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Heron Resources Quarterly Report December 2018

HIGHLIGHTS

Woodlawn Zinc-Copper Project Development Progress
 

Plant Construction

  • Commissioning commenced as-planned during the quarter
  • Overall EPC completion at 95% and commissioning at 24% as at the end of December 
  • Piping and electrical items remain outstanding, construction works otherwise complete
  • On-track for production to commence in the second half of the March 2019 quarter.

Underground

  • 376 metres of underground development completed
  • Contract awarded for primary ventilation shaft from surface
  • Competent fresh rock ground conditions encountered

Retreatment

  • Hydraulic mining equipment installed and operational
  • Ramp-up to full production rate continues

Operational Readiness

  • Majority of operational roles appointed
  • Stores, spares and consumables on order and arriving on site
  • Training underway in preparation for operations
  • Operational mobile plant mobilised to site
Woodlawn Exploration
  • Four Reverse Circulation holes for 981m were completed at the Montrose prospect, 6km west of Woodlawn, targeting a number of shallow electromagnetic anomalies.  A broad zone of disseminated pyrrhotite with chalcopyrite was intersected at the south end of the prospect potentially representing a sulphide halo surrounding a massive sulphide lens at depth.  Assays are pending.
Corporate
  • Cash: Heron held A$78.6 million in cash (including bonds of A$7.77 million) and A$2.9 million in investments as at 31 December 2018.
  • Debt: During the December quarter, the Company successfully completed the drawdown of the third and final US$20M debt tranche from Orion Mine Finance (“OMF”).  The Debt facility provided by OMF of US$60M is now fully drawn.
For the full announcement, please click here
For further information regarding Heron Resources, please visit www.heronresources.com.au or contact:
For further information regarding Heron Resources, please visit www.heronresources.com.au or contact:
Heron Resources
Mr Wayne Taylor
Managing Director and CEO
Tel: +61 2 9119 8111
Email: heron@heronresources.com.au
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Copyright © 2019 Heron Resources, All rights reserved.


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