Red Hawk Mining announces update to Delta Mineral Resource Estimate

Red Hawk Mining Limited (ASX: $RHK) has announced an update to the Mineral Resource Estimate (MRE) for Direct Shipping Ore (DSO) for the Delta deposit at the 100%-owned Blacksmith Iron Ore Project. The update converts 77% of the Delta MRE to the Measured category, with the total updated MRE for Delta at 86.3Mt at 60.1% Fe, based on a cut-off grade of 57.5%. The update follows the 2024 diamond drilling and geophysical logging program, demonstrating strong correlation between downhole geophysical densities obtained from the 2024 drilling program and historical data within the geological model. This increase in geological confidence supports the future conversion of the Delta Reserve from Probable to Proven. Red Hawk also expects to announce a maiden DSO resource for the Eagle deposit in July 2024.

Executive Commentary on Delta DSO MRE Update

We are very pleased to announce this important step in the development of the Blacksmith DSO Project. The detailed drilling undertaken at Delta has demonstrated extremely consistent mineralisation with the Measured resource extending laterally in some areas to over 2km. This will significantly enhance the predictability of ore tonnes and grade, which is essential for a DSO iron ore project. The Delta orebody is the centroid for the first thirteen years of Red Hawk's mining plan so improving our geological knowledge of this area supports our development plans as we progress to mining. It is great to see that the resource estimate update has delivered an inventory consistent with the recently published maiden Ore Reserve used for the PFS. This demonstrates the value of the previously completed resource definition work and the quality of the geological re-interpretation. The additional diamond drilling undertaken earlier this year was first in the 'next steps' listed when we announced the original re-interpretation of Delta in September last year. It's gratifying to see that in less than a year the Red Hawk team has progressed the Blacksmith development plan and continues to drive project progress.

Summary of Delta Mineral Resource Estimate Update

The update to the Delta Mineral Resource Estimate for the Blacksmith Project enhances the overall DSO Mineral Resource Estimate, with 38% of the total resource now in the Measured category. The Blacksmith lease contains one of the largest undeveloped hematite/goethite resources in the Pilbara wholly owned by an ASX-listed junior iron ore company. With an average resource grade of 60.0% Fe, the Blacksmith deposits have the potential to produce a DSO iron ore product saleable in the current market without the need for beneficiation or upgrading. Red Hawk's future plans include the announcement of a maiden DSO resource for the Eagle deposit in July 2024. The company's progress in updating the Delta Mineral Resource Estimate and the upcoming announcement for the Eagle deposit demonstrate its commitment to advancing the Blacksmith Project and its potential in the iron ore market.