2000 Annual Report - Heron Resources Limited

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Operations Review 2.0 Continued 2.3.3 Transline Joint Venture Project Heron 100%. New Hampton Goldfields Limited right to earn 80% through spending $0.8m. Gold-nickel. The 421km 2 contiguous project area covering 13 tenements is located 60km ESE of Kalgoorlie on the Bulong Anticline straddling the Emu Fault. The project area is underlain by the Juglah Monzogranite which intrudes felsic volcanics. Gold mineralisation is extensively developed, and includes the Juglah, Trojan and Transfind gold mining centres. The geological setting is a rift granitoid, and is comparable to the Laverton Tectonic Zone located to the east. Heron previously generated several +50ppb gold in soil targets associated with the GMQ Shear Zone, following which a tenement acquisition program was carried out. GIS compilations were subsequently completed, identifying from previous exploration several +1g/t Au RAB anomalies, peaking at 6g/t Au. The Heron gold targets are planned for drill follow-up by New Hampton. Expenditure prior to joint venturing was $0.10 million, with most tenements only granted during June 2000. 2.4 KEITH KILKENNY PROVINCE NICKEL LATERITE RESOURCES. GOLD RIGHTS WITHIN OR UNDER JOINT VENTURE OFFER. Heron’s Keith Kilkenny Province nickel laterite projects are associated with discrete rift-related ultramafic olivine cumulate channels, as opposed to the more sheet-like adcumulates of the Walter Williams Formation. As such, the Keith Kilkenny occurrences are prospective for Silver Swan style nickel sulphide mineralisation. Heron’s exploration to date has however been restricted to nickel laterite. 2.4.1 Kookynie Joint Venture Project Heron 100%. Barminco Pty Ltd and Kookynie Resources NL right to earn 70% through spending $0.75m. Nickel rights retained by Heron. Gold-nickel. The 275km 2 project area covering 8 tenements is located 20-60km SE of Leonora within the western margin of the Keith Kilkenny Tectonic Zone. The tenements are all within hauling distance of Barminco’s Orient Well CIP gold plant. The project area is largely soil covered basalt and felsic volcanics occurring along strike from the Apollo Hill gold occurrence. Lateritic nickel targets are associated with rift margin serpentinites, for which Heron retains all nickel rights. Heron and Barminco have completed a GIS target generation study, with field mapping confirming favourable drill targets. Tenements are in their first year of grant, so field programs have not as yet commenced. Expenditure to date has been $0.1 million. Photo: Ian Buchhorn (Managing Director) and David Crook (Exploration Manager). The Heron office is fully set up for all of Heron’s data management and plotting needs. Discussions are current in respect of a farm-out of a further 7 tenement applications covering 36km 2 Kookynie area. in the northeast Photo Strip: Heron minimises track clearing in its exploration work. It is far easier to drive around a tree or use existing pastoralist tracks, than clear new ground. After scarifying the track when exploration is completed, rehabilitation is then only a couple of good storms away. ‘The Dreamtime Road’ Kenneth Jackson “It is going back in the past.” page 22 Heron Resources NL Annual Report 2000
2.0 Continued Operations Review 2.4.2 Edjudina Nickel Project Heron 100%. Nickel (- gold). The 338km 2 project area covering 31 tenements is located 145-175km NNE of Kalgoorlie within the Keith Kilkenny Tectonic Zone. This rift structure is associated with ultramafic complexes from south to north at Lake Rebecca, Boyce Creek, McAuliffe West, Monk Well and Aubils. The ultramafic flows are located on the rift margins interbedded with basalt, with the rift axes containing coarse sediments. During 2000, drill programs were designed and collars surveyed to follow up the ore zones drilled up by Heron during the 1999 field season. Several attempts were made to access the target areas, which are marginal to Lake Raeside. Rig access near the lake edge was however not possible. Ethnographic surveys were completed for the Edjudina mineralised areas. Mining Lease applications were lodged covering all known nickel laterite resources within the project area. The Edjudina nickel laterite targets are an important asset in a Keith Kilkenny Nickel Laterite resource rationalisation now under discussion involving Heron’s Lake Rebecca to Aubils lateritic nickel resources. Heron’s expenditure to date on the Edjudina Project has been $0.7 million. Yerilla-Boyce Creek Lateritic Nickel Prospect Drill hole sectional interpretations, provisional pit designs and resource estimation were completed. The current Boyce Creek resource estimate is 6.4 million tonne at 0.93% Ni and 0.09% Co at a 0.75% Ni cut-off. An independent audit of the resource was completed. Discussions are current in respect of trial mining using a locally based miner and earthmoving contractor. Heron will not be contributing to earthmoving costs. Ground Disturbance Applications have been lodged with the DME ahead of detailed ore resource drilling. Rehabilitation of historical drill areas outside the proposed mine area is current. A Mining Lease application over the ore zone has been lodged, and Heritage Surveys completed. Yerilla-Lady Byron - McAuliffe West Prospect Drill hole sectional interpretations, provisional pit designs and resource estimation were completed. The current Lady Byron resource estimate is 2.8 million tonne at 1.11% Ni and 0.05% Co at a 0.75% Ni cut-off. Ground Disturbance Applications have been lodged with the DME ahead of detailed ore resource drilling. Yerilla-Aubils Prospect Drill hole sectional interpretations along with field geological mapping has confirmed the Aubils laterite profile has been variably eroded by Tertiary-aged palaeochannel development. There is thus a complex regolith profile at Aubils, which has necessitated in-fill drilling of the defined ore zones. Some of the northern zones of strong aeromagnetic anomalism adjoining Kilmore Hill are now interpreted to be gabbro related, rather than ultramafic. Resource estimation was completed. The current Aubils resource estimate is 2.9 million tonne at 0.99% Ni and 0.10% Co at a 0.75% Ni cut-off. Ground Disturbance Applications have been lodged with the DME ahead of detailed ore resource drilling. 2.4.3 Keith Kilkenny-Laverton Tectonic Zone Joint Venture Project Nickel rights retained 100% by Heron. Croesus Mining NL right to earn 80% in respect of gold through spending $1.0m. Gold. The 569km 2 joint venture area covering 18 tenements is located within two separate areas. The southern area Edjudina joint venture is 120-160km NE of Kalgoorlie north and south along strike of the Porphyry gold mine within the eastern Keith Kilkenny Tectonic Zone. Gold mineralisation occurs dominantly in quartz stockworks within felsic and granitoid host rocks. The northern area Mount Varden joint venture is 55km N of Laverton within the Laverton Tectonic Zone. Major gold mining centres in the area are generally associated with Banded Iron Formation (“BIF”), and from south to north include Corktree Well, King of Creation and Rosemont. Croesus has expended $0.3 million on exploration to date, with in excess of 9,000m of drilling completed. Heron Resources NL Annual Report 2000 page 23
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Heron Resources NL In the Community
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2000 Annual Report - Heron Resources Limited

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