Heron Resources Limited (ASX:HRR TSX:HER, “Heron” or the
“Company”) is pleased to advise that it has commenced the
next phase of drilling targeting the Lisa Lens at its wholly-owned
Woodlawn Zinc-Copper Project, located 250km south-west of Sydney,
New South Wales, Australia. The initial discovery of Lisa Lens
returned a number of significant drill intercepts and represents
mineralisation which could potentially be accessed in the important
first two-years of the underground mining operation. The
drilling rig and crew have been mobilised, and it is expected that
the program will be completed within two months’ time.
- Lisa Lens definition drilling program at Woodlawn has
commenced targeting expansion of shallow resources
- Lisa Lens represents a new discovery since historic
operations ceased, and is a potentially significant early source of
production in the mine schedule. Significant results reported
previously include:
- 12.4m @ 20% ZnEq1 from 222m
(12% Zn, 1.6% Cu, 2.0% Pb, 0.7g/t Au, 23g/t Ag), WNDD0104
- Including 9.5m @ 26% ZnEq from 223m (16% Zn,
1.7% Cu, 2.7% Pb, 0.68g/t Au, 28g/t Ag)
- 4.2m @ 28% ZnEq from 242m (17.7% Zn, 1.6% Cu,
5.0% Pb, 1.1g/t Au, 28g/t Ag), WNDD0015
Commenting on this program, Heron Resources Managing Director
and CEO, Mr Wayne Taylor, said: “The program represents an
important component of the Woodlawn mine development with this area
having the potential to be accessed early in the mine
schedule. The Lisa Lens demonstrates that relatively shallow
(200m depth), high value mineralisation could be brought forward
into the mine plan, enhancing the project economics. The
staged exploration approach that we have adopted will see some lens
positions more optimally drilled from underground; other shallow
positions such as Lisa Lens can be being drilled from surface,
now. The mine plan is currently being updated with the new G2
mineralisation defined by drilling in 2017and will be reviewed and
further updated as the Lisa Lens results are received in the coming
months. Subject to results, additional drilling will be
planned to further extend Lisa Lens and other open positions.
Lisa Lens is an obvious example of the strong in-mine exploration
and discovery potential that remains at Woodlawn with multiple
additional targets being identified by the Company’s geological
team.”
Lisa Lens Drilling
The Lisa Lens is located adjacent to the I Lens
in the upper-most ore horizon within the Woodlawn system (Figure
1). Discovered by Heron in 2015, the lens is typical of the
high-grade polymetallic massive sulphide type found at Woodlawn,
and is located 80 meters from the planned route of the decline,
200-250 m below the surface. A copper-dominated zone also
occurs on the southern margin of the lens, which is typical for
Woodlawn, and may provide additional economic value. Previous
drilling by Heron targeting this area returned significant drill
intercepts including:
-
- 12.4m @ 20% ZnEq from 222m (12% Zn, 1.6% Cu,
2.0% Pb, 0.7g/t Au, 23g/t Ag), WNDD0104
- Including 9.5m @ 26% ZnEq from 223m (16% Zn,
1.7% Cu, 2.7% Pb, 0.68g/t Au, 28g/t Ag)
- 4.2m @ 28% ZnEq from 242m (17.7% Zn, 1.6% Cu,
5.0% Pb, 28g/t Ag, 1.1g/t Au), WNDD0015
Earlier historical mineralised results from the
southern portion of the lens include:
- 4.2m @ 15.1% ZnEq from 266m depth (4.9% Zn,
2.8% Cu, 2.3% Pb, 0.8g/t Au and 25g/t Ag), W089
- 8.0m @ 6.3% ZnEq from 234m depth (1.9% Cu,
8.3g/t Ag), W145
The planned program will consist of
approximately 2,000 m of diamond drilling.
About Heron Resources
Limited:
Heron’s primary focus is the development of its
100% owned, high grade Woodlawn Zinc-Copper Project located 250km
southwest of Sydney, New South Wales, Australia.
Figure 1: Long section of the Woodlawn Lisa
Lens showing interpreted lens shape, the location of previous drill
intercepts and this program’s proposed infill holes.
1 ZnEq % used in this release refers to the calculated Zn
equivalent grade based on the Zn, Cu, Pb, Au and Ag grades, the
formula for which is provided at the end of this report.
Compliance Statement (JORC 2012 and
NI43-101)
The technical information in this report
relating to the exploration results is based on information
compiled by Mr. David von Perger, who is a Member of the Australian
Institute of Mining and Metallurgy (Chartered Professional –
Geology). Mr. von Perger is a full time employee of Heron Resources
Limited and has sufficient experience, which is relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined in the 2012 edition of the “Australasian Code for
Reporting of Exploration Results and “qualified person” as this
term is defined in Canadian National Instrument 43-101 (“NI
43-101”). Mr. von Perger has approved the scientific and technical
disclosure in the news release.
Zinc equivalent calculation
The zinc equivalent ZnEq calculation takes into
account, mining costs, milling costs, recoveries, payability
(including transport and refining charges) and metal prices in
generating a Zinc equivalent value for Au, Ag, Cu, Pb and Zn.
ZnEq = Zn%+Cu%*3.12+Pb%*0.81+*Au g/t*0.86+Ag g/t*0.03. Metal
prices used in the calculation are: Zn US$2,300/t, Pb US$ 2,050/t,
Cu US$6,600/t, Au US$1,250/oz and Ag US$18/oz. It is Heron’s
view that all the metals within this formula are expected to be
recovered and sold.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATION
This report contains forward-looking statements
and forward-looking information within the meaning of applicable
Canadian securities laws, which are based on expectations,
estimates and projections as of the date of this report. This
forward-looking information includes, or may be based upon, without
limitation, estimates, forecasts and statements as to management’s
expectations with respect to, among other things, the timing and
amount of funding required to execute the Company’s exploration,
development and business plans, capital and exploration
expenditures, the effect on the Company of any changes to existing
legislation or policy, government regulation of mining operations,
the length of time required to obtain permits, certifications and
approvals, the success of exploration, development and mining
activities, the geology of the Company’s properties, environmental
risks, the availability of labour, the focus of the Company in the
future, demand and market outlook for precious metals and the
prices thereof, progress in development of mineral properties, the
Company’s ability to raise funding privately or on a public market
in the future, the Company’s future growth, results of operations,
performance, and business prospects and opportunities. Wherever
possible, words such as “anticipate”, “believe”, “expect”,
“intend”, “may” and similar expressions have been used to identify
such forward-looking information. Forward-looking information is
based on the opinions and estimates of management at the date the
information is given, and on information available to management at
such time. Forward-looking information involves significant risks,
uncertainties, assumptions and other factors that could cause
actual results, performance or achievements to differ materially
from the results discussed or implied in the forward-looking
information. These factors, including, but not limited to,
fluctuations in currency markets, fluctuations in commodity prices,
the ability of the Company to access sufficient capital on
favourable terms or at all, changes in national and local
government legislation, taxation, controls, regulations, political
or economic developments in Canada, Australia or other countries in
which the Company does business or may carry on business in the
future, operational or technical difficulties in connection with
exploration or development activities, employee relations, the
speculative nature of mineral exploration and development,
obtaining necessary licenses and permits, diminishing quantities
and grades of mineral reserves, contests over title to properties,
especially title to undeveloped properties, the inherent risks
involved in the exploration and development of mineral properties,
the uncertainties involved in interpreting drill results and other
geological data, environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and flooding,
limitations of insurance coverage and the possibility of project
cost overruns or unanticipated costs and expenses, and should be
considered carefully. Many of these uncertainties and contingencies
can affect the Company’s actual results and could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the Company.
Prospective investors should not place undue reliance on any
forward-looking information. Although the forward-looking
information contained in this report is based upon what management
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure prospective purchasers that actual
results will be consistent with such forward-looking information,
as there may be other factors that cause results not to be as
anticipated, estimated or intended, and neither the Company nor any
other person assumes responsibility for the accuracy and
completeness of any such forward-looking information. The Company
does not undertake, and assumes no obligation, to update or revise
any such forward-looking statements or forward-looking information
contained herein to reflect new events or circumstances, except as
may be required by law. No stock exchange, regulation
services provider, securities commission or other regulatory
authority has approved or disapproved the information contained in
this report.
For further information, please visit www.heronresources.com.au or contact:
Australia:
Mr Wayne Taylor
Managing Director and Chief Executive Officer
Tel: +61 2 9119 8111 or +61 8 6500 9200
Email: heron@heronresources.com.au
Jon Snowball
FTI Consulting
+61 2 8298 6100
jon.snowball@fticonsulting.com
Canada:
Tel: +1 647-862-1157 (Toronto)