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Source: Hawsons Iron
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  • Hawsons Iron (HIO) increases indicated and inferred resources for its namesake project in New South Wales following a mineral resource update
  • The company has reported a nine per cent increase in indicate resources to 132 million tonnes and an 18 per cent increase in inferred resources to 268 million tonnes
  • H&S Consultants completed the estimate which was based on the new optimised cut-off grade of six per cent as determined in a pit optimisation study
  • HIO says it’s extremely excited by this new development and the opportunities emerging in taking the mine into production
  • Shares are trading 3.80 per cent higher at 8.2 cents at 2:26 pm AEDT

Hawsons Iron (HIO) has reported an increase in indicated and inferred resources for its namesake project in New South Wales following a mineral resource update.

The project is under a joint venture between Hawsons and Starlight Investments, with HIO holding 94 per cent and currently managing the project.

While the project comprises a number of prospects, the mineral resources have been generated for the Core and Fold areas which are contiguous.

The company has reported a nine per cent increase in indicated resources to 132 million tonnes and an 18 per cent increase in inferred resources to 268 million tonnes.

Independent geological experts H&S Consultants completed the estimate which was based on the new optimised cut-off grade of six per cent as determined in a pit optimisation study.

KPS Innovation completed the study which confirmed the outer boundary of the total resource hasn’t been fully identified. HIO said this indicated there was more iron ore to be drilled out.

HIO’s Executive Chair Bryan Granzien said it was clear the life of mine tonnages would increase further at the project with the planned resource extension drilling.

“We are extremely excited by this new development and the opportunities emerging in taking the mine into production,” Mr Granzien said.

Moreover, the updated mineral resources confirmed the studies. They found that with the current defined resources ore above six per cent, the project could produce 392 million tonnes of concentrate at a grade of 69.8 per cent iron.

The study also determined the 10 and 20-year pit shells, representing the required measured and indicated resource areas. These are set to allow the company to target the current drilling program to better define those areas for a bankable feasibility study.

In particular, it found roughly 100 million tonnes of ore is needed to be brought from inferred to measured and while that appears possible, KPS recommended investigations be made into potentially outcropping and shallow ore to feed the mill

Further, the study concluded the south-eastern pit area has shallow high-grade mineralisation which HIO said could offer a low cost and efficient entry point to mining and processing. HIO plans to assess this possibility following the current drilling program.

Shares were trading 3.80 per cent higher at 8.2 cents at 2:26 pm AEDT.

HIO by the numbers
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