A large discovery of DSO will be a plus and it would certainly de-risk Mt Bevan project as Capex start would be lower with significant revenue to boost magnetite phase 2 project, IMO...
1. Initial iron assay results from rockchips samples in 2007/2008 (from Lines 6776774N/243665E ---> 6781836/240221E), reported that half of the samples have assay grades of > 55% Fe
2. Drilling results in 2008/2009 at Mt Mason Extension (close to Jupiter Mines) intersected Significant zones of hematite mineralisation.
3. Ground Gravity Program (2007/2008) Hawthorn has commenced a comprehensive ground gravity survey covering the interpreted primary target horizon extending from Mt Mason to Mt Bevan (a distance of more than 9.5 kilometres).
The survey is one third complete, however, a series of substantial gravity anomalies have been identified within the target horizon.
The survey was commissioned as haematite orebodies are often much denser than the rocks that surround them and display characteristic relative “high” gravity signatures. The technique is routine in iron ore exploration and the gravity signatures of many existing haematite orebodies are well known for comparison.
The anomalies identified to date appear to have 40 -120 metre wide surface expressions and display a number of structural controls. Crosscutting faults, similar in nature to faults immediately north of the outcropping Mt Mason haematite mineralisation, have been identified and conform well to features interpreted from aeromagnetic and airphotographic data.
The anomalies are of similar or greater amplitude and shape to those developed over the haematite mineralisation drilled by Hawthorn in holes MNC004, MNC005 and MN006 during July 2008.
Importantly the newly identified anomalies are also significantly denser than out- and subcropping magnetite enriched iron formations, sediments and greenstones outcropping to the west of the target horizon..
July 2008 RC Drilling Hawthorn carried out an initial RC drill program primarily focused on possible northern strike extensions of the Mt Mason iron ore resource...
The drilling occurred concurrently with an infill drill program carried out by Jupiter at Mt Mason. Jupiter’s program has seen holes drilled to within 14 metres of the southern boundary of tenement E29/510.
Results from the initial 5 holes of Hawthorns program were announced on the 29th of August 2008 and included:
17 metres @ 57.2% Fe from 37 metres in MNC004 40 metres @ 61.7% Fe from 48 metres in MNC005 24 metres @ 58.2% Fe from 59 metres in MNC006 and 9 metres @ 62.3% Fe from 84 metres in MNC006
I hold both LCY and HAW...
Please DYOR and GLTA
Cheers,
Interpreted Geology and Gravity Anomaly Target Map
HAW Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
