GWR Group takes Dynamic magnesium JV through to second stage in Tassie
June 21, 2024GWR Group has committed to advancing Prospect Ridge with a phase 2 drill campaign and scoping study over the magnesite joint venture with Dynamic Metals near the port of Burnie in northwest Tasmania.
Six holes for 900 metres will be directed at increasing confidence in a 25.1 million tonne at 42.4 per cent magnesia resource split between two deposits and standing as the third largest such inventory in Australia.
That resource is yet to be inclusive of phase 1 drilling which produced results up to 118m at 43.3% magnesia at the Arthur River deposit, and the 70:30 partners already have a 21-hole, 3150m confidence-raising third round in mind.
Scoping study work has also begun using past feasibility studies, the recent drill results, and the input of a federally funded Regional Research Collaboration Grant.
GWR Group Chairman Gary Lyons said the company was eager to push ahead on the project and begin its next phase of drilling while discussing plans for an aggressive follow-up campaign.
“The drilling program will be used to provide additional metallurgical samples, assist with mineral resource estimation and domaining of mineralisation types,” he said.
“All valuable information that will assist in completing a detailed scoping study on the project.”
Lyons added that the infrastructure in place to potentially advance the project through to production was of significant economic benefit.
“The company will continue on its green focus with the potential industrial hub planned by the Tasmanian Government at Hampshire located less than 40 kilometres from the Prospect Ridge Magnesium Project, where a combination of potential hydro and wind power sources are planned,” he said.
Major partner GWR expects both interest and collaboration with world-leading refractory manufacturers around Prospect Ridge, with plans to have a leading industrial minerals expert to assist with envisaging and defining the product and market for project output.
The Perth-based explorer and developer has a full account after selling off its Wiluna West iron ore asset to privately held Gold Valley for more than $30 million, a sum it believed included enough resources to advance a significant project to production.
But at least a part of the kitty has been marked for an acquisition, and GWR is now looking at and taking due diligence over potential acquisitions with confidence that one at least will lead to a transaction.
While critical mineral magnesium is the focus, sulphur and iron intercepts from 2023 drilling were enough to warrant more investigation, and sample pulps have been submitted to investigate Prospect Ridge’s likelihood for iron oxide-copper-gold deposits.
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