Legacy Iron Ore Ltd (ASX: LCY) and Hancock Magnetite Holdings Pty Ltd have further confirmed their joint venture and the latter’s earn-in) into the Mt Bevan iron ore project in WA with the execution of a non-binding deed in relation to nickel, lithium and copper.
Under the deed, Legacy Iron and Hawthorn have granted Hancock the exclusive right to undertake a desktop study to assess nickel, lithium and copper on the Mt Bevan project. The exclusive period is for a period of three months and commences on the date of Hancock receiving all exploration data held by Legacy Iron and Hawthorn. The results of the desktop study will be made available to Legacy Iron and Hawthorn for review.
Legacy Iron CEO Rakesh Gupta said that the world is rapidly introducing new forms of energy which require vast quantities of nickel, lithium and copper.
“This agreement further strengthens the working relationship between the Mt Bevan joint venture partners. We eagerly await the outcome of the desktop study being conducted by Hancock.”
Hawthorn Managing Director Mark Kerr said there is significant momentum towards energy efficient technologies.
“Exploration for nickel, lithium and copper is imperative to facilitating these energy options. Hawthorn Resources are delighted to expand our relationship with Hancock.”
About Mt Bevan
The Mt Bevan project is a joint venture with Hancock, Legacy Iron and Hawthorn Resources situated 250km north of Kalgoorlie and 100km west of Leonora in the Central Yilgarn region of Western Australia.
The Project is located on tenement E29/510 covering 165.2km2, which hosts the 1,170 Mt Magnetite (Fe3O4) Resource @ 34.9% Fe based on an Inferred resource estimate produced by SRK Consulting and announced March 2014.
