What's sending the ASX iron ore stock surging?

$Hawsons Iron Ltd(HIO.AU)$ The Hawsons Iron share price is flying higher after the company released an update on its Hawsons Iron Project.
This comes following a review of the results from work undertaken in response to the action plan recommended by the Strategic Review in February 2023.
Likely lifting the ASX iron ore stock today is the company's revelation that it has confidentially provided a detailed Information Memorandum (IM) with these results to seven potential strategic investors. This is aimed at helping fund the iron ore project's Bankable Feasibility Study (BFS).
The strategic investors, which include miners, trading houses and steel mills, were selected to undertake detailed due diligence appraisal for the BFS funding.
The miner also announced it has completed the Phase 2A Stantec testwork program and has confirmed and defined the base Phase 1 comminution flowsheet as well as the selection of major equipment for the project.
The high-grade magnetite concentrate will be transported to the Port of Adelaide by rail using existing transport infrastructure, which management said will significantly reduce upfront capital costs and project risk.