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Corporate Spotlight

A South Australian focused mineral explorer and developer with a JORC resource metal inventory of approximately 1.3 million tonnes of copper, 3.15 million ounces of gold and 31.6 thousand tonnes of cobalt plus substantial iron ore.
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Havilah Resources 2018 Annual General Meeting

EXPLORATION AGREEMENT

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Exploration Agreement on Bassanio Target

ASX Announcement 9 October 2019 


Havilah Resources Limited (Havilah) is pleased to announce that it has entered into an exploration agreement to explore the Bassanio Iron Oxide Copper Gold (IOCG) target. The exploration agreement was signed with Benagerie Gold & Copper Pty Ltd (BGC), a wholly owned subsidiary of Consolidated Mining and Civil Pty Ltd of Broken Hill, who were Havilah’s former mining partner at Portia and the subsequent acquirer of the Portia Mining Lease from Havilah.


The exploration agreement provides for BGC to complete two diamond drillholes at pre-agreed target positions on the IOCG target in the first year. In the second year BGC must complete at least 5,000 metres of drilling at Bassanio with the objective of establishing a 500,000 tonne CuEq Measured and Indicated JORC Resource using a cut-off grade of 0.4% copper (Mineral Discovery). 


Thereafter, within a period of a further four years BGC may secure 100% ownership of any Mineral Discovery, that it brings to the Mining Investment Stage, which includes completion of the following milestones: 

  • Grant of a Mining Lease over the Mineral Discovery. 
  • Drilling to JORC Measured and Indicated status. 
  • Completion of final Bankable Feasibility Study.


Havilah will be entitled to a 10.5% Net Smelter Return (NSR) royalty from any mining production.


Bassanio is a roughly 1.5km x 800m gravity-magnetic feature located in the core of the Benagerie dome (Figure 1). A previous Havilah diamond drillhole into the shallower eastern portion of the Bassanio target intersected prospective brecciated and fractured rocks that lacked any obvious copper mineralisation (Figures 2 and 3).


Commenting on the agreement, Havilah’s Technical Director, Dr Chris Giles, said: 


“Further drilling at Bassanio is certainly a worthwhile objective that Havilah supports. “We are therefore pleased that BGC are committing to further drilling at Bassanio to test its remaining deeper potential.


“We consider that the risk-free 10.5% NSR will ensure Havilah receives a fair return from any discovery” he said. 


Mr Steve Radford OAM, principal of CMC, the owner of BGC said: 

”BGC is forging ahead at Portia having recently re-commenced mining and processing. “BGC is currently carrying out further due diligence and permitting in readiness for the North Portia project, which will require construction of a copper concentrator. 


“Bassanio is a prime exploration target lying adjacent to the Portia mining lease so it makes good sense for us to explore it to see if we can find additional copper-gold resources to feed our proposed North Portia copper plant.


“BGC has a diamond drill rig on site at present drilling North Portia with a second drilling rig planned to be on site within the next two weeks. 


“With the Bassanio agreement now signed, we will be able to plan and explore the Bassanio target, which will be exciting for both Havilah and BGC. 


“The relationship between Havilah and BGC has been enjoyable and rewarding for both parties since the commencement of our Portia gold mining joint venture in January 2015. 


“The synergy of the Havilah and BGC relationship continues with the signing of the Bassanio Agreement.


“It is a natural progression enabling further opportunities for both parties within the Benagerie precinct, which most importantly then flows on to others, including benefits for Broken Hill and surrounding local communities” he said.


Figure 1 Aeromagnetic image of the northern Benagerie dome showing the prominent Bassanio IOCG target marked by the magnetic high (red coloured feature) in relation to the Portia mining lease (ML) and Portia open pit. The grid lines are 2000 metres apart 


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488M IRON ORE INTERSECTION

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Lab Assays Confirm Grants Basin 488m Iron Ore Intersection 

ASX Announcement 25 June 2019 


HIGHLIGHTS 

  • Final laboratory assays for Grants Basin diamond drillhole confirm earlier handheld Niton XRF Fe analyses. 
  • Intersection of 488 m at 24.57 % Fe from 126 m to 614 m downhole.


Havilah Resources Limited (Havilah) is pleased to report the final laboratory assays, recently received, for diamond drillhole GBDD014 (refer Figures 1 to 3) completed at Havilah’s Grants Basin Iron Ore Project in January this year.


Figure 1 Overview map showing diamond hole GBDD014 (centre of image) and previously completed RC drill holes in the Grants Basin on a magnetic image showing the interpreted surface expression of the basin, Grants Basin Exploration Target* area and the existing Grants Resource outline and drill holes. * The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. 

The final calculated intersection of 488 m at 24.57% Fe (from 126 m to 614 m downhole) using laboratory assay data compares favourably with the previously announced indicative handheld Niton XRF results of 486 m @ 24.06% Fe (from 127 m to 613 m downhole) (ASX announcement of 29 January 2019).


Figure 2 Zoomed in view of diamond hole GBDD014 and its assayed drill intersection and previously completed RC drill holes on a magnetic image also showing the interpreted surface expression of the Grants Basin. Note “NSI” = no significant intersection, * = ended in iron sequence. 


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PRESENTATION

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OVERVIEW

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COPPER / COBALT

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