Heron Resources Limited Provides A Summary of Recent Results of the Phase II Resource Definition Drilling at its Woodlawn Project
Sep 21 15
Heron Resources Limited provided a summary of recent results of the Phase II resource definition drilling at its wholly owned Woodlawn Project, located 250km south-west of Sydney, New South Wales, Australia. Phase II Drilling: The Phase II drilling program (comprising approximately 19,000m of diamond drilling) at Woodlawn is now 68% completed, with 13,000 metres having been drilled, reflecting on-time and on-budget progress. The objective of the Phase II drilling is to delineate sufficient Measured and Indicated Resources which can then be converted into an initial underground Mineral Reserve within the Feasibility Study, allowing the Project to support commercial bank debt and proceed to mine construction. In undertaking this program, the Company has focused on minimising time and costs through targeting relatively shallow depth positions in the numerous lenses with the in-fill drilling required to upgrade a portion of the underground Mineral Resource to an Indicated Resources classification. In addition, shallow mineralised positions that have the potential to provide ready-access production in the early part of the planned underground operations are also being tested. New assays and massive sulphide intercepts from Kate Lens: 5.4m at 27.7% ZnEq from 351m (15.1% Zn, 1.5% Cu, 6.0% Pb, 1.0g/t Au, 70g/t Ag), WNDD0039, 21.8m of Copper Sulphides from 377.8m & 4.8m of Polymetallic Sulphides from 406.6m, WNDD0071 and 9.0m of Polymetallic and Copper sulphides from 369.8m, WNDD0073. These results are encouraging and confirm the extent and tenor of the Kate Lens polymetallic mineralisation. In addition, the thick (21.8m) zone of copper mineralisation in WNDD0073 (approx. true width; assays pending) visually suggests it contains economic grades of copper which will contribute to the separate zone of copper mineralisation now being defined within the lower and south end of the Kate Lens. Importantly, this copper mineralisation was not part of the of PEA Mineral Resource estimate and is likely to add to the overall economic viability of the Kate Lens. G2 Lens - recent assays: 5.7m at 12.3% ZnEq from 76m (5.9% Zn, 0.2% Cu, 3.9% Pb, 0.4g/t Au, 73g/t Ag), WNDD0042 and 2.6m at 7.4% ZnEq from 95m (3.6% Zn, 0.1% Cu, 2.4% Pb, 0.2g/t Au, 50g/t Ag), WNDD0045. The G2 Lens is a newly recognised southern extension to the main G Lens and was identified through downhole electromagnetic (DHEM) surveys. G2 represents a new style of "stringer" sphalerite (Zn) and galena (Pb) mineralisation which has the potential to be of economic interest. The shallow position and proximity of G2 to the proposed box cut, positioned on the western side of the open pit, has made this an area of focus in recent weeks. Similar mineralisation has been observed in subsequent drill holes in this area with assays pending. H Lens - recent assays: 1.1m at 52.0% ZnEq from 117m (24% Zn, 4.3% Cu, 12.9% Pb, 1.5g/t Au, 97g/t Ag), WNDD0044 and 5.3m at 10.0% ZnEq from 103m (1.4% Zn, 1.6% Cu, 0.9% Pb, 1.3g/t Au, 63g/t Ag), WNDD0050. These recent results are in line with expectations of H Lens being thin, but often high-grade at shallow depths, and positioned close to the early stage mine development. Additional drilling is planned for this area in the coming weeks. Forward program: The recent focus of the drilling has been the conversion of the Kate Lens resource to an Indicated Resource category, and it is anticipated that the PEA estimate of Kate Lens will be considerably improved by incorporating the thicker zones of mineralisation found in the current drill program. The mineralisation is open in a number of directions, both along strike and down plunge, and further upside exists. Additional drilling is also planned on a number of the shallow lenses (E, G, G2 and H) in an attempt to bring these to an Indicated Resource category. The Woodlawn system continues to demonstrate its potential with recent DHEM survey results providing extensional targets to known lenses and highlighting new targets which require further assessment and possibly drill testing. A program of deeper drill testing of the Kate Deeps DHEM plates is also being considered.
Heron Resources Limited to Provide an Update on Progress with the Feasibility Study for its Advanced Woodlawn Zinc-Copper Project
Sep 8 15
Heron Resources Limited to provide an update on progress with the Feasibility Study for the Company's advanced Woodlawn Zinc-Copper Project, which commenced immediately following the completion of Heron's highly successful Preliminary Economic Assessment ('PEA') in June 2015. The Feasibility Study will deliver a maiden Mineral Reserve statement for the Woodlawn Underground Project ("WUP") and an updated Mineral Reserve statement for the Woodlawn Retreatment Project ('WRP'), together with a combined mine plan, plant and infrastructure designs, capital and operating cost estimates, and environmental, social, and economic considerations. The Feasibility Study is geared towards achieving a low cost project that will facilitate an efficient funding structure for the Project via a combination of debt and equity. The Feasibility Study results are expected to be released to the market in the second quarter of calendar 2016. The Phase II drilling program (comprising approximately 19,000 meters of diamond drilling) at Woodlawn is now 65% complete, with 12,400 metres having been completed, reflecting on-time and on-budget progress. IMPORTANT NOTE: A Preliminary Economic Assessment (PEA) is a formal study in standard form prescribed by Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101') which includes an economic analysis of the potential viability of Mineral Resources, but which is not a pre-feasibility study or feasibility study. In accordance with Canadian requirements in relation to preliminary economic assessments, the Company advises that the preliminary economic assessment is preliminary in nature, that it includes some Inferred Mineral Resources considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves, and that there is no certainty that the economics set out in the preliminary economic assessment will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The objective of the Phase II drilling is to delineate sufficient Measured and Indicated Resources which can then be developed into a maiden Mineral Reserve within the Feasibility Study, allowing the Project to support commercial bank debt and, subject to funding, proceed with detailed engineering and construction. In undertaking this, the Company has focused on minimising the time and cost associated with the program by targeting relatively shallow positions with in-fill drilling required to upgrade a portion of the 6.5Mt underground Mineral Resource to Indicated Resources classification, as well as to test shallow mineralised positions that have the potential to provide ready-access production in the early part of the planned underground operations.
Heron Resources Limited Announces Phase II Drilling Program Comprising at Woodlawn
Sep 8 15
Heron Resources Limited announced Phase II drilling program comprising approximately 19,000 million of diamond drilling at Woodlawn is now 65% complete, with 12,400 meters having been completed, reflecting on-time and on-budget progress. The objective of the Phase II drilling is to delineate sufficient measured and Indicated resources which can then be developed into a maiden mineral reserve within the feasibility study, allowing the project to support commercial bank debt and, subject to funding, proceed with detailed engineering and construction.