Recent assays received from Kate Lens drilling:
- 27.7m @ 23.4% ZnEq [1] from 401m (6.9% Zn, 3.9% Cu, 1.5% Pb, 1.0g/t Au, 75g/t Ag), WNDD0046
- 3.9m @ 26.9% ZnEq from 408m (8.5% Cu, 0.1g/t Au, 8.9g/t Ag), WNDD0053
- 6.4m @ 9.0% ZnEq from 419m (2.8% Cu, 0.1g/t Au, 3.7g/t Ag), WNDD0053
Recent assays received from shallow G Lens drilling:
- 4.7m @ 30.4% ZnEq from 40m (3.9% Zn, 5.5% Cu, 2.3% Pb, 1.6g/t Au, 203g/t Ag), WNDD0057
- 4.7m @ 22.4% ZnEq from 52m (6.1% Zn, 2.3% Cu, 4.0% Pb, 1.4g/t Au, 153g/t Ag), WNDD0058
SYDNEY, AUSTRALIA / ACCESSWIRE / October 6, 2015 / Heron Resources Limited (ASX:HRR TSX:HER, "Heron" or the "Company") is pleased to provide a summary of recent results from the Phase II resource definition drilling program at its wholly owned Woodlawn Project, located 250km south-west of Sydney, New South Wales, Australia.
Phase II Drilling
The objective of the Phase II drilling is to delineate sufficient Measured and Indicated Resources which can be converted into an initial underground Mineral Reserve within the Feasibility Study sufficient to secure commercial bank debt project financing, and allow the project to proceed to mine construction. The Phase II drilling program (comprising approximately 19,000m of Diamond drilling) at Woodlawn is now 80% completed, with 15,000 metres drilled, reflecting on-time and on-budget progress.
In undertaking this program, the Company has focused on minimising project start-up time and capital costs by targeting relatively shallow depth positions within the numerous lenses. In addition, shallow mineralised positions that have the potential to provide ready-access production in the early phase of the planned underground operations are also being tested.
Kate Lens - recent assays (refer Figure 1 for locations):
- 27.7m @ 23.4% ZnEq from 401m (6.9% Zn, 3.9% Cu, 1.5% Pb, 1.0g/t Au, 75g/t Ag), WNDD0046
- 3.9m @ 26.9% ZnEq from 408m (8.5% Cu, 0.1g/t Au, 8.9g/t Ag), WNDD0053
- 6.4m @ 9.0% ZnEq from 419m (2.8% Cu, 0.1g/t Au, 3.7g/t Ag), WNDD0053
The result in WNDD0046 confirms the width and high-grade tenor of the central upper part of the Kate Lens, where the Phase II drilling has identified a consistent thickening of the lens within a channel like structure. This consistent thickening of the lens over some 120m of strike will have a positive impact on the overall tonnages estimated for the Kate Lens and provide a thick zone for future mining.
The result in WNDD0053 is highly encouraging and better than anticipated from the initial logging of the hole, which was positioned to test for the limits of the lens in this direction; however it instead intercepted a copper-rich northern extension to the Kate Lens which is likely to indicate further tonnages in this direction. Down-hole electro-magnetic (DHEM) surveying of this hole supports the idea that the lens plunges to the north between W060 and WNDD0034 and this position is being assessed for future drilling.
G Lens - recent assays:
- 4.7m @ 30.4% ZnEq from 40m (3.9% Zn, 5.5% Cu, 2.3% Pb, 1.6g/t Au, 203g/t Ag), WNDD0057
- 4.7m @ 22.4% ZnEq from 52m (6.1% Zn, 2.3% Cu, 4.0% Pb, 1.4g/t Au, 153g/t Ag), WNDD0058
These two results come from the same section of G Lens and confirm the shallow and high-grade tenor of mineralisation here and which is being targeted for the early part of the life of the mine. The mineralisation is not oxidised, but has experienced some weathering and will undergo metallurgical test work to optimise process plant recoveries. The lens in this position has a strike length of some 30m and extends down plunge for some 70m.
Kate Extension Target
A further review of the DHEM models for the previously reported Kate extension position (Figure 2) has reinforced the view that a significant conductor exists with dimensions in order of 150m long and 200m deep, but with thickness not defined. The conductance of the modelled plate at between 12-35 Siemans (S) is lower than that for Kate Lens (50-80S) and the conductive body is off-set into the stratigraphic footwall by about 60m relative to the Kate Lens. This lower conductance suggests the possibility of lower copper content, which typically correlates with zinc-rich mineralisation in the district.
A program of up to three holes, utilising drillhole wedging, is currently being designed to intersect the modelled plate and provide first pass indication of the tenor of the mineralisation.
Forward program
The Company continues to make excellent progress with the Phase II drilling program and future work will focus on:
Kate Lens - a further infill hole targeting the southern copper zone.
E, G and H Lens - a number of shallow holes to covert areas to Indicated Mineral Resource status.
Kate Extension Target - finalisation of drill plans to initially test this new high priority target.
[1] Zn equivalents (ZnEq) in this release are based on the formula: Zn(%) + 0.81 x Pb(%) + 3.12 x Cu(%) + 0.86 x Au(g/t) + 0.03 x Ag(g/t). All these metals are expected to be recoverable. Refer to the announcement of 22 April 2015 entitled "Preliminary Economic Assessment Delivers Strong Business Case for the Woodlawn Zinc-Copper Project" for further information.
About Heron Resources Limited:
Heron is engaged in the exploration and development of base and precious metal deposits in Australia. Heron's primary development project is the high grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, New South Wales.
For further information, please visit www.heronresources.com.au or contact:
Australia:
Mr Wayne Taylor,
Managing Director and Chief Executive Officer:
Tel: +61 8 6500 9200
Email: heron@heronresources.com.au
Mr Jon Snowball
FTI Consulting
Tel: +61 2 8298 6100 or +61 477 946 068
Email: jon.snowball@fticonsulting.com
Canada:
Tel: +1 905 727 8688 (Toronto)
Figure1: Kate Lens Long-Section looking east with recent intercepts shown. Down-hole intercept thickness and ZnEq grade contoured to show relative accumulation of metals across the lens. Current resource outline is shown for reference.
To view the image, please click on the following link:
https://www.accesswire.com/uploads/8362_image1.jpg
Figure2: Oblique Cross Section through the Woodlawn system showing the recently modelled DHEM plates and target zones.
To view the image, please click on the following link:
https://www.accesswire.com/uploads/8362_image2.jpg
Technical
Information
Table 1: Drill hole details for Diamond drill holes completed as part of the Phase II drill campaign.
Table 2: Details of massive
sulphide intercepts and reported grades from the Phase II drill campaign
Notes: True width is an estimate of the actual thickness of the
intercept based on interpreted lens orientation (approximately 80% to 90% of
downhole width, with 80% used in this table as a general guide); grades are
weighted average grades, weighted by length of samples intervals downhole,
which are nominally 1 metre. No weighting was applied for differences in
specific gravity which is most cases are relatively low. * = Previously
reported results.
Compliance Statement (JORC 2012 and NI43-101)
The technical information in this news release relating to the exploration results at the Woodlawn Project 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 reviewed this press release and consents to the inclusion in this news release of the information in the form and context in which it appears.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release 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 news release. 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 news release 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 news release.
Appendix 1 - JORC 2012 Table 1 and Table 2.
To view Appendix 1, please click on the following link:
https://www.accesswire.com/uploads/appendix1-10062015.pdf
SOURCE: Heron Resources Limited