Pure Resources has completed the acquisition of the Garnet Hills garnet project in Western Australia, marking a significant step towards developing one of the world’s few hard-rock garnet mines.
- Acquisition of Garnet Hills mining lease finalized
- Milestone 1 payment of $125,000 completed
- Project located 90km north of Halls Creek, WA
- Mining lease valid until 2038
- Advancing towards feasibility studies and development
Acquisition Completion Marks Strategic Expansion
Pure Resources Limited has officially settled the acquisition of Garnet Hills Pty Ltd, securing Mining Lease M80/416, a high-grade garnet deposit situated in a prime location in Western Australia. This acquisition positions Pure Resources to tap into a rare hard-rock garnet resource, a commodity with limited global commercial mining operations.
Project Location and Strategic Advantages
The Garnet Hills project lies approximately 90 kilometres north of Halls Creek, strategically close to the Great Northern Highway and Wyndham Port. This proximity to key infrastructure is expected to facilitate efficient transport and export logistics, potentially reducing operational costs and enhancing project viability.
Milestone Payment and Progression
Following successful costeaning, bulk sampling, and metallurgical test work, Pure Resources has made the first milestone payment of $125,000 as per the binding option agreement. This payment signals the transition from acquisition to active project development, with the company now focusing on advancing feasibility studies.
Future Outlook and Market Potential
Executive Chairman Patric Glovac highlighted the significance of this milestone, emphasizing the potential for Garnet Hills to become one of the few commercially viable hard-rock garnet mines globally. As Pure Resources moves forward with its development plans, the project could contribute meaningfully to the company’s growth and the broader industrial minerals market.
Next Steps and Investor Watchpoints
With the mining lease secured until 2038, Pure Resources has a long runway to explore and develop the deposit. Investors will be watching closely for updates on feasibility outcomes, capital requirements, and timelines for potential production commencement.
Bottom Line?
Pure Resources’ Garnet Hills acquisition sets the stage for a rare hard-rock garnet mine, but key development milestones remain ahead.
Questions in the middle?
- What are the projected capital expenditures and timelines for Garnet Hills’ development?
- How will Pure Resources finance the next phases of feasibility and construction?
- What is the current and forecasted demand outlook for hard-rock garnet in global markets?