Heron releases NI 43-101 Woodlawn resource estimate
HERON RESOURCES Ltd. is providing an upgrade to the mineral resource estimate for the shallow G2 lens and a revision of the total underground mineral resources at its wholly owned Woodlawn zinc-copper project in Australia. The resource upgrade follows on from the recently completed drilling program that focused on expanding the shallow G2 position.
• New mineral resource estimate provided for the first mineralization (G2 lens) to be accessed in the Woodlawn underground mine — expected to have a positive impact on early cash flow;
• G2 mineral resource now has three defined domains: G 2 Main( G 2), G 2 Hangingwall (GH) and G2 Copper zone (GC);
•Combined mineral resource for G 2 now estimated at:
• 139,000 tonnes at 10.1 per cent zinc equivalent (4.5 per cent zinc, 0.8 per cent copper, 2.3 per cent lead, 0.4 gram per tonne gold and 33 g/t silver) — indicated category;
• 58,000 t at 13.3 per cent ZnEq (4.0 per cent Zn, 1.0 per cent Cu, 2.2 per cent Pb, 1.2 g/t Au and 117 g/t Ag) — inferred category;
• Total underground mineral resources for Woodlawn were recalculated as part of this update;
• Importantly, the total measured and indicated mineral resource for the underground has increased by 500,000 tonnes or 12 per cent which has the potential to add to the total reserve base;
• G2 ore reserve estimation, selected metallurgical testing and updating of early mine schedule are under way.
Managing director and chief executive officer Wayne Taylor said: “This significant upgrade to the G2 lens and total underground mineral resources is an encouraging development for the early stages of the mine development and we are looking forward to incorporating this material into the mine plan. It is expected to have a positive impact on the early cash flows of the project as the G2 area did not contribute to the feasibility study projections and will be the first source of underground production. These results along with the remaining extensional positions continue to demonstrate the discovery potential and economic upside at Woodlawn.”
G2 lens mineral resource estimate
The G2 lens is located to the south of the Kate lens, and is adjacent to the planned route of the decline, 100 to 200 m below the surface. A program of 22 diamond core holes was recently completed to further define the resource. Three key mineralized horizons have been identified: G2 Main
(G2), G2 Hangingwall (GH) and the newly defined G2 Copper zone (GC).
The G2 lens mineral resource estimate has been estimated in accordance with National Instrument 43-101. Two distinct types of mineralization have been modelled: 1) polymetallic mineralization; and 2) copper dominated mineralization.
(See HER Table 1 on page 10)
Total Woodlawn underground mineral resource
The total Woodlawn underground mineral resource was recalculated as part of the update process, now using a cut-off grade for the copper domain mineralization of 1 per cent Cu, which has led to a 9.1-per-cent increase in the total tonnes of the mineral resource with a slight reduction in the copper grades within the copper domains.
A review of the ore reserves and potential total mining inventory has commenced and is to be released in the coming weeks.
(See HER Table 2 on page 11)
Ore reserve estimation, selected metallurgical testing and the updating of the early mine schedule have commenced on the new G2 resource and will be reported on separately.
We seek Safe Harbor. Karen Baxter condensed this news release (firstname.lastname@example.org).
Ricardo De Armas, Stephen Bruce Dennis, Borden Roger III Putnam, Craig Leslie Readhead, Fiona Ann Robertson, Peter Rozenauers, Mark Raymond Sawyer
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