HAV 3.23% 15.0¢ havilah resources limited

Portia could be the tip of the golden spear

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    I have this feeling that Havilah's Portia will result in a lot more ounces of gold and a long life mine, after the current ‘trial pit’ is completed.

    Remember, it is a ‘trial pit’. If the ‘trial pit’ at Portia is successful, then subsequent development of a full scale mining operation will be undertaken.

    The majority of the gold should come from the mineralised bedrock material at Portia.

    Preliminary estimates indicate that the potential volume of mineralised bedrock material at Portia is of the order of 8 million tonnes of as yet uncertain grade, lying immediately beneath the Base of Tertiary (BOT) mineralisation. (ASX release 9 August 2006)

    For the likely gold grades in the Portia bedrock refer to the following ASX release:


    Using my 2g/t grade estimate, this 8 million tonnes of mineralised bedrock material would be equivalent to 500,000 ounces of gold!

    In addition, the Mining Lease Proposal for the Portia Gold Project Trial Pit submission to PIRSA (March 2009 Rev # 7, Section 5.2.2) stated “if Havilah’s exploration proves successful and the trial mining is successful in determining the ore is economic to mine, then there is potentially over 20 kms of strike to mine. It could prove to be a long life operation if exploration is successful”.

    “The key benefit however is that if the Portia Gold Project is indeed a success, a long life mine, comparable with the Telfer Mine in Western Australia is possible. That will yield inestimable returns for all the stakeholders.” (March 2009 Rev # 7, Section 5.2.1)

    Stock Analysis (Peter Strachan) Vol 3, Issue 33 December 6th 2006 Page 5:

    The following extracts come from Peter’s analysis:

    “Havilah’s 100% owned Portia deposit could hold several million ounces of gold”.

    The company is able to map the gold bearing structure using gravity geophysics, which indicates several kilometres of potential strike with the potential to hold many million tonnes of mineralisation of uncertain grade. Only trial mining can determine what it looks like”.

    Rather than the Portia gold deposit itself holding ‘several million ounces of gold’, I think he is referring to both Portia and the 20 kms of potential strike. This would therefore include the Shylock and Lorenzo prospects.

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