HRR Heron Resources Limited

Heron Resources Limited (“Heron” or the “Company”) is pleased to announce the commencement of drilling activities at its wholly-owned Woodlawn Zinc-Copper Project, located 50km northeast of Canberra and 250km southwest of Sydney, in New South Wales, Australia. 

Following the successful completion of the Woodlawn Feasibility Study (FS) which confirmed robust project economics, the Company has initiated a 2,500m diamond drilling program targeting northern extensions to the known massive sulphide lens system.  Drilling commenced on 5 July 2016 with the first of these northern target holes (Figure 1).  The estimation of the Mineral Reserves as an integral part of the FS, along with the resultant strong development case, has allowed a shift in focus from resource definition drilling to discovery target testing, with the Northern Extension the first target to be evaluated.

The primary target is a strike extension to the 4.8Mt[1] “B” Lens with secondary targets being the strike extensions to the 1.3Mt1 “D” Lens and 0.5Mt1 “I” Lens. The B Lens was one of the main mining areas of the former underground, presenting good widths and grades.  The target area remains untested from surface due to an evaporation dam dating from the early 1980s which prevented access to a suitable drill position; however, the level of water within this dam is now low enough to allow pad construction and drill rig access.

The drilling program will utilise down-hole EM geophysical surveying to assist with targeting follow-up drilling after completing the first hole in this campaign. Whilst the EM survey is being performed, a drill hole into the recently discovered Lisa Lens will be undertaken targeting an expansion to the known limits of this lens. 

Figure 1: Three dimensional projection looking southwest showing the feasibility study decline plan (blue), mineralisation block model and northern strike extension positions (yellow) with the first planned drill hole (pink). Note the collar position on the edge of the evaporation dam which prevented drill rig access in the past (green).

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[1] Total Resources >7% ZnEq cut-off including resources that were previously mined

The Company will provide further updates as results become available.

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. In addition, the Company holds a significant high quality tenement holding in the Lachlan Fold Belt of New South Wales and the Kalgoorlie Nickel Project in Western Australia.

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 of delivery of the Woodlawn Zinc-Copper Project Feasibility Study, 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, the ability to complete the Woodlawn Zinc-Copper Project Feasibility Study on time or at all, and whether the feasibility study is positive and otherwise consistent with the business plans of the Company, 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.

 

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
Tel: +61 2 8298 6100 or +61 477 946 068
jon.snowball@fticonsulting.com

Canada:
Tel: +1 647-862-1157 (Toronto)