Hawthorn Resources (HAW.AX), Legacy Iron Ore (LCY.AX) and Hancock Prospecting have released an updated resource calculation on the Mt Bevan iron ore project after completing in excess of 9,000 meters of drilling in 41 holes. This allowed the three owners to update the 2013 resource and the project now contains 380 million tonnes of rock in the indicated resource category and 910 million tonnes in the inferred resource category at an average grade of around 33.5% Fe. Needless to say the project has now likely reached the critical mass required to consider developing the asset.
Hawthorn owns 28% of the project with Legacy Iron owning 42% and Hancock owning 30% but the latter has the right to acquire an additional 21% of the project by completing all the steps until and including a pre-feasibility study. That would result in Hancock owning 51% of the project with Legacy and Hawthorn owning respectively 29.4% and 19.6% of the asset.
Disclosure: The author has no position in any of the companies mentioned in this article. Please read the disclaimer.
