Legacy Iron Ore Limited - MT BEVAN MAGNETITE JOINT VENTURE REVISED MINERAL RESOURCE ESTIMATE (MRE)

About this update from Legacy Iron Ore Ltd

Legacy Iron Ore Limited (ASX: LCY, Legacy), Hawthorn Resources Limited (ASX: HAW, Hawthorn) and Hancock Prospecting Pty Ltd , are pleased to announce a resource upgrade for the Mt Bevan Iron Ore Joint Venture project (Project). This follows the completion of a drilling campaign of a total of 41 drill holes totalling 9,009m. A summary of the Mineral Resource Estimate (MRE) and JORC Table 1 Sections 1-3 are included in Appendix A. Modelling of the resource using the RPEEE pit shell as per JORC 2012 has resulted in a 10% increase in the total mineral resources to 1,290 Mt from the 2013 MRE1 completed by SRK (1,170 Mt). The indicated resource is 380 Mt at a grade of 33.94% Fe with a DTR of 43.15%. The Inferred resource is 910 Mt at a grade of 33.35% Fe and a DTR of 43.15%. The Project is a Joint Venture between Legacy (42%), Hawthorn (28%) and Hancock Magnetite Holdings Pty Ltd (Hancock) (30%), a wholly-owned subsidiary of Hancock Prospecting Pty Ltd. Hancock has the exclusive right to earn-in a further 21% in the Project by funding a PFS. Upon completion of the PFS the JV ownership will be Hancock (51%), Legacy (29.4%) and Hawthorn (19.6%). Contact: Tel: +61 8 9421 2000 (C) 2024 Electronic News Publishing, source ENP Newswire

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