Carpentaria signs JV with Pure Metals
PERTH (miningweekly.com) – ASX-listed junior Carpentaria Exploration has signed a new joint venture (JV) agreement with Pure Metals over its Hawsons iron project, in New South Wales.
The Hawsons project has an inferred magnetite resource of some 1.4-billion tons, grading 15.5% iron, for 220-million tons of iron concentrate, as well as an exploration target of between six-billion and 11-billion tons, grading between 14% and 17% iron.
Under the new agreement, Pure Metals would fund A$5-million over the next 12 months to progress a bankable feasibility study (BFS) on the project. The parties have also agreed to work together to secure a development partner for the project.
Pure Metals acquired a 40% stake in the project after Bonython Metals Group (BGM), which was currently in liquidation, accepted an offer for the stake in February this year.
The Australian Federal Court has also ruled that the sale of the BGM JV interest in the Hawsons project could proceed, dismissing an application to prevent the sale by way of an injunction.
Carpentaria’s executive chairperson, Nick Sheard, said on Monday that the new JV agreement removed key uncertainties that have hindered investment in the project over the past two years, and would allow the JV parties to advance the Hawsons project at a greater pace.
Carpentaria and Pure Metals would now work to develop a work programme to advance the BFS, expected within 30 days.
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