Heron Resources Quarterly Report March 2019
Woodlawn Zinc-Copper Project Development Progress
- Overall EPC completion at 99% and process plant commissioning at 77%
- Construction work completed
- Commissioning with reclaim tailings ore from Tailings Dam South on a 24 hour basis
- Concentrate production imminent
- 1.3km of underground development completed
- Raiseboring of the primary ventilation shaft completed from surface
- First ore from underground delivered to ROM
- Hydraulic mining transitioning to production mode
- An Induced Polarisation (IP) geophysical survey completed north of Woodlawn. Significant chargeability and resistivity anomalies were detected; modelling of the data is being finalised.
- Cash: Heron held A$66.5 million in cash (including bonds of A$7.77 million) and A$2 million in investments as at 31 March 2019.
- Sedgman Claim: Progress claims were received from Sedgman, Woodlawn EPC Contractor, in February and March which exceeded the agreed guaranteed maximum price contract value, both of which were rejected by the Contract Superintendent. No progress claim has been received in April.