Hawthorn Resources Limited (ASX:HAW) Quarterly Activities Report
Mt Bevan Magnetite Project Highlights
Hawthorn Resources Limited completed a successful Pre-Feasibility Study (PFS) for the Mt Bevan Magnetite project. The study indicated a revised mineral resource estimate of 1,291 million tonnes, confirming the high-grade nature with a Direct Reduction Grade of over 70% iron content. A forward works plan is set to refine crucial parameters leading to an investment decision.
Corporate Updates
During this quarter, Hawthorn converted its 19.6% equity interest in the Mt Bevan Joint Venture to a 1% FOB royalty, thereby providing a potential royalty stream from iron ore production. The current cash position stands at A$12.94 million.
Other Minerals Joint Venture Findings
Drilling across the Mt Bevan lithium and other minerals joint venture yielded inconclusive results. Approximately 8,000 metres of RC drilling were conducted on various targets, prompting a project review due to the disappointing outlook for lithium pegmatites.
Anglo Saxon Gold Project Developments
The Anglo Saxon gold project has garnered interest due to ongoing record gold prices. An updated optimisation model for the project has been commissioned to explore development options, with discussions with potential partners progressing.
Future Outlook
Hawthorn aims to continue exploration efforts for lithium and assess additional grassroots targets to uncover economically viable mineralisation. The company plans to advance the planned reverse circulation drilling program at the Anglo Saxon project in the upcoming quarter.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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