- Download 2011 Annual Report (PDF, 4.8 MB)
Highlights
- $47.0M cash and $6.2M in “held-for-sale” assets as at 30 June 2011
Acquisitions:
- The tenement acquisition activities which have been in abeyance were reactivated during the latter part of the 2011 financial year. A number of high quality exploration targets have been generated which will be the subject of increasing exploration activities in the 2012 financial year.
- A number of corporate and project acquisition opportunities were offered and assessed throughout the year, but there was not a significant acquisition opportunity identified which met the Company's value creation criteria.
Divestments:
- A1 Gold Mine, acquired by new IPO A1 Consolidated Gold Limited (AYC), Heron will hold 26.2 million AYC shares on listing.
- KNP Gold Assets, acquired by ASX-listed Metaliko Resources Limited (MKO), Heron holds 8.0 million MKO shares and 8.0 million MKO options.
Kalgoorlie Nickel Project:
- CSIRO geo-metallurgy research team and an international mining consultancy retained to advise on KNP development.
- Iron-Nickel production potential identified as a means to expedite KNP development, initial bench-scale testing to commence.
- Nickel-copper-PGM sulphide soil geochem and EM targets generated at Black Range, 50 RAB/core hole collars surveyed and awaiting drilling.
Yerilla Nickel-Cobalt Project:
- Joint venture agreement likely to be extended to facilitate on-going Shanshan development programs.
Exploration Projects:
The pipeline of 2011 exploration projects has reached drill testing stage:
- Shay Gap Iron Ore: Gravity anomaly consistent with iron ore channels defined, 260 RC drill collars surveyed and awaiting drilling.
- Mt Zephyr Base Metals, Gold: VMS, Gold and Magnetite, EM and magnetic targets generated, drill testing on-going, results consistent with VMS system, initial 37 RAB holes planned on Gale gold target.
- Binneringie Nickel-Copper, Molybdenum: Circular discrete magnetic anomaly defined, RC/core hole collar surveyed and awaiting drilling.
- Glidden Copper-Gold: Copper-gold quartz stockworks target generated from sampling, ready for EM survey and then RC drilling.
