In effect.mes you can read about such a weapon. There are actually two effect variations for it: {148}{st +2, cn +1, maxhps +15%, maxfatigue +10} // Weapon: Hammer of the Earth (1) {149}{in -3, wp -3} // Weapon: Hammer of the Earth (2) Anyone knows if the hammer was implemented in Arcanum? Perhaps it goes under a different name?
I can't remember having ever come across something like that back when I was scavenging the game for rare and unusual items, seems like it would be an interesting find if it is in the game.
There are multiple equipment entries in effect.mes which aren't tied with any items in the final game. The Hammer of the Earth's entries are two examples of them.