Hawthorn Resources has reported exceptional high-grade drilling results at its Anglo Saxon Gold Project, underpinning a robust updated resource estimate and advancing plans for open pit mining. The company’s strong cash position supports ongoing development amid record gold prices.
- 53-hole, 7,856m RC drilling program yields 19 intervals over 30 g/t gold
- Updated JORC 2012 Mineral Resource Estimate supports open pit and underground options
- MineComp commissioned for pit optimisation using current gold prices
- Hawthorn converts Mt Bevan stake to 1% FOB royalty, advancing magnetite project
- Company ends quarter with $11.34 million cash, well positioned for next development phase
Outstanding Drilling Results at Anglo Saxon
Hawthorn Resources Limited has unveiled a compelling set of high-grade drilling results from its Anglo Saxon Gold Project, located near Pinjin in Western Australia. The recent 53-hole reverse circulation (RC) drilling campaign, totalling 7,856 metres, confirmed 19 discrete quartz vein intervals grading above 30 grams per tonne (g/t) gold. Notably, several historical drill holes returned bonanza-grade intercepts, including an extraordinary 0.5 metres at 734 g/t gold.
These results reinforce the continuity and density of mineralisation within the shear-hosted quartz veins, which extend over a strike length of approximately 1.2 kilometres and remain open at depth. The Anglo Saxon deposit’s stacked vein system, dipping eastward within the Pinjin fault zone, continues to demonstrate strong potential for both open pit and underground mining.
Updated Mineral Resource Estimate and Development Plans
In December 2025, Hawthorn released an updated JORC 2012-compliant Mineral Resource Estimate (MRE) for Anglo Saxon. The MRE reports 1.53 million tonnes at 4.06 g/t gold (approximately 199,700 ounces) at a 0.5 g/t cut-off suitable for open pit mining, and 709,000 tonnes at 6.64 g/t gold (about 151,300 ounces) at a 3 g/t cut-off for potential underground extraction. This update incorporates both new drilling data and historical results, providing a more robust foundation for project evaluation.
Following the MRE, the joint venture has engaged MineComp Pty Ltd to conduct a pit optimisation study using prevailing gold prices and cost inputs. This study aims to refine development options and assess the economic feasibility of recommencing open pit mining, a significant step given the project’s previous mining history and the current favourable gold market.
Strategic Positioning and Financial Health
Hawthorn’s Managing Director, Brian Thornton, highlighted the low-risk profile of Anglo Saxon, emphasising the high-grade nature of the resource and the strong continuity of mineralisation. He noted that the updated MRE and drilling results significantly de-risk the project and set the stage for optimisation and financial modelling ahead of mining decisions.
On the corporate front, Hawthorn maintains a solid cash position of $11.34 million as of the quarter’s end, providing ample funding for exploration and development activities. The company also converted its 19.6% equity stake in the Mt Bevan Magnetite Project to a 1% net free-on-board royalty, aligning with advancing pre-feasibility and forward works plans for this high-grade iron ore asset.
Outlook and Market Implications
With the Anglo Saxon project poised for a potential restart of open pit mining, Hawthorn is well placed to capitalise on record gold prices. The forthcoming optimisation study will be pivotal in shaping the project’s development pathway and attracting third-party funding or operational partnerships. Meanwhile, the royalty interest in Mt Bevan offers exposure to premium-grade magnetite production, complementing Hawthorn’s gold portfolio and providing diversification into the growing demand for ‘greener’ steelmaking inputs.
Bottom Line?
Hawthorn’s Anglo Saxon project is entering a critical phase where high-grade resources and strong cash reserves converge, setting the stage for a potential mining revival amid buoyant gold markets.
Questions in the middle?
- What are the timelines and expected outcomes for the MineComp pit optimisation study?
- How will Hawthorn approach negotiations with third parties for funding and managing Anglo Saxon’s development?
- What impact will the Mt Bevan royalty stream have on Hawthorn’s long-term financial outlook?