Woodlawn Zinc-Copper Project

The Woodlawn Zinc-Copper Project is based at the former Woodlawn Mine site located 30 km south of Goulburn and 220 km southwest of Sydney, and comprises two significant poly-metallic resource-based assets; the Woodlawn Underground Project (WUP) and the Woodlawn Tailings Retreatment Project (WRP). A highly successful Preliminary Economic Assessment report released 2 June 2015, delivered a strong business case for the Woodlawn Zinc-Copper Project. The Feasibility Study commenced immediately after the completion of this highly successful PEA. With the completion of the Phase II drilling program in November 2015, the Company continues to make excellent progress with the Woodlawn Feasibility Study. Final drill hole surveying and resource modelling is now proceeding. Additional components to this detailed study including metallurgical testwork, mining and geotechnical engineering are all well underway and the study remains on target for completion in the second quarter of 2016.

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Woodlawn Zinc-Copper Feasibility Study On Track

The PEA study (full report released 2 June 2015) delivered a strong business case for the Woodlawn Zinc-Copper Project. The Feasibility Study commenced immediately on completion of PEA, and is on track to release findings in the second quarter of calendar 2016, with excellent progress being made across all study areas. Phase II drilling infill and extension programs has returned excellent results. Final drill hole surveying and resource modelling is now proceeding.

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Woodlawn Zinc Underground

Stage One 2014/15 drilling Woodlawn Zinc-Copper Project confirmed the high-grade tenor of the Kate Lens mineralisation. In addition, the drilling has intersected a number of typical Woodlawn high-grade massive sulphide zones in shallow, up-dip, positions to known lenses, with significant high grade intercepts including: 12.3m @ 26% Zn+Pb, 2% Cu. Phase II drilling infill and extension programmes, as part of the Feasibility Study have returned significantly greater thicknesses in Kate Lens than were expected, including 34m @ 20.8% ZnEq. Modelled DHEM plates under the Kate and C Lenses provide strong support for down-plunge extensions to the known mineralisation.

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High Grade Woodlawn Zinc-Copper

- 100% ownership with Established Reserves & Resources
- High grade underground and advanced tailings project
- Excellent infrastructure: road, rail, power, water. Granted mining lease and project approvals in place
- 2014/15 drilling Phase one complete with significant high grade intercepts
- PEA completed delivering strong business case with Feasibility Study underway and on track to release findings in the second quarter 2016, with excellent progress being made across all study areas
- Phase II drilling infill and extension programmes have returned significantly greater thicknesses in Kate Lens than expected, including 34m @ 20.8% ZnEq

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High Grade Australian Zinc-Copper at Woodlawn

- Focused & Fully Funded Program Backed By A Strong Leadership Team
- PEA completed delivering strong business case
- Feasibility Study underway and on track to release findings in the second quarter of calendar 2016, with excellent progress being made across all study areas
- Phase II drilling infill and extension programmes, as part of the Feasibility Study have returned significantly greater thicknesses in Kate Lens than were expected, including 34m @ 20.8% ZnEq
- Cash and listed investments A$27.5 (March 2016)

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Quality Project Inventory

- NSW - Lachlan Fold Belt - Lewis Ponds, Overflow, Calarie – Zn + Cu + Pb+ Ag + Au
- Significant tenement inventory
- WA - Kalgoorlie Nickel Project

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Track Record

Heron has had 16 years of sustained Shareholder value creation, and through divestment of former exploration projects, has resulted in its current strong position of A$27.5M cash and listed investments (March 2016).

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Innovation

Heron entered into an exclusive arrangement with Simulus to co-fund the development of its reagent recovery technology. The aim is to pursue development of this promising technology with a particular focus on realising the considerable value which is locked up within the KNP and to move quickly and relatively inexpensively to substantiate the potential savings in KNP capital and operating expenditure with the aim of facilitating an earlier development of the Kalgoorlie Nickel Project.

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Feature

Heron Resources supports A Taste of Tarago - $35

Woodlawn Project Flythrough

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March 2016 Quarterly Highlights

Woodlawn Zinc-Copper Project

Excellent progress with the Feasibility Study and completion is targeted for the later part of the second quarter:

  • The updated Mineral Resource and new Ore Reserve estimation for the underground are well advanced and being reviewed by SRK.
  • Geotechnical studies (Beck Engineering) have been completed covering mine design, deformation modelling and ground support designs.
  • New Outotec paste test work on de-slimed process tailings resulted in improved paste strengths.
  • A 300mm diameter dewatering bore has been drilled into the underground workings.
  • Metallurgical test work continues including optimisation studies. Consolidation and interpretation of results is currently with GR Engineering Services along with the process plant design.
  • Offsite logistical options have been reviewed for the transport of zinc, copper and lead concentrates to receiving smelters.
  • A concentrate off-take expression of interest (EOI) has been provided to a number of smelters and trading companies.
  • Independent Feasibility Study auditing functions are now in place.
  • Company has appointed legal and corporate advisors for the project financing schedule.

Exploration

Following the completion of drilling activities the Company has established a prioritised list of on-mine targets with the potential to expand the Woodlawn resource base.

Corporate

  • Cash - Heron held A$25.2M in cash (excluding A$0.2M in bonds) and A$2.3M in investments.
  • Golden Cross Resources (“ASX:GCR”) – Heron received A$1.6M from the sale of its GCR shares.
  • R&D – The Company received A$2.3M for R&D related expenditure over FY14/15.
  • Commodity market fundamentals continue to strengthen for zinc.

Report

2015 Annual Report

For full details of Heron's work during the 2014-2015 year please see link below to the 2015 Annual Report:

Report

Videos

Diggers & Dealers 2015 Presentation

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Woodlawn Site Visit 18 August 2015

Photo Gallery

Preliminary Economic Assessment
- Full report released 2 June 2015

The PEA delivered a strong business case for the Woodlawn Zinc-Copper Project. The Feasibility Study commenced immediately after the completion of this highly successful PEA, and is on track.

PEA Technical Report

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