Mt Bevan Critical Minerals Project
(Hawthorn Resources Limited 37% - Hancock Magnetite Holdings Pty Ltd 7.5% - Legacy Iron Ore Limited 56%)
Critical Minerals- lithium, copper, nickel are essential building blocks of global electrification and a Net Zero Emissions target. Mt. Bevan is a compelling multi-faceted exploration tenement on the Mt Ida fault along strike from existing lithium discoveries. It not only hosts a world class magnetite project for next generation steel, but significant gold, nickel and lithium resources. The Mt Ida fault is now acknowledged as an emerging lithium pegmatite (LCT) corridor following recent discoveries by Delta Lithium (ASX: DLI). Delta announced an initial Mineral Resource of 12.7mt of LiO2 @1.2% in October 2022 on ground adjoining our Mt. Bevan JV. Drilling is currently underway by the JV following geophysics and rock chip sampling on areas of out cropping pegmatites.
Hancock formalized a JV for Critical Minerals including lithium, copper and nickel on 15 June 2023 with Hawthorn and Legacy Iron Ore and earned an initial 7.5%. Hancock made an initial investment of $4m for a 7.5% JV interest with Hawthorn receiving cash of $1.6m. Hancock may fund an additional $22m to earn a total of 51%. Initial work on the JV includes ground and aerial geophysics, targeting outcropping pegmatites and soils ahead of drilling planned in March 2024.
For details of these Joint Venture developments on Critical Minerals, refer to Hawthorn’s ASX announcement of 29 August 2022 and recent quarterly reports.
