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Metal Hawk snaps up WA gold projects from IGO

Maiden drilling at Platina Resources’ Xanadu gold project in WA has confirmed a large-scale gold system over 600m by 600m in all directions.

Mineral exploration company Metal Hawk has signed a binding agreement to purchase IGO’s joint venture stakes in three Western Australian projects.

Metal Hawk will buy IGO’s 51 per cent interest in the Kanowna East and Emu Lake, which are both prospective gold and nickel projects in the eastern goldfields.

Kanowna East is located eight kilometres from the Kanowna Belle gold mine and Emu Lake is located 55 kilometres northeast of Kanowna Belle.

Additionally, Metal Hawk will take IGO’s 51 per cent stake in the Fraser south project, which is also a gold and nickel project, and is located 80 kilometres south of the Nova-Bollinger mine.

Metal Hawk’s transaction will result in IGO’s shareholding in the company increasing from 5.4 per cent to 8.2 per cent.

Metal Hawk managing director William Belbin said he is pleased to see IGO increase its shareholding in the company.

“Since the MHK-IGO earn-in and joint venture agreement commenced in September 2020, there has been a significant amount of quality work carried out by the IGO team. Metal Hawk is now well positioned to realise the potential of these projects,” Belbin said.

Belbin added that exploration activities will commence at Fraser South soon as planning is nearing completion for a maiden drill program targeting early-stage indicators of nickel-copper sulphides and rare-earth elements (REE).

“The project is positioned within a rapidly emerging REE region highlighted by a number of exciting new clay-hosted discoveries along strike and immediately south of Metal Hawk’s 987 square kilometres tenement area,” Belbin said.

The news comes as IGO reported solid nickel production of 8358 tonnes in its March quarterly report for the 2023 financial year.

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