Carpentaria takes back management of Hawsons project
PERTH (miningweekly.com) – ASX-listed junior Carpentaria Exploration has taken over management of its Hawsons iron project, in New South Wales, from joint venture (JV) partner Pure Metals.
Pure had spent the last 12 months managing the project, investing some A$4.4-million in exploration.
The JV partner had the right to earn a 40% interest in the project by spending A$5-million in exploration, and for a cash payment of A$3.8-million. The remaining A$600 000 not spent during its time as a project manager would now be deposited into a JV account.
Carpentaria recently shifted its focus from grassroots exploration to the development of the Hawsons project, which is currently the subject of a bankable feasibility study.
“Regaining management of our major asset is a very important step as it provides the opportunity to progress Hawsons through development and build Carpentaria into a long-lasting, low-cost, premium iron-ore producer,” said MD Quentin Hill.
He noted that the successful earn-in by Pure placed the JV on a stable footing, with Pure establishing a promising concentrate production rate of ten-million tonnes a year, confirming a viable water source, progressing environmental impact studies and submissions for a mining lease application.
Development work at Hawsons would continue, Hill said.
The project is currently underpinned by an inferred and indicated resource of 1.8-billion tonnes, containing some 263-million tonnes of concentrate grading 69.7% iron.
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