(Hawthorn Resources Limited (ASX: HAW) 37%,
Legacy Iron Ore Limited (ASX: LCY) 55.5% and
Hancock Magnetite Holdings Pty Ltd (Hancock) 7.5%).
The Joint Venture is pleased to announce that drilling has commenced on the Mt Bevan Joint Venture tenement on the Mt Ida fault, Figure 1.
This follows extensive early-stage field reconnaissance work, regional geophysics, and rock chip sampling, which has informed the selection of five drill target locations.
At the end of March 2024, Hancock Magnetite Holdings Pty Ltd (Hancock) had earned a 7.5% interest in the Other Minerals JV, which was executed in June 2023 (when Hancock acquired an initial 7.5% interest) and parallels the current iron ore JV between the parties.
It is focused on the Mt Ida fault, acknowledged as an emerging lithium, caesuim and tantalum (LCT), pegmatite corridor following discoveries by the JV’s neighbours Delta Lithium, St George and more recently Juno Minerals, Figure 2.
The current program plans to complete between 6,000m and 8,000m of drilling. Should the results prove positive, Hancock may fund additional exploration and development work totaling $17m to earn an additional 43.5% interest. This would take their interest to 51% of the JV, with Hawthorn and Legacy holding 19.6% and 29.4%, respectively.
The Lithium JV agreement follows the execution of a similar JV between Hancock, Legacy, and Hawthorn on the same tenement for Iron Ore minerals, primarily magnetite, announced in November 2021.
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