Fold Zone drilling exceeds Hawsons’ expectations

Follow-up drilling has exceeded Hawsons Iron’s (ASX:HIO) expectations for the Fold Zone area within its namesake project in New South Wales. 

The $30.32 million market capitalisation company says the results confirm the potential to improve Hawson’s economics, early cash flow, and support discussions with strategic investors on funding a Bankable Feasibility Study (BFS).

Managing Director Bryan Granzien says drilling confirmed the presence of mineable widths of ‘higher grade’ mineralisation above the base of oxidation, which supports a change in mining strategy to shorten Hawson’s ramp-up period to full production. 

“The drilling program had achieved the objective of defining shallow higher grade mineralisation, within the southern part of the latest pit shell design which would improve the project’s economics.”

Privately held H&S Consultants correlated results from existing geological modelling with further ground magnetic survey data to generate an enhanced 3D model of the Fold Zone’s mineralisation. 

Granzien says: “We’ve been able to use the newly reinterpreted ground magnetic data to improve our geological interpretation for the Fold area and accurately identify zones of higher grade, near-surface magnetic material for further resource estimation drilling.”

A total of 21 reverse circulation holes for 2,978m were completed at the Fold area. 

Hawsons Iron is an iron ore explorer focused on its flagship namesake project near Broken Hill in New South Wales. 

As of 31 December 2023, the company had $3.192 million cash and cash equivalents at hand, according to its latest quarterly report.

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Images: Hawsons Iron
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.