Joint venture partners Hawthorn Resources (ASX:HAW), Legacy Iron Ore (ASX:LCY), and Hancock Magnetite Holdings have started drilling on the Mt Bevan tenement on the Mt Ida fault.
Hawthorn Resources (37%), Legacy Iron Ore (55.5%), and Hancock (7.5%) all report the drilling follows extensive early stage field reconnaissance work, regional geophysics, and rock chip sampling, which has led to the selection of five drill target locations.
At the end of March 2024, Hancock earned a 7.5% interest in the Other Minerals JV, which was executed in June 2023 (when Hancock acquired an initial 7.5% interest) and parallels the current iron ore JV between the parties.
It is focused on the Mt Ida fault, acknowledged as an emerging lithium, caesuim, and tantalum (LCT), pegmatite corridor following discoveries by the JV’s neighbours Delta Lithium, St George, and more recently Juno Minerals.
The current program plans to complete between 6,000m and 8,000m of drilling.
The JV partners report should the results prove positive, Hancock may fund additional exploration and development work totalling $17 million to earn an additional 43.5% interest, taking its interest to 51% of the JV.
Hawthorn and Legacy will then hold 19.6% and 29.4%, respectively.
The Lithium JV agreement follows the execution of a similar JV between Hancock, Legacy, and Hawthorn on the same tenement for Iron Ore minerals, primarily magnetite, announced in November 2021.
Write to Adam Orlando at Mining.com.au
Images: Hawthorn Resources
