Vietnamese steelmaker Hoa Phat’s subsidiary Dragon Resource Investment and Australian miner Oar Resources have concluded the purchase & sale of Bramfield iron ore project in South Australia for an all-cash settlement of AUD 440,000. The Bramfield Project is located 9 km from Elliston on Eyre Peninsula, approximately 170 km from Port Lincoln (via a sealed highway). A large magnetic anomaly measuring 2700 m in length and 500 m in width was initially considered to represent a mafic-ultramafic intrusive complex but it has been shown to be more diverse than this with BIFs and calc silicate horizons. The parties have agreed to a slight discount on the originally agreed price of AUD 500,000 to conclude the sale in a timely manner as there were several delays in granting the new exploration license due to the pandemic and other factors. The sale is subject to the successful excise of the exploration area comprising the Bramfield iron ore project by conditional surrender from the company's exploration Licence 6558, and the consequent issue to DRI of a new exploration licence covering the Bramfield iron ore project. The Bramfield iron ore project had previously been written down by Oar Resources to nil value while the company refocused efforts on its critical minerals portfolio. Oar Resources Chief Executive Officer Mr Paul Stephen said “We are pleased to conclude the cash sale of this asset and bolster our cash position to further fund exploration of our core projects.” Oar Resources is an explorer and aspiring producer, holding several critical and precious minerals projects. Recent acquisitions include 100% ownership of the Denchi Lithium Project near Wiluna in Western Australia; and 100% of Australian Precious Minerals, holder of the Crown Project in Chittering, Western Australia. Crown is situated near Chalice Mining's Julimar PGE-Ni-Cu-Co-Au discovery. Oar has also acquired 100% of Alpine Resources' gold exploration projects in the highly prospective gold province of Nevada in United
Vietnamese steelmaker Hoa Phat’s subsidiary Dragon Resource Investment and Australian miner Oar Resources have concluded the purchase & sale of Bramfield iron ore project in South Australia for an all-cash settlement of AUD 440,000. The Bramfield Project is located 9 km from Elliston on Eyre Peninsula, approximately 170 km from Port Lincoln (via a sealed highway). A large magnetic anomaly measuring 2700 m in length and 500 m in width was initially considered to represent a mafic-ultramafic intrusive complex but it has been shown to be more diverse than this with BIFs and calc silicate horizons. The parties have agreed to a slight discount on the originally agreed price of AUD 500,000 to conclude the sale in a timely manner as there were several delays in granting the new exploration license due to the pandemic and other factors. The sale is subject to the successful excise of the exploration area comprising the Bramfield iron ore project by conditional surrender from the company's exploration Licence 6558, and the consequent issue to DRI of a new exploration licence covering the Bramfield iron ore project. The Bramfield iron ore project had previously been written down by Oar Resources to nil value while the company refocused efforts on its critical minerals portfolio. Oar Resources Chief Executive Officer Mr Paul Stephen said “We are pleased to conclude the cash sale of this asset and bolster our cash position to further fund exploration of our core projects.” Oar Resources is an explorer and aspiring producer, holding several critical and precious minerals projects. Recent acquisitions include 100% ownership of the Denchi Lithium Project near Wiluna in Western Australia; and 100% of Australian Precious Minerals, holder of the Crown Project in Chittering, Western Australia. Crown is situated near Chalice Mining's Julimar PGE-Ni-Cu-Co-Au discovery. Oar has also acquired 100% of Alpine Resources' gold exploration projects in the highly prospective gold province of Nevada in United
