Quarterly Report - Heron Resources Limited

Transcription

Quarterly Report
For the Quarter Ending 30 September 2013
SUMMARY AND HIGHLIGHTS
CORPORATE
Finance
Heron remains in a strong financial position with $38.6 million cash and $5.0 million listed investments, these assets
being equivalent in value to $0.17 per share.
BUSINESS DEVELOPMENT
The Company continues to review business development opportunities in Australia and overseas, to acquire operating
mining assets, pre-development resources, or advanced stage exploration projects. It remains a key objective of the
Company to complete a significant transaction when a suitable opportunity is identified.
EXPLORATION
New South Wales - Copper-Gold Exploration
The Company’s 100%-owned tenement portfolio in NSW continues to develop with some 3,200km2 in the Lachlan Fold
Belt now under application or granted. Currently active field programs include:

Sussex Copper-Gold Project, soil auger sampling and aeromagnetic data modelling has defined a very high
priority target located 11km northeast of the Mt Boppy gold mine. Aircore drill testing will commence shortly.

Mt Allen, Osterley Downs and Nymagee East Copper-Gold Projects, surface ElectroMagnetic (EM) and soil
geochemical surveys are continuing to define “Mallee Bull-style” polymetallic targets. Additional tenure acquired.
West Australia - Exploration

Siberia South Gold Project, a shallow Rotary Air Blast (RAB) drilling program has returned several encouraging
results within the weathered zone, with best result 8 metres at 1.90g/t gold. RC drill follow up commenced late
in the Quarter and confirmed the mineralized structure, with low order anomalism in 4 metre composite samples
which is now being validated with 1 metre sample intervals. A number of new auger soil programs are being
undertaken on the KNP tenure targeting both gold and nickel-PGM mineralisation.

Bedonia Nickel-Copper Project, “Nova-style” nickel-copper target, EM surveying identified conductors
coincident with coherent geochemical anomalies and magnetic anomalies. Heron completed an initial Reverse
Circulation (RC) drill program, identifying favourable host rocks but did not intersect any significant mineralisation.
Joint venture opportunities are being considered.

Rocky Gully Nickel-Copper Project, Heron divested to PLD Corporation as an option with exercise price of
$230,000 in cash or shares at PLD’s election.
PROJECT DEVELOPMENT
Kalgoorlie Nickel Project (KNP)

Updated (JORC 2012) Mineral Resource estimate of 795.6 million tonnes grading approximately 0.70%
nickel and 0.048% cobalt for the Kalgoorlie Nickel Project which includes the Yerilla project.

Simulus Engineers continued their metallurgical testwork using sulphuric acid leaching on various KNP ore
types. The initial results indicate very high nickel extractions by running an aggressive atmospheric leach
condition and critically, a 70% reagent recovery. A technology sharing agreement with Simulus subsidiary
Carbon Friendly Nickel Production Pty Ltd is agreed in principal and awaits formal execution.

Direct Nickel, testwork continues after favourable results from March 2013, with up to 98% nickel recoveries
using nitric acid leaching.
Heron Resources Limited September 2013 Quarterly Report
1
EXPLORATION PROJECTS
NEW SOUTH WALES COPPER-GOLD PROJECTS
The Company continues to focus its exploration activities in the Lachlan Fold Belt of NSW (Figure 1) with
ElectroMagnetic (EM), reconnaissance rock-chip and soil auger sampling surveys being completed in the last Quarter.
Additional tenements have also been applied for in the Gundagai and Sussex areas with over 3,200km2 now held as
granted tenements or applications (Figure 1). Peripheral Heron tenements have been relinquished if after review of
available data, high priority drill targets are not identified. The Heron targets are primarily copper-gold mineralisation
including Besshi style VMS, of the style being mined at the Tritton operation, porphyry copper-gold of the Mt Adrah and
Cadia/Ridgeway style, and high-grade epithermal gold veins of the Temora style. Tenements are 100% Heron-owned.
Figure 1 Lachlan Fold Belt, Heron tenement locations and regional mineralized centres.
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Gundagai Gold-Copper Project
The Gundagai tenements and applications covering some 500km2 are located 315km southwest of Sydney (Figure 1, 2).
The area consists of northerly trending ridgelines underlain by the slates and other meta-sediments of the Silurian-aged
Jakalass Slate Formation intruded by mineralized porphyry units. Several old gold workings exist in the Heron tenement
area with mining dating back to 1842, however prior to Heron there has been little or no modern exploration.
Big Ben Gold Prospect
The Big Ben gold prospect is located 7km south
of Gundagai, and contains a sequence of metasandstones and conglomerates intruded by
multiple north-south trending mineralised
porphyry dykes.
A total of 15 RC holes for 1,609m were drilled in
the previous Quarter targeting sheeted quartz
veins within a granitic porphyry dyke. The best
result was 20 metres grading 1.58g/t gold from
27 metres depth (full results reported in the June
2013 Quarterly Report).
A review of these results was undertaken in the
current Quarter including a program of Screen
Fire Assays to determine the extent of the
nuggetty gold seen in the drill spoil. The Screen
Fire Assay results showed some significant
enhancement of the gold grades in certain
intervals confirming the coarse and nuggetty
nature of the gold at this prospect, however, no
further drilling is currently planned for the Big Ben
prospect.
A review of other potentially mineralised
porphyries in the area is being undertaken and
may provide further drill targets for the Company,
notably of the Mt Adrah porphyry gold style.
Figure 2 Project Location Map showing the Company’s key Gundagai targets.
Califat, Snowball and Basin Creek Copper-Gold Prospects
The Califat, Snowball and Basin Creek copper-gold prospects, located 10-15km south of Gundagai (Figure 2), contain
Silurian-aged metasediments, granite and felsic volcanics, with several VMS-related base metal sulphide workings.
A detailed moving loop EM survey was undertaken at the Califat workings early in the Quarter and while a number of
weak conductors were identified, field inspection showed these to be related to near surface features and not related to
potential mineralisation. In addition, a review of historical drilling and other exploration work was undertaken at these
three prospects with the interpretation of results being that the targets have essentially been adequately drilled. While
copper(-gold) mineralisation was intersected below the old workings, the widths and grades encountered do not warrant
immdeiate drilling by Heron.
Perseverance Gold Prospect
The Perseverance prospect (EL8105) was granted during the Quarter and covers a sequence of Ordovician metasediments intruded by Silurian granites some 50km south of Wagga Wagga. The area was applied for primarily for the
significant Coppabella (or Carboona) lead-silver-zinc-fluorite workings that occur around the edge of a Silurian/Devonian
granite intrusion. The vein system metallogenesis suggests epithermal gold affinities. Several high grade historic gold
workings also occur in the area. A detailed review of previous exploration is currently being undertaken prior to field
work and drilling commencing.
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West Lachlan Copper-Gold Projects (100% Heron)
Heron’s West Lachlan projects cover some 1,100km2 over Ordovician and Devonian sequences in the western part of
the Lachlan Fold Belt (Figure 1). Access is excellent both in terms of roads and tracks, but also in terms of the positive
reception from the local land owners and graziers, for which Heron is most appreciative.
As tenements are being granted, reconnaissance field work has quickly commenced, including rock-chip sampling, soil
auger programs and EM surveys. A number of drill targets have now been identified with initial reconnaissance drilling
planned for the current Quarter.
The unfettered ability to generate drill targets, along with the excellent statutory regime of the Department of Trade and
Investment in NSW, is a major contribution to Heron’s strong exploration commitment in the Lachlan Fold Belt.
Sussex Copper-Gold Project
The Sussex project, located 50km east of Cobar and 10km northeast of the historic Mt Boppy gold mine, covers some
600km2 of Ordovician Girilambone Beds and Early Devonian-aged clastic sediments of the Kopyje Group. The area
contains a large, complex magnetic high within Girilambone Beds along the northern extension of the Gilmore Suture,
which is one of the controlling metallogenic structures in the Lachlan Fold Belt (Figure 3). This large magnetic high
occurs in a “text-book” sinistral flexure within the crustal scale fault zone with a number of NW and NNW structures
evident that would be favourable sites for potentially mineralised intrusive phases. A distinct gravity high (Figure 4) also
occurs coincident with the magnetic high indicating denser rocks in this area (most likely a diorite, which is commonly a
key Lachlan Fold Belt mineralizer).
Results from the Heron reconnaissance soil auger sampling were received during the Quarter and revealed a large,
coherent copper-zinc-nickel anomaly on the south side of the magnetic anomaly (Figure 3, 4), plus an additional coppergold-arsenic anomaly over a small satellite magnetic high in the south. A program of broad spaced rotary air-blast (RAB)
drilling is being planned to provide geological context to these geochemical anomalies.
Three dimensional magnetic modelling has revealed a complex array of apophyses protruding from a deeper intrusive
magmatic source (Figure 5). The planned drilling will include testing above these features to detect alteration halos and
secondary geochemical halos associated with possible porphyry copper-style or related mineralisation.
Figure 3 Sussex Project magnetic image showing large, Figure 4 Sussex Project same area showing gravity image
complex, magnetic anomaly associated with sinistral with bulls-eye gravity high coincident with the magnetic
flexure in regional NNW trending fault zone.
high.
4
Figure 5 Sussex Project – Cross Section of 3D magnetic modelling along the Section line shown in Figure 3, 4. Several
magnetic apophyses have been modelled extending from a larger body at depth. Such apophyses are modelled as
coming to within 50-100m of the surface and will be targeted in the upcoming round of reconnaissance drilling.
Osterley Downs Copper-Gold Project
The Osterley Downs project is located 48km southwest of Cobar, and covers some 300km2 containing turbiditic
sediments of the Devonian Upper Amphitheatre Group and sandstone of the Biddabirra Formation (Figure 6). The Thule
Fault, which runs through the centre of the area, is a major regional structure that was targeted by previous explorers as
a conduit for mineralising fluids containing gold and copper occurrences associated with fault breccia units.
Better results from historic Geopeko drilling at Osterley Downs include 6 metres at 0.56g/t gold (Figure 7, 8). The focus
of Heron’s exploration is on subsidiary structures adjacent to the main Thule Fault. Such subsidiary cross-cutting
dilational structures are often the focus for Cobar Basin-style mineralisation.
The surface EM program conducted by Heron and reported last Quarter identified a subtle, but coherent anomaly directly
to the southeast of an old Geopeko grid in an area of deeper soil cover. The anomaly is associated with a discrete
magnetic low and is probably related to a change in lithology with mineralisation focussed along this contact. A program
of auger soil sampling (278 samples on nominal 320x80m grid) was completed late in the Quarter and returned a
coherent copper-zinc-lead-arsenic anomaly over some 1.2km of strike covering a northeast trending subsidiary structure.
This structure also has moderate gold anomalism from historic rock chip sampling.
Field reconnaissance in the area has identified sheeted quartz veining within the arkosic sandstone outcropping to the
northeast of the copper anomaly shown in Figure 7. A reconnaissance RAB program is being planned for this area to
further test the geochemical anomaly and the modelled EM conductor, plus a number of other geological targets.
Figure 6 Osterley Downs target area - high level quartz
veining in arkosic sandstones in outcrop along strike to
the north-east from EM conductor and copper soil
anomaly. 50 cent coin provides scale.
5
Figure 7 Regional magnetic image showing Heron Figure 8 Osterley Downs Prospect showing geochemical
tenements south of Cobar, NSW. Key target areas are anomaly in relation to the Geopeko grid and modelled EM
shown. The Nymagee East Project incorporates the conductor.
most recent applications in this area.
Mt Allen Copper-Gold Project
The Mt Allen project is located 120km south of Cobar
and covers some 300km2 of predominantly Early
Devonian sedimentary and volcanic rocks. It is located
on the southern boundary of the Peel Exploration
holding which hosts the Mallee Bull copper-gold-silver
discovery (Figure 9).
The Mt Allen area has a complex array of NE trending
structures splaying off the dominant NNW trending
Cobar Trough basin margin structures.
Four initial targets have been identified based on
Heron’s regional geological and structural
interpretations. Auger soil sampling has now been
completed on the two northern targets and has
returned a moderate copper anomaly (to 51ppm) over
some 400m of strike in soil-covered area of the
Devonian Nombiginni Volcanics.
Soil auger sampling is continuing on the two southern
target areas.
In fill auger sampling will be completed on the existing
anomaly and if warranted a program of RAB drilling will
be undertaken to test for copper mineralisation below
the colluvial cover.
Figure 9 Mt Allen Prospect showing auger geochemical survey areas on aeromagnetic image.
6
Eurow Copper-Gold Project
The Eurow project is located 40km southeast of Parkes in central NSW and covers a sequence Ordovician and
Devonian-aged meta-sediments intruded by Silurian and Devonian granites. The tenement was primarily acquired for
the historic Eurow-Vychan copper-gold workings where a small non-JORC compliant deposit has been previously
reported. The mineralisation appears to be stratabound and is associated with semi-massive and breccia zones of
pyrite-pyrrhotite-chalcopyrite near the contact between a fine-grained clastic sedimentary unit and an overlying dacitic
volcanic/volcaniclastic unit.
Drilling by various other companies up until 2011 below the workings included intercepts of 8 metres at 2.94% copper
and 0.85g/t gold from 47 metres, 3 metres at 4.0% copper and 1.25g/t gold from 73 metres, and 4.4 metres at 1.57%
copper and 0.63g/t gold from 212 metres.
This style of mineralisation is both conductive (ie can be targeted with EM) and also several magnetic targets have been
identified directly to the southwest of the old workings (Figure 10). These targets are below 20-50m of colluvial cover
and can be readily drill tested using Aircore methods targeting the secondary geochemical haloes surrounding coppergold mineralisation.
Contact has been made with a number of the local farmers in the area and drilling can possibly commence later this year
when cropping has been completed.
Figure 10 Eurow Project
showing location of Eurow
copper-gold workings on
detailed magnetic image. A
number
of
immediate
magnetic targets exist to the
southwest of the workings
and have the potential to
host high-grade copper-gold
mineralisation.
Nymagee East Copper-Gold Project
This project area covering some 500km2 comprises a number of tenement applications over ground recently relinquished
by competitors located 75km southeast of Cobar and 15km northeast of the Nymagee copper mine. The tenements
cover a complex zone of north-west trending Devonian-aged sediments and the Ordovician-aged Girilambone Beds
adjacent to the southern extension of the Coonara Fault (hosts the Overflow and Mineral Hill copper-gold mines 10km
and 50km south).
Several gold and base-metal occurrences exist within the applications and these are the immediate focus for generating
drill targets. Site reconnaissance has been completed and a blanket soil auger program designed for the Coonara Fault.
7
Girilambone Copper-Gold Project
The Girilambone copper-gold project is located within two granted tenements (EL7955 and EL7951) 25km and 60km
northwest of Nyngan NSW. Heron is targeting Tritton/Avoca Tank style copper-gold mineralisation within mafic units of
the Ordovician-aged Girilambone Beds (Figure 11).
Previously reported soil auger
programs in the Coolabah area have
generated a strong, coherent copper
anomaly located 3.5km northwest
along strike of the Avoca Tank
discovery (Straits Resources Limited).
The anomaly has a multi-element
signature with elements such as
arsenic, silver and bismuth showing a
strong coincidence with the copper
signature.
Ground reconnaissance has been
completed to map the geology and the
Company is currently reviewing the
results prior to a possible ground
based EM survey to generate drill
targets.
Geological mapping, detailed soil
auger sampling and targeted RC
drilling has been completed by Heron
in the Target Areas 1-4 in the southern
project area (Figure 11). This work
has delineated a coherent copper and
nickel anomaly associated with a
magnetic high and which probably
reflects a mafic - ultramafic bedrock
source and so does not provide an
immediate copper-gold follow-up
target. First pass drill testing of this
area (EL7955) has now largely been
completed, with the focus now moving
towards the Coolabah Target.
Figure 11 Girilambone Project –
aeromagnetic image showing key
targets
Mapping by Heron’s consulting geologist in the Coolbah area identified subtle ferruginous staining in auger chips over
the anomalous copper zones and some potentially mineralised lithologies where copper was anomalous. These
lithologies could represent mineralized and altered sediments or horizons similar to those associated with the Northeast
copper deposit of Straits located 5km to the south. Potential exists for a Tritton-Girilambone style deposit, specifically a
Northeast-style copper deposit within the Coolabah Project area even though a strong mafic magnetic signature is not
observable. A northwest trending structure is apparent to the south on the government geophysical data set, possibly
related to mineralization in the Girilambone North area (including Avoca Tank).
8
ALBANY FRASER NICKEL-COPPER PROJECTS, WESTERN AUSTRALIA
Bedonia Nickel-Copper Prospect (100% Heron)
The Company’s Bedonia Project covers
860km2 and is located 75km east of
Norseman, Western Australia and some
60km west-southwest of the Nova-Bollinger
nickel-copper discovery (by Sirius Resources
NL) (Figure 12).
The Company is seeking similar nickel-copper
mineralisation hosted within interpreted
Proterozoic-aged Mount Andrews Gneiss
Complex where there is potential for discrete
mineralised mafic intrusive bodies.
Heron completed an initial Reverse
Circulation (RC) drill program, first testing
magnetic targets to better understand the host
stratigraphy, and then the main conductor
target.
Figure 12 Bedonia Project – aeromagnetic
image showing key targets
Results were as follows:
Drill-hole
Number
Easting
Northing
End-Hole
Depth
Lithology
Comments
BDRC01
448720
6456420
144
Biotite-rich intermediate to
mafic gneiss with zones of
disseminated pyrite and
carbonate alteration.
Targeting magnetic and
geochemical anomalies which
may be explained by the more
mafic gneiss units.
BDRC02
448683
6456501
102
Biotite-rich intermediate to
mafic gneiss with zones of
disseminated pyrite and
carbonate alteration.
Targeting magnetic and
geochemical anomalies which
may be explained by the more
mafic gneiss units.
BDRC03
448300
6456740
280
Intersected thin micaceous
schist zone at 246 metres
within a uniform sequence of
intermediate gneiss and
granitic porphyry intrusive.
Targeted an EM conductor,
which is possibly explained by
the micaceous schist, downhole EM failed to confirm.
BDRC04
448460
6456500
288
Intersected gabbro with
disseminated sulphides from
77 to 102 metres and a thin
black micaceous schist at 245
metres. Occur within a
uniform sequence of
intermediate gneiss and
intrusive felsic porphyry units.
Targeted an EM conductor,
which is possibly explained by
the micaceous schist. Gabbro
with sulphides higher up in the
hole definitely warrants further
assessment.
Within the more mafic gneiss units in drilling, nickel is anomalous at up to 112ppm above a background of approximately
10 to 50ppm. Likewise copper is anomalous at up to 62ppm above a background of approximately 6-20ppm. These
elevated levels of nickel and copper in the more mafic gneiss units probably account for the subtle nickel and copper
anomalism seen in the surface soil auger results.
9
Interpretation
The drilling has confirmed a Proterozoic-aged Gneiss Complex intruded by a sulphidic gabbro. The source of the
targeted EM conductors needs further evaluation, but are possibly related to the thin micaceous shear zones within the
gneiss. No minerals were however observed which could reasonably account for the modelled conductivity.
Down hole EM (DHEM) surveys were conducted on the two deeper holes (BDRC03-04) to ascertain whether the drilling
had possibly missed the conductive source. No in-hole or off-hole conductors were identified. Heron’s geophysical
consultants have indicated that the anomalies identified in the original surface data, interpreted in conjunction with the
DHEM survey may be due to current channelling within the near surface rocks rather than a bedrock conductor as
originally thought.
Fine grained sulphides in the gabbro are pyrite-dominant. The presence of this gabbro indicates the potential for the
favourable environment for nickel sulphide mineralisation and will be evaluated further.
Later stage felsic porphyry units cut this sequence and display skarn-style alteration (magnetite-epidote) and will also be
assessed for their mineralisation potential (notably gold, since Bedonia is associated with a likely Tropicana-style
metamorphic stratigraphy).
Forward Program
The Company is currently compiling and reviewing the recently generated data for the project so as to generate further
drill targets. The Company is also considering a joint-venture proposal to advance the project. Additional vacant ground
(140km2) was applied for immediately to the east of the existing project area over additional Mt Andrews Gneiss
stratigraphy.
Rocky Gully Nickel-Copper Prospect (100% Heron, PLD Corporation right to purchase 90%)
In keeping with Heron’s focus on Lachlan Fold Belt copper-gold exploration and KNP nickel laterite pilot studies, a
divestment of Rocky Gully was sought, on the basis that Heron’s geophysical consultant considered the specific Heron
conceptual target was already adequately tested.
Having reviewed various proposals, Heron entered into a binding Option Agreement with ASX-listed explorer PLD
Corporation Limited (PLD):
1.
Non-refundable payment of $20,000 cash for an exclusive 6 month option (with an additional payment of $30,000
cash for a further 6 month extension) to acquire 90% interest in the Rocky Gully Nickel-Copper Project
comprising E70/2801, E70/4457, E70/4437.
2.
Subject to satisfaction of conditions precedent, at any time during the option period, PLD can acquire a 90%
interest by issuing Heron 28,750,000 fully paid ordinary shares in PLD at a value of $0.008 per share (or the
equivalent number of shares if the exercise of the option results in PLD having to comply with Chapters 1 & 2 of
the Listing Rules, or pay Heron $230,000 in cash, at PLD’s election.
3.
Minimum expenditure of $50,000 per annum.
4.
There is a 1.5% Net Smelter Royalty payable to Heron.
Late stage mafic to ultramafic intrusions have been identified by Heron in the Rocky Gully area, which are favourable
hosts for nickel-copper sulphide mineralisation. Soil sampling has defined a number of coincident nickel and copper
anomalies and previous Heron drilling has identified primary nickel sulphide mineralisation.
PLD believes these early stage exploration characteristics demonstrate similarities to the early stage exploration
characteristics of the Nova-Bollinger nickel-copper discovery.
PLD has stated they will undertake a focussed due diligence program to evaluate the potential for Proterozoic circumcratonic intrusive-associated magmatic nickel-copper deposits such as the Nova-Bollinger discovery. Work programs
over the coming 12 months will include data compilation, soil sampling, geophysical surveys and Aircore drilling. The
minimum expenditure commitments on the granted tenement totals approximately $50,000 per annum, providing PLD
with flexibility in the application and timing of expenditure.
10
MT ZEPHYR GOLD AND BASE-METAL PROJECT, WESTERN AUSTRALIA (100% HERON)
The Mt Zephyr Project is located 80km north northeast of Leonora and represents a 5km strike of volcanics with strong
indications of Volcanogenic Massive Sulphide (VMS) style mineralisation (Figure 13).
Figure 13 Mt Zephyr Project – tenements on aeromagnetic image showing key targets
The area is also highly prospective for gold mineralisation with high-grade laminated quartz reefs in the north of the
project area. A program of detailed soil auger sampling is currently underway at Paul’s Find to map out the trend of gold
mineralisation prior to drill testing of anomalies. The soil auger program is also being extended to the north of Paul’s
Find over ultramafic rock to test for potential nickel sulphide mineralisation.
Mt Zephyr is a contiguous strategic greenstone holding, which Heron ranks highly within its exploration portfolio. Once
current field studies are completed and regional targets defined, the Company may seek a joint venture partner,
particularly to drill deeper holes down-dip from the distal style VMS mineralisation, as well as test new targets.
Laminated quartz reef with visible gold from Paul’s Find
Gold nuggets from Paul’s Find area
11
NORTHWEST QUEENSLAND COPPER-GOLD PROJECT (100% HERON)
Following a detailed review of open file reports of previous exploration, the Company made a strategic decision to
reduce its holdings in Mt Isa Inlier to four key tenements. The four remaining tenements cover some 550km2 in the Mt
Isa Inlier of northwest Queensland, targeting copper-gold-REE mineralisation in Iron Oxide Copper Gold (IOCG) settings
(Figure 14).
The Mt Isa Inlier is a world-class Proterozoic mining province hosting the large copper, lead and zinc mines at Mt Isa and
George Fisher, and the copper-gold mines at Ernest Henry and Osborne plus several other significant mines and
development projects.
Figure 14 Northwest Queensland Heron Tenement Locations and Mineralized Centres
Of particular interest within Heron’s tenure is the Mammoth
East Prospect (EPMs 19122 and 19168) where previous
exploration in the late 1980s identified a zone of high-level
copper-gold mineralised quartz veining within basalt and
quartzite of the Proterozoic Haslingden Group. The
mineralisation was discovered through a program of stream
sediment sampling followed by detailed soil and rock-chip
sampling with the anomaly extending over 500 metres of strike
and 50-100 metres wide (Figure 15).
Previous reconnaissance drilling (4 RC holes) intersected
moderate to strong gold, copper and lead anomalism within a
polyphase breccia quartz vein exhibiting comb and crustiform
quartz textures, suggesting an epithermal origin.
At Mammoth East, the host to the mineralised quartz veining is
a sericite-hematite altered shale within a larger basalt unit.
The most significant results from this program, from 2 metre
down-hole samples were 0.33% copper, 0.63% lead, 2g/t silver
and 0.3g/t gold. The focus of this exploration at the time was
actually diamonds and no further work has apparently been
completed since that time. Such prospects provide an
immediate target for Heron’s on-ground follow-up exploration.
The northwest Queensland acquisitions reflect the Company’s
positive view of Proterozoic copper-gold systems. The
Company is currently seeking expressions of interest from
parties who would be interested in farming into or acquiring the
tenements.
An Information Memorandum on the project areas was
completed during the Quarter and has been forwarded to
potential interested parties.
Figure 15 Mammoth East Prospect, R9 anomaly showing
strong copper anomalism over 500m of north-south strike.
12
PROJECT DEVELOPMENT
KALGOORLIE NICKEL PROJECT (KNP) (100% HERON)
RESOURCE INVENTORY
During the Quarter the Company completed an updated JORC 2012-compliant mineral resource estimate for fifteen
nickel laterite deposits covering the Kalgoorlie Nickel Project including Yerilla in the eastern Goldfields, WA (Figure 16).
Total combined mineral resource base has been updated to an estimate of 795.6 million tonnes grading
approximately 0.70% nickel and 0.048% cobalt (full details can be found in the ASX announcement dated 18 October
2013). The estimates have been classified as Measured, Indicated and Inferred Mineral Resources in accordance with
the JORC 2012 Code and supersede the previously published JORC 2004 Code resource estimates.
In compliance with Listing Rule 5.8.1, the
Company’s nickel laterite mineralisation is
developed from the weathering and near surface
enrichment of Achaean-aged olivine cumulate
ultramafic units. Nickel mineralisation is associated
with the base of oxidation horizon within the
weathered zone, hosted in a combination of
smectite and goethite-rich regolith. Nickel laterite
resources within the KNP were defined by drilling
using dominantly vertical RC with occasional
diamond drill (DD) on regular grids from 10x10
metre to 80x160 metre spacing. RC drilling was
conducted using a face sampling hammer, with
either cone or riffle splitters being employed to
generate 2 metre composite samples of 2-3kg
weight from the sample return.
Samples were analysed using XRF fusion
techniques, using industry standard QAQC
techniques. A multi-element assay suite was used
to facilitate geo-metallurgical identification of ore
material types.
All resources were estimated using block models
within wire framed domains defined by both geology
and lower cut off grades based on assay population
breaks of between 0.2 or 0.4% nickel in composites.
Where appropriate, some material of lower grade
was included with the mineralised domains for
continuity purposes. Estimations were carried out
using Ordinary Kriging for nickel and cobalt
resources.
Density measurements taken from drill core
measurements were applied to blocks based on
material type.
Figure 16 Kalgoorlie Nickel Project location.
Tonnages and grades were reported above a 0.5% nickel cut-off grade, as in keeping with previous resource statements
and general industry practice.
Resources have been separately classified for each individual deposit based on the geostatistical variance of assay
composites between holes into Measured (10x10 metre spaced drilling), Indicated (up to 40x100 metre spaced drilling)
and Inferred (up to 80x160 metre spaced drilling).
13
The resources are expected to form the basis of an economic nickel laterite development project utilising conventional
open pit dig and haul with minimal blasting to a centralised processing facility. The method of processing is currently
under study by the Company but may include ambient pressure agitated leach, high pressure acid leaching, heap
leaching or vat leaching. Most ore types will be amenable to screen upgrades of nickel content prior to leaching.
Pyrometallurgical methods were also piloted by SGS Oretest during 2012, with no fatal flaws identified.
METALLURGICAL TEST WORK PROGRAMS
The Company recognises the potential inherent value of the KNP, and is pursuing a multi-disciplinary strategy to
enhance and ultimately crystallise project value. Heron’s strategy is to match these various evolving technologies to
specific ore types within the KNP.
There is an increased focus on new nickel laterite extractive technology which, in part, reflects the tightening situation of
traditional sources of supply from nickel sulphides.
The Company’s most active program has been with Direct Nickel, where testwork has continued after favourable results
from March 2013, with up to 98% nickel recoveries using nitric acid leaching.
COMMENCEMENT OF SIMULUS ENGINEERS METALLURGICAL STUDY
During the Quarter Heron has negotiated an agreement with Simulus Engineers (Simulus) to undertake sulphuric acidbased metallurgical testwork on various KNP ore-types and to produce a Scoping Study on the applicability of Simulus’
innovative reagent recovery technology to the KNP.
Simulus is a Perth-based metallurgical engineering firm specialising in developing innovative and cost effective solutions
to complex metallurgical processes. Simulus has a team of some 20 engineers and has a proven track record of
innovative design and cost-effective execution.
Within its subsidiary Carbon Friendly Nickel Processing (CFNP), Simulus has developed a new process technology able
to be applied towards the extraction and refining of nickel and cobalt from nickel laterite ore.
The essence of the process is the recovery and re-use of the key reagents used in leaching and purification. The
Simulus reagent recovery process can be matched up with any front-end leach process such as high pressure acid
leach, atmospheric tank leach, or heap leach. A range of intermediate products or refined metal can also be produced
as required.
CFNP has the potential to offer substantial benefits compared to existing processes including reduction in all of reagent
costs, tailings production and water consumption, leading to the potential for significant improvements in operating costs.
Applicability of CFNP to Heron’s KNP
Heron has a multi-disciplinary strategy to match various extractive technologies to specific ore types within the KNP with
the ultimate aim of crystallising value from the KNP through innovative technology.
Heron believes that the technology Simulus is seeking to apply to the KNP sulphuric acid processing flowsheet has
significant potential to catalyse a “step change” in the project economics of the KNP.
If successful, this initial testwork and Scoping Study is intended to lead into a closer partnership between Heron and
Simulus through CFNP under which the technology will be further developed.
Initial Results
Three bulk samples of nickel laterite ore have been delivered to Simulus in Kewdale, Western Australia. The samples
represent the three main ore types within the KNP:



Goethite ore from composites of sonic drill core drilled at Siberia North.
Saprolite ore mined by Heron from Heron’s Boulder Block pit at Bulong.
Nontronite ore from Heron’s ore stockpiles at the Jump Up Dam trial pit (Yerilla Project).
These samples are designed to represent the three end members of the dominant material types recovered from the
Heron KNP nickel laterite resource inventory, and will demonstrate the viability of the Simulus process over the spectrum
of KNP metallurgical variability.
The initial results indicate very high nickel extractions by running an aggressive atmospheric leach condition and
critically, a 70% reagent recovery. The Company is most encouraged by these results.
14
KNP GOLD INITIATIVES
The Company’s large KNP tenement holdings within a 100km radius of Kalgoorlie (Figure 16, 17) are highly
prospective for Archaean gold mineralisation and a number of exploration programs are being conducted to test
various targets.
BIG FOUR GOLD PROJECT, WESTERN AUSTRALIA (100% HERON)
The Big Four Gold Project is located 65km north of Kalgoorlie where high grade gold mineralisation has been found
within an intermediate porphyry unit in the lower part of a well mineralized unit termed the Siberia Komatiite (Figure 17,
18).
Figure 17 Project Locations, KNP gold targets.
Figure 18 Big Four Cross Section 1040N, high
grade contact model.
Significant “bulk tonnage” intercepts (ie average grade of full porphyry intercept):






BFRC001
BFRC004
BFRC006
BFRC017
BFRC021
BRFC030
17 metres at 4.41g/t gold from 47 metres.
A program of auger soil sampling was conducted to the south of the main line of Big Four workings, towards the Grafter
area. Final results are pending, however preliminary results show gold anomalism up to 100ppb which will be further
assessed in the current Quarter.
The Company has also recently received an expression of interest from a local mining group to develop a small-scale
open pit to open up the Big Four ore zone prior to further deeper drilling.
15
SIBERIA SOUTH GOLD PROJECT, WESTERN AUSTRALIA (100% HERON)
A RAB drill program comprising 106 holes for 2,012 metres was completed at the Siberia South Gold Project located
70km northwest of Kalgoorlie, Western Australia within the Kalgoorlie Nickel Project (KNP). The drilling (Figure 19) is
targeting Archaean gold mineralisation along the contact between the Siberia Komatiite and the Big Dick Basalt, and
also within intrusive dolerite units of the Mt Pleasant Sill.
The targeted soil anomalies are up to 49ppb gold and covered a strike length of up to 1km. They are partially associated
with shallow old workings, however the anomalism extended beyond the workings into an area of deeper soil cover and
these extensional areas are the key targets for the drilling.
Figure 19 Image showing gold
anomalism from the Heron soil
auger campaign on an aerial photo
image with RAB drillholes.
Extensive old workings are present.
The RAB holes in the west of P24/4206 were to test high grade gold and copper assays from Heron rock-chip sampling,
with assays up to 14g/t gold and 1.1% copper. In addition, malachite staining at Siberia South in olivine orthocumulate
ultramafic rocks suggests nickel sulphide potential.
Significant Siberia South gold drilling intercepts included (cross section Figure 20):






OBRB011
OBRB056
OBRB068
OBRB092
OBRB09
OBRB096
The Company commenced a small RC program (6 holes for 570 metres) to test below these results late in the Quarter
and unfortunately, preliminary results were not encouraging with a best result of 4 metres at 0.30g/t gold (from 4 metre
composite sample). Confirmation 1 metre sampling is current, and results are awaited.
Figure 20
Cross section 304320E looking west
showing RAB drilling and interpreted
mineralised zone. Note surface
projection of the Lode Envelope
contains historic gold workings
16
KNP NICKEL SULPHIDE INITIATIVES
As part of Heron’s regional soil auger gold sampling, several positions have been identified which are prospective for
nickel sulphide mineralization. These programs help to maintain the KNP nickel laterite tenure in good standing with the
WA Department of Mines and Petroleum (DMP).
KALPINI NICKEL PROJECT, WESTERN AUSTRALIA (100% HERON)
The Kalpini ultramafic belt which hosts KNP nickel laterite resources additionally has several documented fertile nickel
sulphide ultramafic contacts. Heron’s project generation studies through the belt have generated several nickel sulphide
targets. A detailed auger soil program commenced late in the Quarter on the southern extension of the Emu Lake target
where several nickel sulphide drill intercepts have been reported by previous companies.
JOINT VENTURE PROJECTS, WESTERN AUSTRALIA
Heron has farmed out various of the KNP nickel laterite tenure for gold exploration, again as a means to assist in
keeping the KNP in good standing.
Bulong Gold Project (Heron 20%, Southern Gold Limited 80%; Heron retains 100% of nickel laterite rights at
Bulong East)
Southern Gold Limited has earned its 80% interest in the two joint venture areas at Bulong (30km east of Kalgoorlie,
refer Figure 21) through meeting the required expenditure commitments. At Bulong East, Heron is free carried at 20%
interest until a Pre-Feasibility Study is completed and $8M has been expended. At Bulong South, Heron is free carried
at 20% interest until the completion of Bankable Feasibility Study.
Southern Gold has completed several field programs within the Heron tenure over the last two years with several
encouraging results being received including 4 metres at 6.8g/t gold and 4 metres at 4.5g/t gold at the Turnpike
prospect.
Due to Southern Gold’s cost saving initiatives during the
Quarter, limited field work was carried out on regional
exploration. However, a detailed analysis of data sets
and the evaluation of a significant number of regional
targets were advanced. A structural-lithological model
was completed during the September Quarter for the
majority of known geochemical anomalies in the Bulong
Project. The results of the structural modelling have
been used in combination with regolith-landform
analysis to assess nine regional targets. These targets
are considered most prospective for significant gold
mineralisation. The regolith-landform analysis provides
information on the characteristics of the landscape
where geochemical anomalies have been identified,
which assists in the identification of transported versus
in-situ geochemical anomalies.
Figure 21 Location Map showing Heron/Southern Gold Bulong JV Tenure (Source: Southern Gold)
17
Mineral Resource Estimates for Heron nickel laterite deposits (0.5% nickel cut-off grade)
Region
Prospect
Goongarrie
Siberia
KNP West
Bulong
Hampton
KNP East
Yerilla
KNP Yerilla
Goongarrie South*
Goongarrie South*
Goongarrie South*
Highway
Highway
Ghost Rocks
Goongarrie Hill
Big Four
Big Four
Scotia
Sub-total
Siberia South
Siberia North
Siberia North
Black Range
Sub-total
Total
Taurus
East
East
Sub-total
Kalpini
Sub-total
Total
Jump Up Dam‡
Jump Up Dam
Jump Up Dam
Boyce Creek
Aubils**
Total
Company Total
Million
Tonnes
5.8
54.2
34.4
52.9
38.4
24.8
53.6
42.6
12.4
11.2
330.3
104.4
10.8
60.0
20.1
195.3
525.6
14.2
15.9
24.3
54.4
75.4
75.4
129.8
3.8
41.7
18.5
26.8
49.4
140.2
795.6
Ni %
Co %
1.08
0.79
0.63
0.66
0.63
0.67
0.60
0.69
0.54
0.77
0.68
0.66
0.64
0.66
0.75
0.66
0.67
0.83
0.89
0.78
0.87
0.73
0.73
0.79
0.94
0.79
0.64
0.77
0.70
0.73
0.105
0.066
0.042
0.042
0.040
0.047
0.037
0.052
0.054
0.080
0.049
0.035
0.051
0.040
0.103
0.043
0.047
0.051
0.046
0.053
0.054
0.044
0.044
0.048
0.048
0.044
0.035
0.058
0.066
0.052
0.70
0.048
Resource
Category
Measured
Indicated
Inferred
Indicated
Inferred
Inferred
Inferred
Indicated
Inferred
Inferred
Estimation
Method
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Krige
Estimate
Source
Heron
Heron
Heron
Heron
Heron
Snowden
Heron
Heron
Heron
Snowden
Study
Period
Post PFS
Post PFS
Post PFS
Post PFS
Post PFS
Pre PFS
Post PFS
Post PFS
Post PFS
Pre PFS
Inferred
Indicated
Inferred
Inferred
Krige
Krige
Krige
Krige
Snowden
Snowden
Snowden
Snowden
Pre PFS
Post PFS
Post PFS
Pre PFS
Inferred
Indicated
Inferred
Krige
Krige
Krige
Snowden
Snowden
Snowden
Pre PFS
Pre PFS
Pre PFS
Inferred
Krige
Snowden
Pre PFS
Measured
Indicated
Inferred
Inferred
Inferred
Krige
Krige
Krige
Krige
Krige
Snowden
Snowden
Snowden
Heron
Heron
PFS
PFS
PFS
PFS
PFS
*
Includes 33.4 million tonnes at 0.70% nickel and 0.040% cobalt located on a pending mining lease.
**
Includes 49.4 million tonnes at 0.70% nickel and 0.066% cobalt located on a pending mining lease.
‡
Includes approximately 20,000 tonnes at 1.3% nickel and 0.050% cobalt in stockpiles from the 2006 trial pit.
Notes:
1.
Tonnage (dry) and grade estimates have been rounded to reflect the estimation precision.
2.
Economic parameters for the KNP are based on a Pre-feasibility Study completed by Vale Inco under farm-in
arrangements between April 2005 and July 2009, and re-optimized by Heron between August 2009 and May
2010. The Vale Inco farm-in ended in July 2009 and Vale Inco has no retained rights in respect of the KNP
tenements.
3.
Economic parameters for Yerilla are based on a Pre-Feasibility Study completed by Heron between June 2006
and April 2009, and re-optimized by Shanshan under joint venture between May 2009 and May 2011. The
Shanshan joint venture expired in May 2011 and has been the subject of re-negotiation. Shanshan currently has
no retained rights in respect of the Yerilla tenements.
18
ASX LISTING RULE 5.8.1 COMPLIANCE STATEMENT
The Company’s nickel laterite mineralisation is developed from the weathering and near surface enrichment of Achaean-aged olivine
cumulate ultramafic units. Nickel mineralisation is associated with the base of oxidation horizon within the weathered zone, hosted in
a combination of smectite and goethite-rich regolith. Nickel laterite resources within the KNP were defined by drilling using
dominantly vertical RC with occasional diamond drill (DD) on regular grids from 10x10 metre to 80x160 metre spacing. RC drilling
was conducted using a face sampling hammer, with either cone or riffle splitters being employed to generate 2 metre composite
samples of 2-3kg weight from the sample return.
Samples were analysed using XRF fusion techniques, using industry standard QAQC techniques.
All resources were estimated using block models within wire framed domains defined by both geology and lower cut off grades
based on assay population breaks of between 0.2 or 0.4% nickel composites. Where appropriate, some material of lower grade was
included with the mineralised domains for continuity purposes. Estimations were carried out using Ordinary Kriging for nickel and
cobalt resources.
Density measurements taken from drill core measurements were applied to blocks based on material type.
Tonnages and grades were reported above a 0.5% nickel cut-off grade, as in keeping with previous resource statements.
Resources have been separately classified for each individual deposit based on the geostatistical variance of assay composites
between holes into Measured (10x10 metre spaced drilling), Indicated (up to 40x100 metre spaced drilling) and Inferred (up to
80x160 metre spaced drilling).
The resources are expected to form the basis of an economic nickel laterite project utilising conventional open pit dig and haul with
minimal blasting to a centralised processing facility. The method of processing is currently under study by the Company but may
include ambient pressure agitated leach, high pressure acid leaching, heap leaching or vat leaching. Most ore types will be
amenable to screen upgrades of the nickel content prior to leaching.
JORC 2012 COMPLIANCE STATEMENT
The information in this report that relates to Mineral Resources for the Highway, Goongarrie Hill, Goongarrie South, Big Four,
Aubils and Boyce Creek Prospects is based on information originally compiled by a former Heron Resources Limited resource
geologist and validated by Steve Jones in 2013. Both are Members of the Australasian Institute of Mining and Metallurgy. Steve
Jones is a full time employee of Heron Resources Limited and has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the resource estimation activity that he is undertaking to qualify as
a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Steve Jones consents to the inclusion in this report of the matters based on his information in the
form and context that it appears. Note that Mineral Resources that are not Ore Reserves do not have demonstrated viability.
The information in this report that relates to Mineral Resources for the Siberia North, Bulong East, Siberia, Black Range, Taurus
and Jump Up Dam Prospects is based on information compiled by Snowden Mining Industry Consultants by members of the
Australian Institute of Mining and Metallurgy. Snowden Mining Industry Consultants had sufficient experience that is relevant to
the style of mineralisation and type of deposit under consideration and to the resource estimation activity. All resources were
internally audited by Snowden and signed off by a person of sufficient experience to qualify as a Competent Person as defined
in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Steve
Jones validated the Snowden Mining Siberia North estimate in 2013. Note that Mineral Resources that are not Ore Reserves do
not have demonstrated viability.
The information in this report that relates to Mineral Resource data (including drilling data, database quality, geological
interpretation and density modelling) is based on information originally compiled by Steve Jones and other previous full time
employees of Heron Resources Limited. Steve Jones has sufficient experience that is relevant to the style of mineralisation and
type of deposit under consideration and to the exploration activities undertaken to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Steve
Jones has validated the original estimates during 2013. Steve Jones consents to the inclusion in this report of the matters based
on his information in the form and context that it appears.
The information in this report that relates to Exploration is based on information compiled by David von Perger who is a Member
of the Australasian Institute of Mining and Metallurgy. David von Perger is a full time employee of Heron Resources Limited and
has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the
exploration activity that is being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. David von Perger has consented to the
inclusion in this report of the matters based on his information in the form and context that it appears.
Ian Buchhorn
Managing Director
19
Appendix 5B
Name of entity
MINING EXPLORATION ENTITY QUARTERLY REPORT
HERON RESOURCES LIMITED
ABN
Quarter ended
30 068 263 098
30 September 2013
Consolidated statement of cash flows
Cash flows related to operating activities
1.1 Receipts from product sales and related debtors
1.2 Payments for: (a) exploration and evaluation
(b) development
(c) production
(d) administration, business development
1.3 Dividends received
1.4 Interest and other items of similar nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other –GST
Net Operating Cash Flows
Current Qtr
$A’000
Year to Date
(3 months)
$A’000
(1,125)
(1,125)
(335)
(335)
416
416
8
8
(1,036)
(1,036)
(8)
(8)
(15)
20
(15)
20
2
2
(1)
(1)
(1,037)
(1,037)
Cash flows related to investing activities
1.8 Payment for purchases of: (a)
(b)
(c)
1.9 Proceeds from sale of:
(a)
(b)
(c)
1.10 Loans to other entities
1.11 Loans repaid by other entities
prospects
equity investment
other fixed assets
prospects
equity investment
other fixed assets
Net Investing Cash Flows
1.12 Total operating and investing cash flows
(carried forward)
20
1.12 Total operating and investing cash flows
(brought forward)
(1,037)
(1,037)
-
-
(1,037)
(1,037)
1.19 Cash at beginning of quarter/year
1.20 Exchange rate adjustments
39,597
39,597
1.21 Cash at end of quarter
38,560
38,560
Cash flows related to financing activities
1.13
1.14
1.15
1.16
1.17
1.18
Proceeds from the issue of shares, options, etc.
Proceeds from the sale of forfeited shares
Proceeds from borrowings
Repayment of borrowings
Dividends paid
Other (provide details if material)
Net financing cash flows
Net increase (decrease) in cash held
Payments to directors of the entity and associates of the directors,
payments to related entities of the entity and associates of the related entities
Current Qtr
$A’000
1.22 Aggregate amount of payments to the parties included in item 1.2
168
1.23 Aggregate amount of loans to the parties included in item 1.10
1.24 Explanation necessary for an understanding of the transactions
Directors fees, salaries and superannuation (A$133,458).
Provision of legal services by director related entity (A$16,055)
Provision of office accommodation by director related entity (A$18,450)
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on
consolidated assets and liabilities but did not involve cash flows
2.2 Details of outlays made by other entities to establish or increase their share in
projects in which the reporting entity has an interest
See attached schedule
21
Financing facilities available
Add notes as necessary for an understanding of the position
Amount available
$A’000
Amount used
$A’000
3.1 Loan facilities
3.2 Credit standby arrangements
Estimated cash outflows for next quarter
$A’000
4.1 Exploration and evaluation
1,000
4.2 Development
-
4.3 Production
-
4.4 Administration
400
Total
1,400
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
related items in the accounts as follows.
5.1 Cash on hand and at bank
5.2 Deposits at call
Current Quarter
$A’000
Previous Quarter
$A’000
33
65
38,003
39,008
47
477
47
477
38,560
39,597
5.3 Bank Overdraft
5.4 Other (provide details)
Property Rental bond
Environmental bonds
Total: cash at end of quarter (Item 1.21)
22
Changes in interests in mining tenements
Tenement
reference
Nature of interest
(note (2))
6.1 Interests in mining
tenements relinquished,
reduced or lapsed
6.2 Interests in mining
tenements acquired or
increased
Interest at
Begin of
Quarter
Interest at
End of
Quarter
See attached
schedule
See attached
schedule
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
7.1 Preference securities
(description)
7.2 Changes during Quarter
(a) Increases through share
issues
(b) Decreases through
returns of capital,
buybacks, redemptions
Ordinary securities
7.3 Changes during Quarter *
(a) Increases through share
issues
returns of capital,
buybacks
7.4 Convertible debt securities
(description)
7.5 Changes during Quarter
(a) Increases through issues
securities matured,
converted
Total
number
Number
quoted
252,985,787
252,985,787
Issue price per
security
(see note 3)
($)
Amount paid up
per security (see
note 3)
($)
23
7.6 Options
(description and conversion
factor)
5,000,000
4,500,000
4,818,776
2,600,000
4,750,000
2,750,000
2,750,000
333,333
333,333
333,334
1,000,000
1,000,000
1,000,000
Exercise Price
$0.6864
$2.50
$0.30
$0.425
$0.22
$0.27
$0.31
$0.22
$0.27
$0.31
$0.22
$0.27
$0.31
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Expiry Date
7/09/2016
05/06/2014
09/06/2014
25/06/2014
23/06/2014
23/06/2015
23/06/2016
16/01/2015
16/01/2016
16/01/2017
05/03/2016
05/03/2017
05/03/2018
7.7 Issued during Quarter
7.8 Exercised during Quarter
7.9 Expired during Quarter
7.10 Debentures
(totals only)
7.11 Unsecured notes
(totals only)
Compliance 2.2
Details of outlays made by other entities to establish or increase their share in projects in
which the reporting entity has an interest.
Nothing to report
6.1
Interests in Mining Tenements transferred, relinquished, withdrawn, reduced or lapsed.
Registered Holder
% Beginning of
Quarter
100
% At end of
Quarter
0
E09/01912
Registered Holder
100
0
E15/01112
Registered Holder
100
0
E15/01145
Registered Holder
100
0
E16/00276
Registered Holder
100
0
E24/00189
Registered Holder
100
0
E27/00439
Registered Holder
100
0
E27/00522
Registered Holder
100
0
E28/02184
Registered Holder
100
0
E29/00876
Registered Holder
100
0
E31/00996
Registered Holder
100
0
E70/04457
Registered Applicant
100
0
M25/00226
100
0
P16/02747
100
0
ELA4725
100
0
ELA4701
100
0
ELA4726
100
0
Tenement
Nature of Interest
E04/01727
24
ELA4764
100
0
ELA4770
100
0
ELA4775
100
0
ELA4776
100
0
ELA4779
100
0
ELA4781
100
0
ELA4797
100
0
ELA4837
100
0
EPM19041
100
0
EPM19051
100
0
EPM19052
100
0
EPM19053
100
0
EPM19055
100
0
EPM19056
100
0
EPM19135
100
0
EPM19136
100
0
EPM19191
100
0
EPM19192
100
0
% At end of
Quarter
100
Interests in Mining Tenements acquired or increased
Tenement
Nature of Interest
E27/00524
% Beginning of
Quarter
0
E28/02324
0
100
E29/00889
0
100
E39/01757
0
100
E70/04543
0
100
ELA4856
0
100
ELA4879
0
100
ELA4892
0
100
ELA4905
0
100
M29/00423
0
100
P16/02811
0
100
25
Compliance Statement
1.
This statement has been prepared under accounting policies which comply with accounting standards as defined
in the Corporations Act or other standards acceptable to ASX (see note 4).
This statement does give a true and fair view of the matters disclosed.
2.
Sign here:
Date:
31/10/2013
Company Secretary
Print name:
Bryan Horan
Notes
1.
2.
3.
4.
5.
The Quarterly Report is to provide a basis for informing the market how the entity’s activities have been financed
for the past Quarter and the effect on its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
The “Nature of Interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired,
exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage interest in a mining tenement, it should disclose the
change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully
paid securities.
The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement
of Cash Flows apply to this report.
Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign
entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be
complied with.
26

Quarterly Report - Heron Resources Limited

Transcription

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