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).

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PEA Woodlawn Zinc-Copper

This PEA study confirms not only the economic viability of the Woodlawn Project, which has the potential to deliver a long term supply of zinc into a supply constrained market, but also the quality of this asset with a very competitive cost of production within the current market. The project is underpinned by a revised, high quality Mineral Resource, including the discovery of 2.8 million tonnes from recent drilling and has achieved its aim of establishing a robust resource base on which to build a new operation. The PEA study demonstrates that the approach of co-treating the low risk tailings resource with the high-grade underground resource can deliver a robust outcome and a low cost, long life, mining operation. Heron is now committed to advancing this project rapidly through to feasibility study stage.

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Woodlawn Zinc Underground

Stage One 2014/15 drilling Woodlawn Zinc-Copper Project is complete and 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

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High Grade Woodlawn Zinc-Copper

- 100% ownership
- Established Reserves & Resources
- High grade underground and advanced tailings project
- Granted mining lease and project approvals in place
- Excellent infrastructure: road, rail, power, water
- 2014/15 drilling Phase one complete with significant high grade intercepts including: 12.3m @ 26% Zn+Pb, 2% Cu
- PEA complete delivers strong business case

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High Grade Australian Zinc-Copper at Woodlawn

- Focused & Fully Funded Program Backed By A Strong Leadership Team
- Drilling & PEA for underground – ongoing with significant high grade intercepts including: 12.3m @ 26% Zn+Pb, 2% Cu
- Program to deliver BFS for combined Woodlawn Underground and Tailings Projects
- Cash A$25.6M plus listed investments A$2.8M (31 March 2015)

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Discovering & developing world class ore bodies

With 100% ownership of one of the world’s largest undeveloped nickel laterites, excellent exploration projects, low overheads and $25.6M cash, $2.8M in listed equity (31 March 2015) Heron represents enormous medium to long‐term value.

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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 cash position of $25.6M (31 March 2015).

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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

Phase II Drilling at Woodlawn Zinc-Copper commenced

Phase II of diamond drilling at Woodlawn Zinc-Copper Project in currently underway. This drilling is the next step to advance the underground project towards production and will form a key input into the Feasibility Study, which is fully funded and is expected to be completed in the first half of calendar 2016.

Highlights at 25/6/15:

  • A number of significant massive sulphide intercepts are expanding the known limits of the Kate Lens (assays pending), including:
    • 7.3m of polymetallic sulphides from 339.8m downhole (Kate up-dip) WNDD0029
    • 20.3m of copper and polymetallic sulphides from 383.4m (Kate north) WNDD0031
    • 9.6m of copper and polymetallic sulphides from 406.2m (Kate down-dip) WNDD0032
  • G Lens records high grade intercept:
    • 3.0m @ 8.5% zinc, 3.5% copper, 5.2% lead, 6.3g/t gold & 161g/t silve from 30m (33.9% ZnEq1) WNDD0024

Latest announcement

Kalgoorlie Nickel Project

Heron's first ever lease application in the KNP, Goongarrie South, 7 January 1998

The total combined nickel laterite resource base of the Kalgoorlie Nickel Project (KNP) is updated to an estimate of 795.6 million tonnes grading approximately 0.70% nickel and 0.048% cobalt (approximately 5.6 million tonnes of contained nickel metal, 0.38 million tonnes of contained cobalt metal) (see announcement 21 Oct 2013)

These resources form the basis of ongoing metallurgical and mining studies, including the Simulus and Direct Nickel research projects, which aim to significantly reduce the capital and operating cost of processing KNP nickel laterite mineralisation. To this end Heron entered an exclusive partnership with Simulus December 13.

Potential to produce 37,000 tpa nickel in intermediate product over a 35 year mine life.

Kalgoorlie Nickel Project

Reports

Preliminary Economic Assessment Delivers Strong Business Case for the Woodlawn Zinc-Copper Project – Full report released 2 June 2015

Heron is pleased to report the completion of the Preliminary Economic Assessment (PEA) on the Company’s 100%-owned and fully permitted Woodlawn Zinc-Copper Project located in New South Wales, Australia. Highlights include:

  • Strong base case NPV / IRR results
  • Attractive project characteristics including initial 11 year mine life based on underground and tailings resources, and including 1.0Mt Indicated and 2.8Mt Inferred Mineral Resource contribution from underground and total life-of-mine (LOM) Production Target of 353Kt of zinc, 77Kt of copper, 112Kt of lead, 8.9Moz of silver and 59Koz of gold
  • Quality resource and mine plan with the shallower areas of the deposit reflecting the success of the recent drilling programme – high level of confidence for extensions to the mineralisation at depth and along strike
  • Robust Economics
  • Excellent exploration potential including additional shallow targets to be tested in next drill phase and deeper underground extensions to be targeted post commissioning
  • Expediated development path with objective of completing Feasibility Study by mid 2016

PEA Technical Report

Presentation

2014 Annual Report

2014 has been a “step-change” year for Heron Resources with the completion of its merger with TriAusMin on 5 August 2014. The merger transaction brought together Heron’s cash balance of $32.9 million as at 30 June 2014, with TriAusMin’s pipeline of high quality base metal assets featuring the Woodlawn Zinc-Copper Project in southern New South Wales. This is an excellent outcome for both sets of shareholders.

For full details of Heron's work during the 2014 year and on the Woodlawn Zinc-Copper project please see link below to the 2014 Annual Report:

Report