Havilah Resources Acquires Iron Ore Tenement for Strategic Expansion

Havilah Resources Limited (ASX: HAV) has finalized a binding agreement with GBM Resources Limited (ASX: GBZ) for the acquisition of Exploration Licence (EL) 6299, situated near Olary in South Australia. Covering 49 square kilometers and containing extensive outcrops of the Braemar Iron Formation, the tenement holds promise for iron ore exploration. Havilah will pay GBM $100,000 for the tenement, with $50,000 upon transfer completion and the remaining $50,000 upon commencement of iron ore production. The deal also grants GBM the first right to oxidized gold ore from Havilah's nearby prospects, with a 1% Net Smelter Return royalty.

Surface outcrops indicate iron-enriched horizons, suggesting potential for selective mining of higher-grade zones due to the formation's steep dips. Havilah's prior experience with similar iron assets in the region indicates potential for high-quality iron ore suitable for efficient steel production. Havilah's Technical Director, Dr. Chris Giles, highlighted the strategic location of the tenement and plans to systematically map and sample iron ore horizons to identify high-grade zones for future resource drilling, anticipating it to be a valuable iron ore asset capable of meeting advanced steel plant requirements.

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