Published: May 17, 2016 |

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GWR Group Ltd has acquired a 100 percent interest in the Hatches Creek Tungsten Project in the Northern Territory, which was being operated as a JV between GWR and Davenport.

Interestingly, the consideration of $500,000 cash plus 1.5 percent net smelter returns is significantly less than the existing JV terms, whereby GWR was earning a 50 percent interest by sole funding $1,500,000 in the project.

The Hatches Creek project was the subject of a JV Agreement between GWR and Arunta Resources . In February 2016, Arunta completed a demerger, with the unlisted Davenport Resources retaining the Hatches Creek Project.

The project consists of two granted tenements covering the historical Hatches Creek Mining Center which has produced 2,840 tonnes of 65 percent WO3.

In 2014, a maiden inferred resource of 225,000 tonnes with a relatively high grade of 0.58 percent WO3 was defined Hatches Creek.

The grade is high when pitted against eight major global tungsten deposits currently being explored/developed by ASX listed companies which averages 0.34 percent WO3.

This demonstrates the Hatches Creek stockpiled material which consists of mineralized waste, tailings and eluvial/alluvial material from the 11 historical mines in the Hatches Creek Tungsten Project could be mined more easily.

So there is potential with the current known resource to move to a near term production scenario which could be a low cost mining operation as the high-grade resource material has been previously mined.

Given the existing JV arrangement over the project, there is no due diligence period and the acquisition will settle within the next five business days.

Source: (May 12, 2016) Proactive Investors

About GWR Group
GWR Group is an independent, Australian iron ore company focused on the development of high quality direct shipping ore iron ore and complimentary bulk commodity projects.

To stop by GWR’s website, CLICK HERE

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