HDN 0.00% 24.0¢ haddington resources limited

Haddington- a good bet

  1. 343 Posts.
    There was a surge in turnover and price a few weeks back and the price has since settled back a little. There was rumours of the company in talks with others which may have fuelled the very high turnover (high for HDN). Today there is this announcement of further drilling being undertaken with results coming out in a few weeks. The sudden increase in turnover caught my attention and I waited and bought in when the price dropped back. It has since started increasing again and I purchased more today with the announcement of more drilling which I suspect will confirm what others already know. It is what I consider a good punt, as the company is already mining, and with the stock turnover increase mentioned previously, probably has a good story waiting to be made public.

    HADDINGTON INTERNATIONAL RESOURCES LIMIT 2002-04-29 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Haddington International Resources Limited has commenced further
    exploration at its Bald Hill Project and at its 100% subsidiary
    Australian Tantalum Limited's Paynes Find Tantalite Prospect.

    BALD HILL

    The Bald Hill mine and treatment plant, located near Widgiemooltha
    south-east of Kalgoorlie, produces tantalite concentrates, which are
    sold under a long-term take or pay Licence Agreement to Sons of
    Gwalia, the world's largest tantalite supplier.

    Since commencement of production at Bald Hill at the end of July
    2001, the Bald Hill processing plant has been commissioned to design
    capacity and has demonstrated that it is capable of operating
    consistently in excess of this capacity.

    Exploration drilling carried out around the Bald Hill Mine area since
    listing in January 2001, has increased the original resource at Bald
    Hill by 84% to 1,484,000 tonnes @ 466 ppm Ta2O5, containing
    approximately 1.5 million pounds of Tantalite.

    A new program of exploration drilling, comprising approximately 1,500
    metres of RC drilling has been initiated at Bald Hill. The drilling
    is designed to further extend the current total resource and to bring
    portions of the resource into the reserve category.

    The programme will also investigate a possible expansion to the north
    and west of the proposed South Pit at Bald Hill. Current data
    suggests that there could be extensions to the mineralisation in
    these directions.

    The drilling is also targeted at a possible southern extension of the
    Western Pit and will investigate a possible connection between the
    mineralisation of the Western Pit and the adjacent North and South
    pits.

    Results from the Bald Hill drilling are expected in approximately 10
    days.

    PAYNES FIND

    In November 2001 Haddington acquired all of the shares in unlisted
    Australian Tantalum Limited as an opportunity to significantly expand
    the Company's potential production base through the advancement of a
    portfolio of quality exploration projects with proven tantalum
    mineralisation and, in some cases, historic production.

    Australian Tantalum has eleven tantalum project areas covering
    centres of historical tantalite production in the Murchison, South
    West and Pilbara regions of Western Australia. All of the projects
    contain pegmatite-hosted tantalum mineralisation.

    Following a data review and assessment of the prospect a drilling
    program is scheduled to commence in the first week of May to test a
    500m-long tantalum-bearing pegmatite dyke in ATL's Exploration
    Licence 59/834 situated near Paynes Find, 400km northeast of Perth.

    The pegmatite, referred to as the "Mount Edon North Pegmatite" is
    part of a dyke swarm in low ridges and hills of greenstones that
    extend in a north-northeasterly direction from Mt Edon for a distance
    of about 3km.

    Chip-channel sampling of the Mt Edon North Pegmatite in the 1980s by
    Pancontinental Mining Limited (Exploration & Production Division)
    gave results up to 20m at 560ppm Ta2O5 and 20m at 760ppm Ta2O5 on two
    sample traverses 400m apart. An intervening sample traverse reported
    5m at 330ppm and 4m at 110ppm.

    The drilling program, totaling about 800m, will comprise two 50m RC
    holes per section on four sections 125m apart across the Mt Edon
    North Pegmatite. Several other pegmatite dykes in the area exhibit
    similar rare metal differentiation and will be tested by drilling if
    results from the Mt Edon North Pegmatite are encouraging.

    Results from the Paynes Find drilling are expected in approximately
    15 days.

    C McCavana
    MANAGING DIRECTOR


 
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