Hawthorn Resources Limited (AU:HAW) has released an update.
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Hawthorn Resources Limited has confirmed to the ASX that Hancock Magnetite Holdings Pty Ltd’s stake in their joint venture has increased to 51% following a prefeasibility study. The study’s financial analysis reveals that cash flows from indicated resources alone cannot offset capital expenditures, thus no JORC compliant ore reserve was reported. Additionally, the company’s long-term mine model is primarily dependent on inferred and ‘unclassified’ resources, which carry assumptions about their metallurgical properties that further testing may challenge.
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