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    SKY   AU0000049637

SKY METALS LIMITED

(SKY)
End-of-day quote. End-of-day quote Australian Stock Exchange - 12/03
0.094 AUD   +1.08%
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Heron Resources Limited : - Quarterly Activities Report June 2020

08/03/2020 | 09:37am EST

Heron Resources Ltd ('Heron' or the 'Company') is pleased to provide its report for the June 2020 quarter.

WOODLAWN ZINC-COPPER PROJECT

Heron holds a direct 100% ownership of the mineral rights at the Woodlawn Mine site situated 40km south of Goulburn and 250km south-west of Sydney, in southern NSW, Australia. Heron's aim is to create a profitable, long-life, low-cost mining operation, producing base metal concentrates. Over the past five years Heron has re-developed the Woodlawn Zinc-Copper Project through planning, construction, commissioning and ramp up to commercial production. Construction was completed in the June 2019 quarter and the first lead and zinc concentrates were produced and shipped in September and October 2019. The first concentrate sales revenue was received in October 2019.

Woodlawn Project - Operations Report

On 24 March 2020, operations were suspended at Woodlawn due to travel and other restrictions imposed by Australian Federal and State Governments in response to the COVID-19 pandemic, and also to safeguard the financial position of the Company. The majority of employees and all contractors were demobilised following the announcement and the site has remained in C&M during the June quarter. All mine and process plant infrastructure assets are being maintained by remaining personnel to a level that will support a rapid re-start of operations. Regulatory compliance is being maintained along with stringent security, health, safety and environmental protection protocols. Operational activities under C&M during the quarter were: Safety: No significant injuries or incidents occurred. Site procedures aligned with the Minerals Council of Australia COVID-19 protocols were maintained across the site.

Tailings Reclaim: No tailings were reclaimed. Water levels on the legacy and new tailings storage facilities are being managed in accordance with good geotechnical practice.

Underground Mine: There was no underground mine development or production during the quarter. Routine inspections, dewatering and ventilation to the base of the current mine development are being maintained.

Process Plant: There was no production from the process plant. All plant facilities, including the process plant, tailings reclaim, water treatment and paste fill, are being routinely inspected and maintained by a small team of Heron employees in accordance with a C&M program designed to maintain the facilities in a state of readiness for a re-start of operations.

Concentrate Production/Sales: A total of 3,573 dry metric tonnes (dmt) of Zn concentrate, 3,572 dmt of Pb concentrate and 1,048 dmt of Cu concentrate were shipped as the Woodlawn site ramped down and transitioned into C&M.

Woodlawn Exploration

Woodlawn North Targets: Heron's current exploration focus is discovery and delineation of additional mineralised Volcanogenic Massive Sulfide (VMS) lenses directly north of the Woodlawn orebody. Prospects targeted are within the NW-oriented 'Woodlawn Corridor' of prospective stratigraphy and within a NW to NE trending 2.5 km arc from the mine. At the Murphy's prospect, a down-hole electromagnetic (DHEM) survey completed on DDH CHDD0002 returned an interpreted exploration target. Two DHEM plates were modelled to fit the data and one of the plates coincided with a conductivity and chargeability anomaly returned from the Induced Polarisation (IP) survey completed in 2019.

A DHEM survey completed at the Montrose prospect, located 6.5km NW of Woodlawn also returned a complex array of highly conductive EM anomalies, suggestive of exploration potential. Further work is needed to constrain these anomalies and establish potential drill targets.

Woodlawn Regional Prospects: Heron continues to hold a strategic 1,372 sq-km tenement package covering the prospective Silurian volcanic rocks, similar to those which hosts the Woodlawn VMS base metal deposit. Heron's exploration focus is on historically known mineralisation zones with prospective geology, with the objective of locating comparable grade and metallurgy to that characterising Woodlawn, and within potential trucking distance of the Woodlawn mine and processing facility.

Exploration Joint Ventures

Heron retains interests in tenement holdings within the Lachlan Fold Belt of NSW and the Eastern Goldfields of Western Australia. These tenures are held through farm-in and joint venture interests, which include a number of other free-carried residual or royalty interests with minimal cost to Heron.

Sky Metals Farm-In and Joint Venture Agreement

As announced on the 9 October 2019, a farm-in agreement was signed with Sky Metals Ltd (ASX: SKY) relating to three tenements at Cullarin (EL 7954) and Kangiara (EL 8400, EL 8573), initially targeting McPhillamy's style gold mineralisation. Key terms of the agreement are $400 k minimum expenditure in first year; a further $1.6 M over next two-years to earn 80%, with a Heron free-carry to DFS or $10 M of expenditure; 10 M Sky options at a strike price of 15c.

Sky announced (ASX:SKY 1 April 2020) it had reached expenditure of $400 k and was moving to earn an 80% interest in the tenements. In accordance with the agreement, Heron's 10 Moptions vested and can be exercised by the Company at any time. Sky also announced assay results from its maiden drilling program at the Hume prospect (aka Wet Lagoon) within the Cullarin tenement. Exceptional results were returned and verified gold intercepts announced in a review of legacy drilling (ASX:SKY 10 February 2020).

Contact:

Tel: +61 2 9119 8111

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HERON RESOURCES LIMITED 0.00% 0.045 End-of-day quote.-8.16%
SKY METALS LIMITED 1.08% 0.094 End-of-day quote.-50.53%
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Financials
Sales 2021 - - -
Net income 2021 -2,35 M -1,65 M -1,65 M
Net cash 2021 3,47 M 2,43 M 2,43 M
P/E ratio 2021 -14,3x
Yield 2021 -
Capitalization 35,4 M 24,9 M 24,8 M
EV / Sales 2020
EV / Sales 2021 -
Nbr of Employees -
Free-Float 80,0%
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Managers and Directors
Norman Alfred Seckold Executive Chairman
Rimas Kairaitis Non-Executive Director
Richard Grant Manners Hill Non-Executive Director
Richard Walter Cumming Willson Secretary
Oliver Davies Exploration Manager
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