Hawthorn Advances Anglo Saxon Drilling Amid Strong Gold Prices
Hawthorn Resources has completed an 8000m drilling program at its Anglo Saxon gold project, with assay results due soon to inform a new pit optimisation study. Meanwhile, the company benefits from a 1% royalty on the Mt Bevan magnetite project as JV partners progress development plans.
- Completion of 8000m RC drilling at Anglo Saxon gold project
- Assay results expected in November to support new pit optimisation
- Anglo Saxon hosts 157,000 ounces at 6.1g/t gold resource
- Hawthorn holds 1% FOB royalty on Mt Bevan magnetite project
- Strong cash position of A$12 million supports ongoing exploration
Drilling Progress at Anglo Saxon
Hawthorn Resources has made significant strides in advancing its Anglo Saxon gold project in Western Australia, completing a two-stage reverse circulation drilling program totaling 8000 metres. This drilling, aimed at enhancing the scale and confidence of the existing mineral resource, is a critical step ahead of the release of assay results expected in November. These results will underpin a new pit optimisation study designed to evaluate open pit development options using current gold prices and updated cost inputs.
Resource and Project Optimisation
The Anglo Saxon project currently boasts a high-grade mineral resource estimate of 157,000 ounces at 6.1 grams per tonne gold. The forthcoming optimisation study will leverage this resource base alongside prevailing market conditions to assess the feasibility of mining operations. Notably, the joint venture partners have shifted focus from underground to open pit mining models, reflecting improved economics amid robust gold prices. Additionally, modelling has commenced on the nearby Harbour Lights prospect, which could serve as a satellite resource to Anglo Saxon.
Mt Bevan Royalty and Forward Works
Beyond gold, Hawthorn holds a 1% free-on-board royalty on the Mt Bevan magnetite project, where joint venture partners Hancock Magnetite Holdings and Legacy Iron Ore are actively advancing a Forward Works Plan. This plan aims to refine project parameters following a positive pre-feasibility study confirming a substantial 1.29 billion tonne magnetite resource with premium iron content. The royalty exposure positions Hawthorn to benefit from the growing demand for high-grade iron ore, particularly for greener steel production technologies.
Financial and Corporate Stability
Hawthorn maintains a solid financial footing with a cash balance of A$12.01 million at the end of the quarter, supported by ongoing monetisation of low-grade stockpiles at Anglo Saxon. This self-funding approach has enabled the company to sustain exploration and development activities without immediate capital raises. Shareholdings remain stable, with the top 20 shareholders controlling nearly 75% of issued shares, reflecting consistent investor confidence.
Looking Ahead
The next few months will be pivotal as assay results from the recent drilling inform the updated resource model and pit optimisation study. These outcomes will shape the development strategy for Anglo Saxon and potentially unlock further value. Meanwhile, progress on Mt Bevan’s Forward Works Plan and the evolving market dynamics for iron ore and gold will continue to influence Hawthorn’s growth trajectory.
Bottom Line?
Hawthorn’s upcoming assay results and Mt Bevan royalty progress will be key to unlocking shareholder value in a buoyant commodity environment.
Questions in the middle?
- Will the November assay results expand the Anglo Saxon resource or improve grade confidence?
- How will the new pit optimisation study impact the project’s development timeline and economics?
- What are the implications of the Mt Bevan royalty as iron ore markets evolve and production advances?
