Legacy Iron Ore (ASX: LCY) has achieved another milestone in the advancement of Mt Bevan Iron Ore Project after receiving the signed and executed transfer forms for a 60% interest from its joint venture partner Hawthorn Resources (ASX: HAW).
The papers have now been lodged by Legacy Iron with the Department of Mines and Petroleum of Western Australia.
Legacy Iron has met the required $3.5 million exploration investment to move to the increased stake on the project, which already hosts a JORC Inferred Resource of 2.26 billion tonnes of magnetite mineralisation at 27.6% iron (15% iron cut off).
A highlight of Mt Bevan is the projects low cost development and operational potential, which has attracted significant international interest.
There is also a revised resource statement on the horizon due in late August for Mt Bevan, following on from the completion of an infill drill program.
Phase 3 comprised around 6300 metres of reverse circulation and 2200 metres of diamond drilling, designed to increase the confidence category to Indicated from Inferred, while also providing material for metallurgical test work.
This drilling targeted a central two kilometre strike length of the 10 kilometre long magnetite resource at the Western BIF target.
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