Stocks of the Hour: C29 Metals, Hammer Metals, St George Mining

Company News

by Abbey Phillipps

C29 Metals Limited (ASX:C29) announced this morning the signing of an option agreement to acquire 80% of two exploration licences located within the world renowned South American lithium triangle. Projects are drill ready with previous exploration indicating highly
prospective layers of lithium bearing brine potential. C29’s Executive Director Mark Major commented: “We recognise the rapid changes in the future world's metal usage caused by the evolution to move to a more sustainable electrified world. The fundamental movement for increased electrical storage and the growth in electric vehicle markets is driving unprecedented growth in the lithium market. The company believes the potential of Lithium brine extraction that is quicker to enter the market, and which operates at the lower end of the cost curve will be critical to fill the void being created with the current and future demand fundamentals.” Shares are trading 60 per cent higher at 24 cents.

Hammer Metals Ltd (ASX:HMX) announced that its first Reverse Circulation (RC) drill-hole completed at the South Hope prospect, located ~650m south of the Carnaby Resources Limited’s (ASX:CNB) Mount Hope prospect, has intersected a broad zone of copper-bearing sulphides. Hammer’s drilling in the Mount Hope region, part of its extensive copper-gold portfolio in the Mount Isa district of NW Queensland, commenced on Saturday, 22 October 2022. In response to the news, Hammer’s Managing Director, Daniel Thomas said, “this is the first recorded drillhole at South Hope and the interim XRF analysis confirms the nature of the historical workings and provides an indication of the significant copper potential at this prospect.” Shares are trading 15.5 per cent higher at 7 cents.

St George Mining Limited (ASX:SGQ) announced today that drilling has commenced at its Mt Alexander Project to test below numerous widespread pegmatite dykes, which are interpreted as highly prospective for lithium mineralisation. John Prineas, St George Mining’s Executive Chairman, said: “This is an exciting milestone for St George as we commence the first-ever, lithium-focused drill programme at Mt Alexander. This initial phase of drilling will provide St George with an opportunity to potentially make a greenfields discovery within what is emerging as a significant lithium province.” Shares are trading 9.8 per cent higher at 6 cents.

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