Australia-based Carpentaria Exploration (CAP) has announced that it has signed an agreement with Pure Metals Pty Ltd to jointly develop its Hawsons
iron ore project in New South Wales.
Accordingly, Pure Metals will acquire 40 percent joint venture interest of Bonython Metals Group Pty Ltd (currently in liquidation) in the Hawsons
iron ore project. Pure Metals will fund A$5 million for the cost of the bankable feasibility study and an additional A$3.8 million in cash to CAP to reimburse the company for past expenditure on the project.
The Hawsons
iron ore project includes an inferred magnetite resource of 1.4 billion mt and is favorably located with existing power, water, rail and port infrastructure available for a 5-10 million mt per year startup operation.