MDS has entered into an agreement via their wholly owned Chinese subsidiary for a 50% share in a prospective gold mine north of Beijing.  MDS claims its in a fairly prolific gold field, but they are unable to release any estimates as they do not comply with JORC requirements.  More drilling is planned to meet these requirements.

Might be interesting IF MDS sees an increase in liquidity - establishing even a $10,000 holding is enough to buy it up about 1-2c based on the current depth.  On the flip side, being tightly held means its likely to have above par volitility.

The potential upside here lies with the chance at getting some good drilling results and eventually an initial resource estimate.  The downside is that it's another explorer without an income.


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## doctorj (24 August 2005)

*Re: Midas Resources  MDS*

Responded to a share price query today with their best Colonel Klink impression.  Still no great volume, but it's definately going in the right direction.


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## yogi-in-oz (9 April 2006)

*Re: MDS - Midas Resources*



Hi folks,

MDS/MDSO ..... looking for a weak start this week to
test the recent lows, then a positive move from
late-Tuesday or Wednesday  ..... 11-12042006 ... 

Click here for MDS chart .....  

happy days

  yogi


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## yogi-in-oz (12 April 2006)

*Re: MDS - Midas Resources*



Hi folks,

MDS ..... no news yet, but up 53% today !~!

See chart, in post above ..... astromagic ..... 

happy days

  yogi


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## tahpot (11 December 2006)

*Re: MDS - Midas Resources*

Now in a trading halt -- here's to good news!


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## Dr Doom (4 January 2007)

*Re: MDS - Midas Resources*

LATEST FORTITUDE DRILL RESULTS CONFIRM CONTINUITY OF MINERALISATION
Encouraging assay results have been received for an additional 12 Reverse Cycle drill holes with results now available for 32 of the 105 drill holes in the current program. New significant results at an 0.5 g/t Au cut off grade include:

FTRC176 1m @ 8.21 g/t Au from 31 to 32m
FTRC212 9m @ 2.47 g/t Au from 64 to 73m (including 4m @ 4.77 g/t Au)
FTRC217 6m @ 3.17g/t Au from 34 to 40m (including 1m @ 9.17 g/t Au)
FTRC220 20m @ 2.14 g/t Au from 49 to 69m (including 11m @ 3.13 g/t Au)

Closing price today = 20c


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## daaussie (5 January 2007)

*Re: MDS - Midas Resources*

Hi i bought in this morning, the charts look great on this one, and the directors just announced today a huge buy of shares. 
After i bought in the price rose 4 cents to 25cents!
no sellers left nearly.


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## Dr Doom (5 January 2007)

*Re: MDS - Midas Resources*

Yes, looks promising, may do a bit of consolidating at these levels


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## daaussie (6 January 2007)

*Re: MDS - Midas Resources*

hi, the price rocketed to 28 cents and levelled at 24 cents with 2.5 million volume traded. nice stock and i dont think we have seen the end of this one rise.


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## Dr Doom (31 January 2007)

*Re: MDS - Midas Resources*

SIGNIFICANT NEW DRILL INTERSECTION AT BINDAH
 The third RC hole at Bindah (BNRC007) intersects 8m @ 10.56 g/t Au from 116m,
including 3m @ 22.37 g/t Au
 The intersection is 50m vertically below the old Bindah open pit
 A steep easterly plunge for the mineralisation is indicated, with the latest intersection
possibly representing the top of a new high-grade shoot.
 The new shoot is open in all directions.
 Results for the fourth hole located 25m north of BNRC007 are pending
Midas Resources Limited (ASX:MDS) (“Midas” or “the Company”) is pleased to report that a
significant result has been received for BNRC007, which is one of four RC holes recently
completed at the Bindah gold mine, an old open pit within the Lake Carey project area.

The latest result confirms the potential of the Bindah structural corridor to host significant gold
deposits.


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## Uncle Festivus (28 March 2007)

*Re: MDS - Midas Resources*

Question for yogi-in-oz, what's the outlook for this one on good news today?


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## springhill (22 June 2007)

*Re: MDS - Midas Resources*

Is it just me or did anyone else regard MDS announcement today as less than thrilling? Can anyone give me any good reasons to hang onto this one?? I basically bought in because of the Terry Streeter X-factor


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## springhill (25 July 2007)

*Re: MDS - Midas Resources*

Can anyone out there who is good with charts give me an opinion on this, its my first crack at a chart? Is this even a proper descending triangle? What should i be looking for now, an increase in volume, because without it this chart doesn't mean much, right?


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## Uncle Festivus (26 July 2007)

*Re: MDS - Midas Resources*



springhill said:


> Can anyone out there who is good with charts give me an opinion on this, its my first crack at a chart? Is this even a proper descending triangle? What should i be looking for now, an increase in volume, because without it this chart doesn't mean much, right?




I'll have a go at it, although I'm no expert. I've gone to the weekly to get a better picture. It appears to be a descending wedge, most probably due to waning interest on lack of good news, but time wise looks to be getting close to either breaking up on hopefully some good announcements or breaking down on lack of any announcements. Totally up to the company getting some good (further) drill results.


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## Dutchy3 (26 July 2007)

*Re: MDS - Midas Resources*

Hi Brett

From PM ... I'm with Unc F on this one  ... the weekly does make more sense to me too.

See the previous white candles ... the blue arrows represent spikes in volume for each.

Now the stock drifts  .... let it crack the red (potential) resistance line convincingly before committing any capital


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## springhill (26 July 2007)

*Re: MDS - Midas Resources*

Thanks D3 and Uncle F i really appreciate the help, im already holding at an average of round 11 cents, even considering topping up at this price, just its drift is driving me nuts!! D3 what does the red squiggly line represent? For my info is it better to look at weekly charts as opposed to EOD?


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## Sean K (27 July 2007)

*Re: MDS - Midas Resources*

Looks vulnerable IMO, even though 15 looks like a terrific support line. 

Dipping under and I would be out. If it rebounds just re-buy. Stay safe, save your capital, prevent losses...


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## springhill (27 July 2007)

*Re: MDS - Midas Resources*

Well what do u know, Midas up half cent on a swine of a day, maybe too soon to call this a trend reversal  i jest of course, fully expected it to crash through the 15 cent line of resistance u mentioned kennas. Baby steps....baby steps


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## springhill (31 July 2007)

*Re: MDS - Midas Resources*

A second review of the Fortitude Resource has resulted in a 21% increase in gold grade and 5.7% increase in contained gold.
In light of this review, a further update of the Resource at Fortitude has been completed. The new JORC compliant Mineral Resource estimate is presented below at a 1g/t cut off grade for comparison with the previous resource estimate of 19th June 2007

The above is part of the Midas resource upgrade released this morning. Finally a small spark of encouraging news?! Apologies, i was going to post the link but am unsure how to do it


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## springhill (1 August 2007)

*Re: MDS - Midas Resources*



kennas said:


> Looks vulnerable IMO, even though 15 looks like a terrific support line.
> 
> Dipping under and I would be out. If it rebounds just re-buy. Stay safe, save your capital, prevent losses...




Nice call kenna, crashed through 15 and down to 12 at speed. I didnt sell in any case, no urgent need for the $$$ so i'll just bunker down and put them in the bottom draw if need be. May even top up. Looks like im a bit of a Hans Solo in this one!?:bricks1:


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## springhill (5 August 2007)

*Re: MDS - Midas Resources*

Oh dear  falling knife alert, or prime candidate for trend reversal???? somehow i dont think monday will be kind to this one!!!


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## springhill (6 August 2007)

*Re: MDS - Midas Resources*

Today i have officially sold out of MDS after some weekend research and re-evaluation, having broken even, luckily, although 2 months ago i would have made 60-70% profit, i just cant see where the price improvement would have come from. More importantly i have learnt a great lesson out of this and leave with no regrets  Thanks to those who helped me with the charts. On to more profitable holdings hopefully!!


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## nioka (23 September 2007)

*Re: MDS - Midas Resources*

I have been researching this stock and I have come to the conclusion that it may be time to get into this one. The company is raising funds fo a new series of drilling. There are operating mines in that area operated by large companies which are getting to the end of their current mine life and it is an area which is historically mineral rich.  Any decent find would make this small company a takeover target or they would be in a good position to sell their leases if they proved them up. This one is highly speculative but I believe the odds are good. Has anyone any thoughts ? ( apart from the charts which do not look good)


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## Dutchy3 (23 September 2007)

*Re: MDS - Midas Resources*

Hi All

Yes ... do I too detect the slightest wiff of something in the chart ... in no way a buy for me at the mo and yet I'll add it to watch-list. Volume not inspiring either ...


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## springhill (23 September 2007)

*Re: MDS - Midas Resources*



nioka said:


> I have been researching this stock and I have come to the conclusion that it may be time to get into this one. The company is raising funds fo a new series of drilling. There are operating mines in that area operated by large companies which are getting to the end of their current mine life and it is an area which is historically mineral rich.  Any decent find would make this small company a takeover target or they would be in a good position to sell their leases if they proved them up. This one is highly speculative but I believe the odds are good. Has anyone any thoughts ? ( apart from the charts which do not look good)




As you can see from previous posts i was in this for a while and was doing ok til they brought out weak drill results one after another.
There are decent to weak grades there but way too deep for my liking, this is basically a punt and hope affair IMO, they can drill all the way to Scotland if they want but with results like previous releases, this wont go anywhere soon. I liken putting money in MDS at moment as going to casino. Pure risk based bet as you said nioka HIGHLY SPECULATIVE. Started drilling on 22nd Sept again if memory serves me right. Might be best to see what they turn up first, or this will sink like a stone. All just my opinion of course.
All the best if you do go in though. Good luck


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## nioka (11 October 2007)

*Re: MDS - Midas Resources*

Based purely on "pub" talk I have taken a small position with this one. Only 10,000 @ 10c so there is not a lot to lose. The talk I got is based on the confidence of the staff and it is the same source that gave me LYC some time ago which was also "pub" talk at the time. Highly speculative but better than a lottery ticket in my opinion. I'm often wrong????? If the current drill results turn out OK then I'll take a bigger stake.


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## Uncle Festivus (5 November 2007)

*Re: MDS - Midas Resources*

The pub talk paying off by the looks of it Nioka! Up 30% on announcement today. Not that spectacular in itself, might be more to it. Get back to the pub for more 'research' maybe .


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## nioka (5 November 2007)

*Re: MDS - Midas Resources*



Uncle Festivus said:


> The pub talk paying off by the looks of it Nioka! Up 30% on announcement today. Not that spectacular in itself, might be more to it. Get back to the pub for more 'research' maybe .




 I expected some movement today to come from the Updated announcement on Friday. The assay results do not reflect the "talk" that was around last week. Maybe more to come. Maybe there is progress being made with the plans for ore treatment at Barrick's Granny Smith plant. Granny Smith may need the ore to extend the life of their mine. All supposition but sometimes an educated guess is better than using a pin when blindfolded.


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## nioka (22 November 2007)

*Re: MDS - Midas Resources*

For those interested in MDS, I have cashed out my investment there at a small profit. My information is that there are problems with the disposal of saline water which could take a little time to resolve. I will re-enter when I see some progress towards operational mining. I expect the price to remain flat for a little time yet. ( based on pub talk that may be wrong.)


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## Uncle Festivus (6 March 2008)

*Re: MDS - Midas Resources*

Something moving here or someone just 'manipulating' the price. Looks like it got a speeding ticket!


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## happytown (30 June 2009)

*Re: MDS - Midas Resources*

update on mds

shares 225,976,276
options 104,056,477 ($10.75M approx if exercised, nil itm)
sp .021
mc $6,930,687.81 (options incl)
$4,745,501.80 (sans options)
cash approx $1,113,000​
projects

gold - fortitude (lake carey) (100% owned)

current jorc resource 9Mt @ 1.6g/t Au (473,000 ounces: 164K indicated; 309K inferred) anglogold ashanti (sunrise dam 35 kms away) is carrying out pit optimization and mining study (see MDS ann dated 08/01/09) to determine whether it will partake in development of fortitude (currently no commercial agreement between the two) which would include trucking ore to sunrise

the study expected to be completed june quarter 2009

anglogold are exploring satellite pits in the district surrounding sunrise and exploration targets within trucking distance of the tropicanna gold project (from AGG's 3rd qtr report), however no specific mention of midas or fortitude/lake carey

da hong shan project (chinese jv, copper)

midas has withdrawn from its chinese jv copper project due to poor drill results and now has no exploration or interest in china (see MDS ann dated 27/02/09)

potential iron ore (100% owned)

MDS announced yesterday that it has signed a



> ...
> 
> *conditional Sale and Purchase Agreement to acquire Mulga Minerals Pty Ltd* (“Mulga”) from the D B Family trust in a *Related Party transaction*. The D B Family trust is an entity controlled by *Midas’ Chairman Don Boyer*
> 
> ...



mulga minerals holds several iron-ore prospective tenements (one tenement granted, the others applied for) covering 144 sq kms, as well as 2 heavy-mineral sand prospective tenement applications adjacent to image resources bidaminna project



> ...
> 
> The Marandoo tenement [granted, 6 sq kms] is located 4 kms south of the Mt Stevenson BID [50Mt @ 62.5% Fe] ... [the West Pilbara tenements, applied for, 51 sq kms] are ... in close proximity to other iron ore deposits including Metawandy (Rio Tinto) and Anthiby Well (Giralia) ...  the Yandicoogina tenements [3 applied for, 24 sq kms, and are] ... 7 km south of the Yandicoogina minesite ... the West Angelas tenement [1 applied for, 9 sq kms] is located 12 km south west of Robe River Iron’s West Angelas minesite ... the Red Hill tenement [1 applied for, 15 sq kms, is] to the west of Dynasty Metal’s Red Hill CID prospect area
> 
> ...



*note*: 1 of the yandicoogina and the red hill tenement will be *subject to a ballot as mulga is not the only applicant for these tenements*

up to 90 days due diligence will be carried out in order to determine whether MDS will proceed and should they the *acquisition cost* will be 



> ...
> 
> *six million Midas shares* on settlement and *$75,000 in cash* paid within six months of settlement
> 
> ...



at current sp, total cost for 144sq kms of Fe prospective tenements (assuming tenements granted) is $201,000

shareholder approval is required for the related party transaction

summing up

speculative with risks involved (longer-term chartwise looks -ve)

anglogold ashanti fortitiude study (for potential farm-in) overdue (jorc resource 473K ounces)
$200K cost for potential Fe exposure (144 sq kms in Fe country)

oh ... and DYOR

cheers


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## happytown (27 July 2009)

*Re: MDS - Midas Resources*

4th qtr activities report out today,

re potential AAG jv,



> ...
> 
> During the Quarter *AngloGold Ashanti Limited (“AGA”) carried out a scoping level study of the Fortitude deposit* that has involved re-wireframing of the  gold mineralisation at appropriate cut-off grades, geostatistical analysis and a pit optimisation study. Following the Fortitude study AGA is conducting a review of exploration potential within the Lake Carey tenements with the objective of *determining if a focus on exploration targets is warranted*.
> 
> ...



re a potential SBM jv,



> ...
> 
> St Barbara Limited (“SBM”) has an *18 month option to explore* the Sunset Well tenements *expiring on 14 August 2009*. SBM has reported that work in the 6 month period to June 30 2009 has comprised multi-element spectral scanning of a selection of 102 base-of-hole samples.
> 
> ...



The Fe tenements acquisition right (outlined in previous post) is still in due diligence stage,



> ...
> 
> The recent acquisition of rights to Iron Ore tenements in the Pilbara is a significant milestone for the Company with excellent upside if due diligence results in the identification of drill targets. *The Company intends to be proactive in the Pilbara regarding other Iron Ore opportunities*.



sp up approx 66% in last month

cheers 

yet another quality post brought to you by happytown


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## happytown (1 September 2009)

*Re: MDS - Midas Resources*

update on mds

successful due diligence on mulga minerals fe tenements (most still in application stage) has led to mds proceeding with the purchase process for mulga minerals (owned by mds chairman) - shareholder approval is required and will be sought at a meeting to be held soon [ann 13/08/09]

rock chip sampling on mulga tenements (applied for) incl fe grades from 19.5-63.7% Fe, 109 samples 24 exceeding 55% Fe - exploration target at 1 tenement of 25-35Mt @ 50-60% Fe (within 2 km of GIR's Anthiby Well jorc inferred resource 25.4Mt @ 54% Fe) - this will be first drilling target if tenements granted (and purchase approved by shareholders) [ann 05/08/09]

applies for EL tenements (E45/3467 (42 sub-blocks) and E45/3468 (25 sub-blocks) approx 200 sq km) in Paterson Province WA - tenements are 35 km S of Tefler Au deposit and 30 km NW of Kintyre U308 deposit, no evidence of significant prior drilling on tenements (no ore grade interescts were found in 1990's drilling to immediate W of tenements) - potential for Cu-Pb-Zn-Au-U308 [ann 18/08/09]

still no word on AGG's scoping study on the Fortitude Au project or SBM's Sunset Well possible jv (SBM expl option was to expire on 14/08/09)

cheers 

another quality post brought to you by happytown inc
replete with stinking badges


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## happytown (7 September 2009)

*Re: MDS - Midas Resources*

as ann'd on 03/09/09, MDS will hold a general meeting on 5th Oct for shareholders to vote in regards to the mulga minerals fe tenements (most in application stage, ie not yet granted) related party transaction (mulga currently owned by MDS director) acquisition

as to their recent ann [18/08/09] re the application for tenements in the Paterson Province (WA) - as discussed in post above - * it appears that the tenements as presented on p3 of the 18/08/09 MDS ann (mds claim to tbe the priority applicant for these tenements), conflict with the Yeneena jv Project as between ENR and Barrick Gold* (ENR earning 75% interest), see for eg ENR anns dated 01/09/09 p3, 01/07/09 p5, 22/04/09 p2; the MDS tenements (applied for) lie inside the Yeneena jv tenement (the eastern boundaries of both co's tenements are identical insofar as they overlap), ENR are undertaking a drilling program this month on the tenement

how many tenements from both mulga and paterson will mds actually end up with (only 1 fe tenement of 8 has so far been granted to mulga - 6 sq km of 144 sq km applied for)

cheers 

another quality post brought to you by happytown inc


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## springhill (26 July 2010)

*Re: MDS - Midas Resources*

Wow, where do i start with this one? Firstly forget their potential as a gold spec, they have been drilling the crap out of Fortitude, for little return. Though if they head further south to Mirage and Stealth, they may finally be heading in the right direction.

Onto their Fe.

MDS announced today an initial Indicated Fe recource of 11.5m tons grading at 53.1%.
http://www.asx.com.au/asxpdf/20100726/pdf/31rhcn8rdv5h30.pdf
Positive is that the resource starts at surface.
Negative is grades seem to be a little on the low side. Shouldn't a decent mag deposit be grading at minimum 56% Fe?
Or can lower grade be offset by the lack of need to actually dig deep for it?

No activities were reported for the Yandicoogina, Marandoo or West Angelas Projects. Though would i hold out hope for these as viable Fe mines. Probably not as you would assume they would attack their most prospective tenemant, West Pilbara Deposit, first.
So maybe some hit and hope potential with the others.

MDS did spike nicely around early April, as seen in attachment below, on announcements of drilling at West Pilbara, so maybe the same could happen with the others if you keep an eye on propective drilling programs.
Could become a tradeable stock, and is heading south again. Possibly a rebound play on any further drilling action.
Looks to be running out of cash though with less than a mill in the bank and no oppies available soon, so expect a cap raising.


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## System (23 April 2014)

On April 23rd, 2014, Midas Resources Limited (MDS) changed its name and ASX code to Hammer Metals Limited (HMX).


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## greggles (25 January 2021)

The Hammer Metals share price has spiked this month after announcing last week that it has intersected copper and gold at the Trafalgar prospect at Hammer's Mount Isa East Joint Venture.






Low grade but wide intercepts.

They announced today that they intend to drill additional holes at Trafalgar from the opposite direction to confirm the width and continuity of mineralisation.

This is the most exciting thing to happen to HMX in a long time. It's been a pretty boring stock overall.  It will be interesting to see if anything comes from this discovery at the Trafalgar prospect.


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## limefresh (6 June 2021)

is someone following this stock


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## greggles (6 June 2021)

limefresh said:


> is someone following this stock




It popped up on my radar back in January, but I can't say I've been following it too closely. Do you have any research or insights to share?


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## finicky (3 January 2022)

I was enviously reading about Carnaby Resources (CNB) recently and saw on their presentation a tenement map which shows how intertwined CNB'S tenements east of Mt Isa are with those of Hammer Metals (HMX).
I have skilfully added a red arrow to the legend of the map below to draw attention to HMX tenements that are coloured grey. It can be seen how much area HMX controls including major fault lines. One tenement is adjacent to CNB's 'Nil Desperandum' prospect which just chalked up 41m @ 4.1% Cu, the occasion for much buying - see CNB chart attached.

HMX looks to have good management including two central figures from Gold Road (GOR) during the discovery of the 6m oz Gruyere gold deposit. I could argue that the stock is a buy on management alone.
Share price of HMX is not really cheap though when considering number of shares quoted: 813m not counting 34m options and performance shares. Using a rough factor of x8 times to consolidate the quoted shares down to 100m would result in a 50c share price, rounded.

I doubt I will be buying because of my overriding objective of increasing cash but the weekly chart shows break of downtrend in mild sympathy with Carnaby's space shot chart.







Weekly





Carnaby (CNB)


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## finicky (17 January 2022)

Well that's it I guess. Wanted to get some HMX today on the back of CNG's Lady Fanny following on from Nil Desperandum but HMX up another 15% and don't want to chase.


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## finicky (17 January 2022)

Compromised and picked up 40,000 @ .072, half of what I wanted to get below .06 but CNB's Lady Fanny announcement tripped me up.
It's pounds to peanuts HMX will pick up on something - with its tenements interlaced with those of CNB, including proximity to Nil Desperandum and Lady Fanny.
CNB could be onto something of scale only about 100kms by direct road and rail from Mt Isa and Glencore's mine and plant.
Anyway HMX has already made a decent start of getting together a copper resource from different deposits - striving for a hub and spoke operation (or a sale to a major maybe) - 400kt Cu jorc so far I think.
Tenements have significant copper workings and a very high grade gold mine to tge near south (Tick Hill)
Worth the punt for me.


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## finicky (24 January 2022)

Doubled up @ 0.059
Bit p*ssed that I got sucked into fomo from the s.p boost from CNB nearology.
Wait out a spike in this type of stock and accept missing out unless the price reverts to before the excitement.


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## finicky (4 February 2022)

HMX got a modest boost today on the back of neighbour CNB's confirmation of its spectacular Cu discovery in the Mt Isa region. If the price dwindles back to the low 5 cents I will pbly add. In the map below by HMX can be seen its tenements in close proximity to  the discovery 'Nil Desperandum', which can be seen arrowed from a blue/grey box.

Funny how in  the Dec Qtrly published Jan 31, Hammer management made no mention of Carnaby's discovery. Perhaps they see them as new arrivals to the area. Pretty sure HMX got first pick of tenements.
CNB after today has roughly a market cap of over $265m (cash maybe $25m), HMX has market cap of ~$50m (cash $8m)

HMX has been building another tenement package along 31km of Mt Isa fault and when they collate historical data they will advertise for a jv partner. See aqua/tan tenements named 'Resolve'. They aready have Sumitomo jv'ing on a tenement. Other majors have interests in the near region: Glencore at Mt Isa. OZL I notice participated in CNB's recent placement.

Not topical, but not to be completely overlooked, HMX also has active tenements alongside the Bronzewing gold mine in the Yandal greenstone belt.


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## finicky (9 February 2022)

Moving up - on CNB's 'Nil Desperandum' nearology presumably. 
The plan was to dump the tranche I bought too early if my buy price was regained, but as usual intention does not equal action.

Daily


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## finicky (11 February 2022)

HMX looks finely balanced here. I read a comment that the hammer candle today was a good sign as it showed the low of the day being rejected but conventionally I believe a hammer in an uptrend can be bearish. The price is hesitating at the level of the prior high. I will be watching in case it fails here and can be picked up at 6c or lower. I haven't seen much interest in Cu explorers here when it comes to discussion of how to benefit from the copper price. Nor mixed commodity miners for that matter, like Newcrest (NCM). Sandfire (SFR) doesn't get mentioned and its chart had its highest weekly close in 3 years.

Held

HMX Daily


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## Sean K (12 February 2022)

finicky said:


> HMX looks finely balanced here. I read a comment that the hammer candle today was a good sign as it showed the low of the day being rejected but conventionally I believe a hammer in an uptrend can be bearish. The price is hesitating at the level of the prior high. I will be watching in case it fails here and can be picked up at 6c or lower. I haven't seen much interest in Cu explorers here when it comes to discussion of how to benefit from the copper price. Nor mixed commodity miners for that matter, like Newcrest (NCM). Sandfire (SFR) doesn't get mentioned and its chart had its highest weekly close in 3 years.
> 
> Held
> 
> ...




Having a watchlist of prospective copper developers is a very good thing at the moment. Well, should have been for the past couple of years really. There's a structural issue with supply demand and new discoveries to cover the looming shortfall while demand is more likely to significantly increase. Add that to Sth American west coast communistas and indigenous communities making it risky to even explore for copper and the price of copper in the short to mid term should be well supported, pending any short term major economic shocks.


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## finicky (14 February 2022)

Shallow and high grade. It's only one hole, the first, but it's a prospect that's never been drilled and is situated in a 12km trend. Unfortunately they don't describe what sort of trend. They'll do a downhole electro-mag survey of this hole. This 'Ajax' prospect is on 100% HMX ground, just outside the joint venture area -30%-70% in Sumitomo Metals' favour in return for Sumitomo spending a lot of money. Hammer seems to have a hell of a lot going on which will include an induced polarisation team surveying prospects in Mar/April.

Also in today's announcement, at last a 'grudging' acknowledgment of Carnaby's results. They have taken their location and methods onboard:



> "Following the nearby “Major Copper Discovery” by *Carnaby Resources (ASX: CNB) at Nil Desperandum, Hammer has instigated a geological review of its neighbouring tenements* and targets *including Revenue prospect (~5km to the East of Nil Desperandum*) and Overlander deposits.
> The review encompasses historical drilling and residual geophysical targets including historical IP surveys which appear to be a factor in Carnaby’s recent exploration success.
> An IP team has been secured for work in March/April to complete initial surveys across several Hammer and Mount Isa East JV targets."


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## Dona Ferentes (2 March 2022)

*NEW DRILL TARGETS DEFINED ACROSS MOUNT ISA PROJECTS *

_• High-priority IP anomaly defined at Overlander South, with drilling expected to commence this week.  
• The interpreted IP anomaly is situated 200m below the existing Overlander South copper-cobalt JORC resource (649,000t @ 1.0% Cu and 500ppm Co*). 
• Down-hole and fixed loop EM surveys currently underway at the Ajax prospect, with results imminent. 
• Laboratory assays from initial drilling at Ajax expected within the next seven days – preliminary portable-XRF intersection of 10m at 3.5% Cu from 27m in HMLVRC014 (ASX Announcement 14 February 2022).   
• Follow-up drilling at Ajax to commence following completion of drilling at Overlander South. 
• Broad copper-gold soil anomaly over 600m of strike defined at Ajax along with multiple anomalies along the Lakeview trend.  
• Several broad copper-gold target zones identified by geochemical soil surveys at Shadow North, Fountain Range and Dronfield, part of the Mount Isa East JV.

........._ up some 10%, as is CNB (joined at hip)


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## finicky (4 March 2022)

Pipped 10c today, a breather not unlikely I guess. Mt Isa terrane.
Strong looking copper prospects: Ajax, greenfield prospect 10m @ 3%Cu first hole, now doing downhole EM at Ajax then follow up drilling 
Copying Carnaby's IP approach to selected areas.

Daily


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## finicky (9 March 2022)

Mixed results announced but the market liked it, HMX ^16%

The assay for the Ajax discovery hole (HMRC014) came back even richer than the portable XRF field estimate announced a couple of posts back (Feb 13). The assay reading for HMRC014 is *11m @ 5% Cu, 2.5g/t Au.*
A splay hole drilled to the *west* of HMRC014 came up with zip.
Downhole EM for HMRC014 came up with nothing immediate but did apparently echo the fixed loop Electro-Magnetic (FLEM) survey completed to the *east* of this discovery hole. This FLEM has registered *a large EM conductor that lies directly beneath a strong Cu-in-soil trend*. You can see the soil samples with readings of greater than 1,000 ppm as small purple squares in the attached diagram. *The EM 'plate' is only 350m to the east of Ajax hole HMRC014*. It measures 500m x 500m dipping west and starts from 100m depth. Only three historic holes have been drilled into the Cu-in-soil prospect by a previous explorer investigating the soil geochem anomalies and those holes only went down 100m at angles narrowly missing the deeper EM conductor that HMX has just found.

In summary they have found:

*the intense Cu/Au mineralisation in Ajax discovery hole MHRC014,*
*the Cu-in-soil anomalies only 350m to the east of HMRC014 *
*the EM conductor 100m beneath the Cu-in-soil anomalies*
They think the three could be related. The m.d says this makes it one of the most exceptional targets he has seen. So on the immediate menu are diamond holes to the east of discovery hole HMRC014, including into the EM conductor.


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## finicky (14 March 2022)

Wishful thinking probably but the HMX daily chart is getting a bit of an early parabolic look to it. It's made good progress recovering the ground lost after the 5 bagger Jan/Feb 2021 spike and has reattained the center level of the consolidation triangle that followed the spike.

On the ground the next drilling activity at Ajax discovery hole has probably already commenced, or will very soon. Diamond drilling into Ajax HMRC014 at depth and along strike will be done. But the most alluring target is the EM anomaly 350 metres to the east of the Ajax hole. As reported this large EM anomaly starts at 100m and is below a known mineralised trend. The *lnference* I draw is that this conductive plate, which is believed to be sulphide, could reflect the feeder source for the Ajax mineralisation? Drilling this has been prioritised but must get past 'cultural' and land access clearances.


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## finicky (29 March 2022)

HMX still going well, currently up 9% on firm volume. Maybe a short term pullback soon?

Decade *Monthly*





And this is what has mostly got the market's attention imo. A big EM conductor buried just below sparse historical drilling and situated only 350 metres east from the discovery hole HMRC014.


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## finicky (12 May 2022)

Very lame looking result from the DD into the big EM conductor east of the Ajax discovery.
Absolutely nothing is panning out for my spec stocks lately - KWR is actually lower than my average price and that's with a critical DD operation ongoing. HRZ crashed back to my buy-in level. CHN smashed.
I have bought nothing in anything during this rout which is largely why I can't post. Anyone would think there's an horrfic war going on with nuclear rumblings. Just ignore anything I say in future would be the best policy 💩


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## finicky (21 July 2022)

Woohoo, back to break even if you don't count brokerage. Temporarily anyway. Any excuse will do for celebration these days.

Hammer Metaks has been horning in on  Carnaby's Mt Hope I.P discovery. The Carnaby geophysics crew had to come on to HMX's ground to flesh out the discovery and found that CNB's strongly anomalous IP chargeability does indeed extend well into HMX's tenement. Further, since CNB's interest in HMX's ground was obviously limited in scope, the I.P (induced polarization) print is open and untested north, south and east.

Held

Daily





*Carnaby's* announcement 14 July


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## finicky (8 September 2022)

Added 40,000 @ 0.049
My cheapest HMX buy yet!
Buying specs feels like a lotto ticket, a shot in the arm, a tonic.
Have to post about something.

Held


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## finicky (25 October 2022)

First hole at South Hope, 650 mtrs south of Carnaby's Mt Hope prospect, delivering a decent intersection of copper. The grade is an XRF reading and true width looks to be between 15m-20m from a diagram in the announcement. 

Held


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## finicky (28 October 2022)

Hoping this will balance the ledger against my 2022 crash and burn spec stocks.
Maybe it's been filling the gap? Plenty of activity to be expected in HMX's Mt Hope region tenements which surround Carnaby's (CBN) Mt Hope mine tenement.

Held


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## finicky (27 November 2022)

I see these pieces as little better than advertisements - but anyway, HMX gets included among some other mini specs on the Copper theme and the OZL takeover.

HAMMER METALS (HMX): Trading at 6.3c for a market cap of $50m. It is active in one of the “hot’’ copper exploration regions – the Mt Isa Inlier of northwest Queensland.

It recently confirmed a high-grade discovery at its South Hope prospect (25m grading 2.41% copper and 0.47g/t gold from 74m), and a follow-up program is planned for early next year. South Hope lies about 650m south of Carnaby’s (ASX:CNB) Mount Hope project which on the strength of its own high-grade copper hits, has driven the market cap of Carnaby to $114 million.








						Barry FitzGerald: Four cheap copper plays sitting on the runway for a 2025 take-off - Stockhead
					

There are two sizable copper plays on the ASX that stand to benefit from the eventual departure of OZ... but that's no fun now, is it?




					stockhead.com.au
				




Held

Weekly


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## Sean K (Tuesday at 9:56 AM)

Hammer not giving up on that ML adjustment. I can see why, it might have some copper under it in that blue box.

What's the bet these two merge at some stage?


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