Hawsons Drilling Program and Resource Update Completed

Hawsons Iron is pleased to advise the drilling program in H1 2024 completed as a follow-up to the H1 2023 and H2 2023 programs has successfully further defined the extent, tonnage and grade of shallow magnetite mineralisation in the Fold Zone south of the existing mineral resource.

The 2023 and H1 2024 programs have confirmed the existence of additional magnetite resources at a depth of 30-150 metres with a grade of 9 per cent Davis Tube Recovery (DTR) or higher. These resources will help to further improve the Hawsons Iron Project’s cash flow during the first critical years of operation and also support the Project’s current projected mine life.

Hawsons CEO, Tom Revy, commented, “While the drilling program has increased the previous Mineral Resources, the Company is planning to initiate a more extensive infill drill program to significantly increase Measured & Indicated Mineral Resources thereby extending the projected mine life. The results of this work will help to provide greater certainty for investors and have the potential to positively impact both the NPV and IRR of the Project.”

For more detail, see ASX Announcement.

Trucks working at Hawsons Iron Project site