Corporate Directory
DIRECTORS
Chairman (Non-Executive)
Craig Leslie Readhead BJuris LL.B. FAICD
Managing Director (Executive)
Ian James Buchhorn BSc (Hons), DiplGeosci (Min Econ), MAusIMM
Directors (Non-Executive)
Kenneth John Hellsten BSc (Hons), FAIMM, MAICD
Stephen Bruce Dennis BCom, BLLB, GDipAppFin (Finsia), CFTP
COMPANY SECRETARY
Bryan Horan FCCA.
ABN
30 068 263 098
REGISTERED AND PERTH MANAGEMENT OFFICE
Level 1, 37 Ord Street
West Perth 6005 Western Australia
Telephone:
Facsimile:
Email:
Website:
+61 8 9215 4444
+61 8 9215 4490
heron@heronresources.com.au
www.heronresources.com.au
SHARE REGISTRY
Security Transfer Registrars Pty Ltd
770 Canning Highway
Applecross 6153 Western Australia
Telephone:
Facsimile:
Email:
+61 8 9315 2333
+61 8 9315 2233
registrar@securitytransfer.com.au
Photographs: Heron’s multi-commodity exposure.
Cover: Visible gold at Big Four Gold Prospect,
along with banded sulphides from Mt Zephyr.
Below: Gossanous rocks from drill targets
in Heron’s Lachlan Fold Belt tenements, NSW.
AUDITORS
Butler Settineri (Audit) Pty Ltd
Unit 16, 1st Floor, 100 Railway Road
Subiaco 6008
Western Australia
SOLICITORS TO THE COMPANY
DLA Piper
Level 31, Central Park
152-158 St George's Terrace
Perth 6000 Western Australia
BANKERS
Westpac Bank
230-236 Hannan Street
Kalgoorlie 6430 Western Australia
STOCK EXCHANGE
Australian Securities Exchange Limited
2 The Esplanade
Perth 6000 Western Australia
ASX CODE
HRR
SEAT ABBREVIATION
Heron
HOME BRANCH
Perth
INDUSTRY CLASSIFICATION
GICS classification code is 15104020
Diversified Metals and Mining
ISIN
AU000 000 HRR6
Design and artwork is by Reynolds Graphics, Kalgoorlie and Perth
Heron Resources Limited - Annual Report 2012
Highlights
(cid:129)
(cid:129)
$43.2M cash and $7.3M in investments as at 30 June 2012
Business Development
(cid:129)
Acquisitions
The Company has in place a systematic and thorough acquisition assessment regime and during the 2012 financial
year in excess of 40 projects were assessed.
Opportunities to apply for prospective exploration acreage continued throughout the year and, as a result of these
activities, a number of high quality exploration tenements were acquired in the Lachlan Fold Belt of New South
Wales. A number of drill targets already have been generated on these tenement areas which will be the subject of
increasing exploration activities during the 2013 financial year.
(cid:129)
Divestments
In June 2012, A1 Consolidated Gold Limited (AYC) listed on the Australian Securities Exchange after successfully
raising $8 million. Heron holds 26.2 million shares in AYC which amounts to a 19% interest in the company and is
the result of Heron's decision to divest the A1 Gold Mine during the previous financial year. As at 30 June 2012,
Heron's investment in AYC had a market value of $6.9 million.
Heron's 8 million shares and 8 million options in Metaliko Resources Limited were sold during the year for
$0.475 million.
(cid:129)
Exploration Projects
Aggressive drill exploration continued throughout the year, with targets generated on five separate projects and 608 holes
then drilled for 14,165 metres.
(cid:129)
Lachlan Fold Belt, New South Wales
Heron has been granted two tenements in the Lachlan Fold Belt which are situated adjacent to new copper/gold
discoveries reported by Straits Resources Limited. Heron has recently commenced a surface geochemical program
and ground electromagnetic surveys and targets generated are already being drill tested. Heron has also applied for
a number of additional tenements throughout the Lachlan Fold Belt where there is good potential for precious and
base metal discoveries.
(cid:129)
Big Four Gold Prospect, Western Australia
As part of the review of gold endowment within the Kalgoorlie Nickel Project (KNP), an RC drilling program was
completed at the Big Four Prospect which included results of 10m @ 4.3g/t gold from 32m, 6m @ 5.28g/t gold from
53m and 3m @ 13.6g/t gold from 65m. As assessment of the potential of the project to sustain a small open-pit
mining operation prior to further testing of the zone along strike and at depth is currently underway.
(cid:129)
Black Range and Siberia South Gold Prospects, Western Australia
Also within the KNP tenure a RAB program was completed over the gold-in-soil anomaly at the Black Range
and adjacent Siberia South Prospects. Results showed broad zones of supergene style gold anomalism in the range
0.1 to 0.3 g/t gold over 4 to 24m widths downhole, with best results of 4m @ 1.22g/t gold from 62m and 8m @
0.97g/t gold from 58m. RC drill testing of these prospects is planned.
(cid:129)
Shay Gap Iron Ore Prospect, Western Australia
An extensive RC drilling program was completed during the year to test gravity anomalies consistent with iron ore
channel iron deposits. The detrital ore intersected in the channels was limited to one to three metres in thickness.
As a result, expenditure on the project has ceased and a joint venture partner is being sought.
Heron Resources Limited - Annual Report 2012 - Page 1
Shay Gap: Exploration camp
Highlights continued
Exploration Projects continued
(cid:129)
(cid:129) Mt Zephyr Base Metals Prospect, Western Australia
The tenement position in the area was consolidated during the year and a review undertaken of the extensive distal
Volcanogenic Massive Sulphide (VMS) style mineralisation present over some 5km of strike. A number of areas were
identified as having gold and/or base metal potential and a modest drill program was planned to further test these
targets. A joint venture partner is being sought to drill the system at greater depths.
(cid:129)
Binneringie Nickel-Copper, Molybdenum Prospect, Western Australia
A circular discrete magnetic anomaly was defined and a diamond core hole was completed to 411 metres, however
the magnetite-sulphide mineralisation intersected was barren.
(cid:129)
Development Projects
(cid:129)
Kalgoorlie Nickel Project
Targeted expenditure on the KNP continued during the year through a number of metallurgical studies.
SGS Lakefield Oretest conducted thermal upgrade metallurgical testwork on the iron-nickel production potential
of goethite ore from Goongarrie South which was identified as a means to expedite lower capex KNP development.
As part of Heron's evaluation of alternative hydro-metallurgical processing technologies, a metallurgical testwork
program commenced with Direct Nickel.
Initial results for both programs are encouraging and further testwork is underway, with Direct Nickel in particular
showing promise.
Page 2 - Heron Resources Limited - Annual Report 2012
Heron Projects
(cid:7)(cid:8)(cid:4)(cid:9)(cid:10)(cid:11)
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Enlargement of the
Eastern Goldfields
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Kalgoorlie Nickel Project
Yerilla Nickel Project
Non-KNP/Yerilla
Heron interest
Royalty benefits for Heron
Proterozoic dyke
Proterozoic gneiss (Biranup Complex)
Archaean granite
Archaean greenstone
(cid:2)
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Heron Resources Limited - Annual Report 2012 - Page 3
Directors & Management
CRAIG LESLIE READHEAD
B.Juris. LL.B. FAICD
CHAIRMAN (NON-EXECUTIVE)
Craig Readhead is a lawyer with over 30
years legal and corporate advisory experience
with specialisation in the resources sector,
including the implementation of large scale
mining projects both in Australia and overseas. Mr Readhead is a
former president of the Australian Mining and Petroleum Law
Association and is a Partner of specialist mining and corporate law
firm Allion Legal.
STEPHEN BRUCE DENNIS
BCom BLLB GDipAppFin (Finsia) CFTP
DIRECTOR (NON-EXECUTIVE)
Stephen Dennis has been actively involved in
the mining industry for 30 years. He spent
several years in senior management roles at
MIM Holdings Limited, was Group General
Manager and Chief Financial Officer of
Minara Resources Limited until 2005, and was Regional Director of
the minerals transportation and logistics business of Brambles
Australia Limited in Western Australia until late 2006. Since 2007
Mr Dennis has been Managing Director and Chief Executive Officer
of CBH Resources Limited.
IAN JAMES BUCHHORN
BSc (Hons), Dip Geosci (Min Econ),
MAusIMM
MANAGING DIRECTOR *
Ian Buchhorn is a Mineral Economist and
Geologist with over 30 years experience.
Prior to listing Heron in 1996 as founding
managing director, Mr Buchhorn worked with Anglo American
Corporation in southern Africa, and Comalco, Shell/Billiton and
Elders Resources in Australia. For the last 20 years Mr Buchhorn has
acquired and developed mining projects throughout the Eastern
Goldfields of Western Australia and has operated as a Registered
Mine Manager.
BRYAN HORAN
FCCA.
COMPANY SECRETARY & FINANCIAL
CONTROLLER
Bryan Horan was promoted to the position of
Company Secretary in 2010. Mr Horan joined
the Company
in 2007 as management
accountant. Mr Horan’s career includes 10
years working in various accounting positions in London in industries
such as media, warehousing and distribution and pharmaceutical.
Since living in Perth Mr Horan has also held accounting positions
with Australian Mines Limited and Perilya Limited.
KENNETH JOHN HELLSTEN
BSc (Hons) FAIMM MAICD
DIRECTOR (NON-EXECUTIVE)
DAVID VON PERGER
BSc (Hons) MAusIMM
EXPLORATION MANAGER
roles
Kenneth Hellsten is a geologist who has
worked continuously in the resources industry
for over 30 years. He has been employed in
senior executive
from
exploration to development and operations
with both large and small companies including BHPBilliton, Centaur
Mining, Polaris Metals and Billiton Australia. During the past 20
years Mr Hellsten has led teams responsible for the completion of
feasibility and project development of the Cawse and Ravensthorpe
nickel operations and several smaller resource projects. He is
currently Managing Director for Strike Resources Limited and a non-
executive director of Brierty Contracting Limited.
ranging
David von Perger was appointed to this
position in 2006. Mr von Perger is a geologist
with over 20 years experience in mineral
exploration throughout Australia. Mr von
Perger has worked on various styles of
mineral deposits including Archaean gold and nickel, and Proterozoic
base-metal and iron-ore. His experience includes four years as a
business analyst for a major mining group involving analysis of
mining operations, project development and assessment of new
opportunities. Since his appointment with Heron in 2004, Mr von
Perger has been responsible for the identification and acquisition of
several new nickel, gold, iron-ore and base-metal projects.
* As at the 27 September 2012 Report Date, the Managing Director
was Jonathan Shellabear. Mr Shellabear resigned as at 9 October
2012 and Ian Buchhorn was appointed to the position.
The Heron Board and Management
Team has an exceptional Industry
track record.
Page 4 - Heron Resources Limited - Annual Report 2012
Chairman’s Letter
Dear Shareholders,
The 2012 year has again been a challenging one, with continued uncertainty and volatility in global capital markets and continued weakness
in the European and US economies. Most resources companies experienced weaker equity prices during the year and those with exposure to
the nickel industry suffered more than most. With Heron holding $50.5 million in cash and listed equity investments as at 30 June
2012, the Company is in a particularly strong position to take advantage of any opportunities as they arise.
The Board and Management reviewed business development opportunities, both in Australia and overseas, to acquire prospective exploration,
pre-development projects or operating mining assets in order to enhance value for Shareholders. The Company has reviewed a large number
of business development opportunities over the last year and currently has a number of opportunities under consideration.
The Company is continuing its aggressive exploration programs on its existing assets and is seeking additional exploration opportunities to
supplement the exploration portfolio. During the year, Heron acquired a number of exploration licences in the Lachlan Fold Belt of New South
Wales, including two tenements which are along strike from Straits Resources' Girilambone copper mine and copper-gold discoveries at Avoca
Tank and Kurrajong. Heron has recently commenced an active exploration program on these tenements, including soil geochemistry,
geophysics and is now drilling, all within three months of tenement grant. This is an impressive outcome by the exploration team.
Over the last twelve months a number of exploration programs have been undertaken including an active gold exploration program on the
Kalgoorlie Nickel Project (KNP) tenure, which thus far has yielded encouraging results at the Big Four Prospect. In addition, RAB drilling to
test soil gold anomalies at Siberia South, RC drilling to test the gold-PGM anomalies identified through RAB and aircore drilling at Black Range
and follow-up RAB drilling at the Horse Rocks gold Prospect and an auger geochemistry program at the Mandilla gold-nickel Prospect have
been completed. Considering the compact size of the exploration team, their work output is exceptional.
Heron's Kalgoorlie Nickel Project is potentially a worldclass nickel project, providing significant option value to the Company. As Shareholders
will be aware, after the withdrawal of Vale Inco from the project in 2009 during the GFC, the Company undertook a process in 2010 aimed at
securing another development partner for the KNP. Unfortunately, no acceptable proposals were received. The Company continues to
undertake studies on the KNP which are focused on lower capital cost opportunities that may enhance the value of the KNP. During the year,
the Company reviewed the opportunity to produce iron-nickel products and to facilitate this review metallurgical testwork on material from
the Goongarrie South deposit was undertaken by SGS Lakefield Oretest. In addition, a metallurgical testwork program was commenced using
the Direct Nickel technology. The Company intends to maintain its 100% ownership of the KNP project and will continue to review
development options as the nickel price improves and technical developments for nickel laterite projects evolve.
In conclusion, I will reiterate that the Board and Management are committed to achieving success with the development and exploration
pursuits of the Company and the creation of value for Shareholders. I would like to thank my fellow Directors and the Heron management
team, including Ian Buchhorn our Managing Director, Dave von Perger our Exploration Manager, Bryan Horan our Company Secretary and
Financial Controller, Lorne McCrum our Project Geologist and Kathleen Patrick our Administration Geologist, who have worked extremely hard
during the year to ensure that we make the most of our assets and the opportunities.
I acknowledge the contribution of previous Managing Director, Jonathan Shellabear, who resigned on 9 October 2012 to pursue other interests.
I wish Jonathan well in his new endeavours.
My thanks must go as well to our loyal Shareholders who continue to support us. Your input throughout the year has been much appreciated.
Craig Readhead
Chairman
Heron Resources Limited - Annual Report 2012 - Page 5
1.0 Managing Director's Report
The Company has maintained its strong cash position, with $43.2 million in cash and $7.3 million in investments as at 30 June 2012. With
the current uncertainty in financial markets, Heron’s low corporate overheads and robust balance sheet provide a solid platform to facilitate
the Company's growth objectives. Exploration and development expenditure during the year was significantly reduced from the previous year
which principally reflects reduced expenditure on the A1 Gold Mine following the divestment of the asset during the year. Nevertheless, the
Company completed numerous business development assessments throughout the year and maintained active exploration.
Heron is well positioned to undertake an asset acquisition and the Company reviewed numerous business development opportunities in
Australia and overseas throughout the year. Cognisant of the challenging global economic environment, the Company completed a detailed
strategic review of its business over the year and an absolute focus has been maintained on Shareholder returns and to ensure the optimum
use of our technical and economic resources. Unfortunately, the acquisition opportunities reviewed throughout the year were considered not
to be sufficiently value accretive to Shareholders. The key strategic objective of the Company is to gain exposure to an asset that is either in
production or in the development or pre-development stage by leveraging our balance sheet and we remain optimistic of success.
During the 2012 financial year the Company refocused its exploration activities which included the addition of new exploration acreage within
the Lachlan Fold Belt of New South Wales. The Company continued to be very active explorers within the Eastern Goldfields of Western
Australia with a particular focus on the gold endowment within the KNP. The Company's exploration assets have significant unrealised
potential and importantly the Company has the available funds necessary to facilitate growth from the exploration portfolio.
The support and constructive input from existing and new Shareholders is very much appreciated and along with my fellow Directors I would
like to thank all our Shareholders for their continued support. I am personally optimistic about Heron's future and I look forward to keeping you
informed of our progress and enjoying your ongoing support during what should be an exciting year in 2013.
BUSINESS DEVELOPMENT
The global environment continues to be extremely competitive and many companies continue the search for acquisition opportunities.
Encouragingly asset prices have declined during the year which reflects the current economic environment, but the quality and quantity of
suitable assets remains low. During the year Heron evaluated in excess of 40 base metal and precious metal projects in Australia and abroad.
The A1 Gold Mine in eastern Victoria was successfully divested during the year and the listing of A1 Consolidated Gold Limited, which owns
the A1 Gold Mine, on the Australian Securities Exchange was completed in June 2012. Heron owns 26.2 million shares in A1 Consolidated
Gold Limited, which were acquired as consideration for the divestment.
During the year, the Company sold its share and option holding in Metaliko Resources Limited.
EXPLORATION PROJECTS
Both tenement acquisition and exploration activity has focussed on activities in which Heron has had a long-term comparative advantage in
Australia. Acquisition activity during the year included a number of properties in the Lachlan Fold Belt of New South Wales. Other prospects
were disposed of where exploration had been completed and no further targets were identified.
To the exploration team’s credit, there was active drilling programs throughout the year, with the following programs completed:
(cid:129)
Big Four Prospect, 56 RAB holes for 600 metres to define the mineralisation, followed up with 34 RC holes, for 3,662 metres drilling
across the zone of gold mineralisation.
Siberia-Black Range Prospects, 36 Aircore holes for 2,742 metres, 115 RAB holes for 2,501 metres and 1 diamond core hole for 246.3
metres for target definition.
Shay Gap Prospect, 361 RC holes for 3,602 metres defining the target palaeo-channels, but hosting detrital sand rather than iron ore.
Binneringie, 1 diamond core hole for 411.5 metres testing a modelled magnetic target which was intersected, but barren.
(cid:129)
(cid:129)
(cid:129)
DEVELOPMENT PROJECTS
Heron has two development Projects, the 100% owned Kalgoorlie Nickel Project (KNP) and the Yerilla Nickel Cobalt Project (Yerilla) which is
a joint-venture with Shanshan. Both are nickel laterite projects, and the focus during the 2012 financial year has been the review and
development of various alternate processing flow-sheets for the production of nickel-cobalt and iron-nickel.
During 2012, the Company commenced an evaluation of the potential within the KNP to produce an iron-nickel product for sale to Chinese pig-
nickel producers. A testwork program with SGS Lakefield Oretest on ore from Goongarrie South yielded encouraging initial results. In addition,
a metallurgical testwork program was commenced, and is still underway, with Direct Nickel to review the applicability of the Direct Nickel
hydrometallurgical process to the KNP ore-types.
The Yerilla joint venture is currently in the process of re-negotiation of the term of the joint venture and if a revised agreement is not executed
with Shanshan, 100% of the project will revert to Heron.
Page 6 - Heron Resources Limited - Annual Report 2012
NSW projects: strongly sulphidic epithermal veining in Devonian Sandstones
2.0 Operations Report
Health, Safety, Environment and Community (HSEC)
Heron Resources Limited continues to demonstrate its commitment to “Zero Harm” to the Company's employees, the communities in which
Heron works, and to the environment. This is achieved by all employees and contractors being inducted in promoting and maintaining a safe
and healthy working environment.
HEALTH AND SAFETY
Heron maintained its LTI-free record with no Lost Time Injuries occurring during the year. The LTI gauge of performance demonstrates an
outstanding result for Heron and reinforces the employees’ and contractors’ commitment to the highest of safety standards. The result also
re-affirms that the systems implemented throughout the Company are effective and that mining and exploration activities can be undertaken
safely. Continuing vigilance is required to maintain this performance.
Routine Fitness-for-Work (FFW) testing continues to play an important part in keeping Heron's work sites safe and free from the risk of injury
and incidents.
ENVIRONMENT
Heron’s HSEC Management System has continued to demonstrate its value in assisting staff to identify environmental impacts, not only
meeting our commitment to minimising environment impacts, but also ensuring that business activities remain in regulatory compliance. Our
activities continue to be scrutinised by internal audits and checks and have also been subject to external audits by government regulators.
Heron’s robust environmental management systems ensured compliance with statutory requirements during the year.
COMMUNITY AND STAKEHOLDER ENGAGEMENT
The Company continued to promote educational opportunities for the communities in which we operate. This is Heron’s twelfth year of
donations to the Central Goldfields Education Trust (CGET) (established by Heron in 2000) and has to-date, donated $180,000 benefiting
numerous students. The Trust encourages the students to progress their schooling into their senior years and become good role models.
Heron Resources Limited - Annual Report 2012 - Page 7
2.0 OPERATIONS REPORT CONTINUED
Exploration Projects
The Company remains committed to generating low risk, high reward shareholder value through its aggressive exploration programs.
LACHLAN FOLD BELT, NEW SOUTH WALES
During the year Heron was granted two Exploration Licences near the historic copper mining centre of Girilambone in central NSW. To the
north of Girilambone, EL7951 is located some 3km north-west along strike from Straits’ Avoca Tank copper/gold discovery (results by Straits
include 23 metres at 4.3% copper and 0.8g/t gold and 23 metres at 5.9% copper and 1.1g/t gold) and the available aeromagnetic data indicates
the north-west trending Girilambone structure continues into the Heron tenement. The area is lightly wooded or privately owned cleared land
and Heron is planning a surface geochemical program followed by ground electromagnetic surveys and subsequent drill testing of targets.
Historical exploration identified gossanous exhalative horizons in the south-west of EL7951 and recent field sampling by Heron has confirmed
anomalous copper levels associated with these horizons (up to 442ppm copper using a hand held XRF analyser).
To the south of Girilambone, EL7955 is located approximately 10km southeast of Strait’s operating Northeast mine and 2km east from Straits’
Kurrajong Prospect where Straits have recently announced a new copper sulphide discovery. A number of encouraging aeromagnetic features
are evident in EL7955 that probably represent the exhalative horizons which are known to be associated with copper/gold mineralisation.
Recent field inspections have identified pyritic chert/magnetite rock found as surface float where some of these magnetic highs occur. This
also indicates that the depth of cover in the area is shallow – in the order of 5-20m, allowing for effective surface geochemical sampling,
electromagnetic surveys and drill testing. Historical shallow RAB drilling in the area returned an assay of 2m grading 1.93g/t gold from 28m
depth at the end of hole adjacent to a subtle magnetic high. This drill result, which came from the end of one of the lines, was never followed
up and provides an immediate focus for Heron’s exploration.
Heron has also applied for a number of additional tenements in the Lachlan Fold Belt of NSW, where there is good potential for high grade
copper/gold and base-metal deposits to be discovered.
Heron Projects - Lachlan Fold Belt, NSW
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Page 8 - Heron Resources Limited - Annual Report 2012
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Girilambone Project
Tenements & Targets
over Magnetic Image
(cid:6)%(cid:21)#(cid:24)(cid:30)(cid:5)(cid:20)(cid:21)"%)(cid:26)
(cid:3)(cid:17)(cid:8)(cid:30):;<7
(cid:27)(cid:6)(cid:4)(cid:4)(cid:31)
494(cid:17)(cid:19)4
Auger drilling at Girilambone
The new Heron acquisitions include:
Sussex (~600km2) – located 50km east of Cobar,
the area contains a strong magnetic high within
Girilambone Beds under shallow cover along strike
from historical copper workings and other base
metal and gold occurrences.
Mc Kinnons South (~300km2) – located some
25km south west of Cobar, the area contains a
magnetic high along strike to the south-east from
the McKinnons epithermal gold deposit that was
mined in the mid 1990s. A number of historical
geochemical anomalies are present as immediate
follow-up targets.
Mt Allen (~300km2) – located approximately
100km south of Cobar, the area is adjacent to a
number of gold and copper/gold mines and
occurrences including the recent Mallee Bull base
metal discovery of Peel Mining Limited. Further
investigation
required, however, several
important mineralised structures pass through this
tenement application.
is
The exploration effort in NSW complements the
Company’s other exploration activities and
provides the Company with a low cost entry into
this highly prospective belt with the potential for
exciting copper/gold discoveries.
Heron Resources Limited - Annual Report 2012 - Page 9
2.0 OPERATIONS REPORT CONTINUED
BIG FOUR GOLD PROSPECT, WESTERN AUSTRALIA
A review was undertaken of the Big Four Prospect located directly
south of Goongarrie, within KNP tenure. The Big Four Prospect
contains a number of old mine shafts which were worked in the early
1900s, and exploration drilling in the late 1980s intersected a number
of separate mineralised zones over approximately 100m of strike.
Little follow-up has been completed since the time Heron commenced
its nickel laterite development programs.
Gold mineralisation in the area is hosted by a brittle fractured
intermediate porphyry intrusive unit within the ultramafic Siberia
Komatiite. The mineralisation is associated with quartz veining and
pyrite/carbonate alteration. A zone of mineralisation runs parallel to,
and within the core of the porphyry. The high grade zones can contain
coarse visible gold which has been panned from a number of Heron’s
samples.
During the year, Heron completed systematic soil geochemistry
programs, ahead of 34 RC drill holes for 3,662 metres. Heron's drilling
was designed to extend the higher grade zones at depth, down plunge
and along strike. The most recent results have confirmed that the
mineralised structures continue down plunge to the north, with the
deepest intercept being 6m @ 8.58g/t gold in BFRC028 at 130m
vertical depth.
Big Four Gold Prospect
Cross Section 1040N
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(cid:11)>.(cid:15)(cid:21)(cid:13)(cid:10)B(cid:28)(cid:26)(cid:21)(cid:14)E(cid:21)(cid:29)(cid:14).(cid:13)
;(cid:23)@BA?5"-)(cid:30)(cid:8)(cid:28)
B(cid:23)@7A5C"-)(cid:30)(cid:8)(cid:28)
G(cid:13)(cid:11)(cid:26)(cid:10)(cid:6)(cid:10)E.(cid:31)
’(cid:2)(cid:2)(cid:27)(cid:9)
B(cid:23)@5ABC"-)(cid:30)(cid:8)(cid:28)
B(cid:23)@??A;"-)(cid:30)(cid:8)(cid:28)
(cid:13)(cid:10)(cid:12)(cid:3)(cid:4)(cid:10)(cid:8)(cid:30)(cid:13)(cid:18)(cid:19)(cid:5)(cid:6)
(cid:2)(cid:4)(cid:18)(cid:13)(cid:2)(cid:3)(cid:15)(cid:5)
(cid:12)(cid:10)0(cid:30)=(cid:18)(cid:19)(cid:4)(cid:30)0(cid:18)(cid:17)(cid:7)
(cid:2)(cid:4)(cid:18)(cid:13)(cid:2)(cid:3)(cid:15)(cid:5)
(cid:8),2(cid:21)#(cid:22)$)%
(cid:12)(cid:20)(cid:21)(cid:22)#&
(cid:18)(cid:21)(cid:20)(cid:30)(cid:12)(cid:20)(cid:24)(cid:22)(cid:20)
(cid:12)(cid:17)(cid:8)(cid:15) (cid:30)(cid:4)(cid:8)(cid:11)0(cid:3)
(cid:2)(cid:4)(cid:18)(cid:13)(cid:2)(cid:3)(cid:15)(cid:5)
(cid:16))(cid:30)(cid:2)!%(cid:20)(cid:26)(cid:20)(cid:24))
(cid:2)(cid:20)(cid:22)(cid:22)$(cid:24)")#(cid:24)
(cid:12)(cid:21)#(cid:20)(cid:22)(cid:30)(cid:8)(cid:21)(cid:21)#*
(cid:20)(cid:24)#*(cid:24)(cid:20)(cid:30)(cid:12)%!!%
(cid:28)(cid:24)(cid:22)(cid:20)(cid:24)(cid:20)
(cid:8)(cid:17)0(cid:18)(cid:18)(cid:4)(cid:17)(cid:10)(cid:3)
(cid:3)(cid:20)(cid:26))%(cid:21)(cid:24)(cid:30)0#!(cid:22)>$%!(cid:22)(cid:26)
(cid:2)(cid:21)#(%&)(cid:30)(cid:17)#&(cid:20))$#(cid:24)(cid:26)
1.(cid:29)(cid:11)(cid:14)(cid:26).(cid:31)(cid:10)(cid:13)(cid:21)(cid:16)(cid:14)(cid:13) (cid:21)8(cid:14)(cid:26)(cid:5).(cid:15)(cid:16)(cid:29)
(cid:15)(cid:18)(cid:18)(cid:17)0(cid:8)(cid:4)(cid:7)(cid:10)(cid:3)
(cid:11)%*(cid:30)(cid:15)%!%1(cid:21)(cid:20))$#(cid:24)
(cid:6)(cid:18)(cid:4)(cid:13)(cid:3)(cid:4)(cid:18)(cid:15) (cid:13)
(cid:2)(cid:4)(cid:18)(cid:13)(cid:2)(cid:3)(cid:15)(cid:5)
(cid:2)
(cid:3)(cid:22)
(cid:5).(cid:13)(cid:14)(cid:6)(cid:28)(cid:11)(cid:26)(cid:28)(cid:29)
Coarse visible gold has been regularly observed in the
mineralised zones and screen fire assays yielded very
similar results to the standard fire assays which
indicates that the reported grades are a good estimate
of the in situ grades.
Significant results include:
BFRC001: 6m @ 5.28g/t gold from 53m downhole
BFRC004: 6m @ 2.37g/t gold from 28m downhole
BFRC006: 2m @ 33.6g/t gold from 108m downhole
BFRC008: 10m @ 4.3g/t gold from 32m downhole
BFRC017: 15m @ 2.27g/t gold from 28m downhole
BFRC018: 9m @ 4.69g/t gold from 14m downhole
BFRC019: 3m @ 10.47g/t gold from 44m downhole
BFRC021: 4m @ 20.14g/t gold from 108m downhole
BFRC027: 2m @ 2.59g/t gold from 138m downhole
BFRC028: 6m @ 8.58g/t gold from 125m downhole
BFRC030: 1m @ 41.8g/t gold from 61m downhole
BFRC030: 8m @ 5.93g/t gold from 78m downhole
(cid:17)(cid:14)(cid:13) (cid:21)(cid:16)(cid:26)(cid:10) (cid:28)(cid:21).(cid:15)(cid:11)(cid:28)(cid:26)(cid:31)(cid:28)#(cid:11)(cid:29)
(cid:29)>(cid:14)8.(cid:15)(cid:16)(cid:21) (cid:14)8(cid:15)>(cid:14)(cid:13)(cid:28)(cid:21)8. (cid:11)>(cid:29))
-(cid:15)(cid:11)(cid:28)(cid:26)#(cid:26)(cid:28)(cid:11)(cid:28) (cid:21)(cid:13)(cid:14) (cid:28)(cid:29)(cid:21)E(cid:14)(cid:13)(cid:13)(cid:14)8
(cid:25)(cid:26)(cid:14)(cid:10) (cid:21)A(cid:14)(cid:15)(cid:28)(cid:29)(cid:21)(cid:10)(cid:11)(cid:21)(cid:10)##(cid:26)(cid:14)0.(cid:6)(cid:10)(cid:11)(cid:28)(cid:13)B
(cid:2))(cid:22)(cid:16)(cid:12)(cid:11)(cid:21)(cid:19)(cid:30)(cid:21)(cid:31)(cid:30)(cid:11)?(cid:14)EE
8(cid:23)@:AC;"-)(cid:30)(cid:8)(cid:28)
-(cid:15)(cid:11)(cid:28)(cid:26)(cid:6)(cid:28) .(cid:10)(cid:11)(cid:28)
,(cid:14)(cid:26)#>B(cid:26)B
/
(cid:6)
(cid:2)
(cid:2)
’
(cid:22)
(cid:3)
’
Page 10 - Heron Resources Limited - Annual Report 2012
Opposite Page photographs left to right:
BFRC021 - 1m @ 54g/t gold 112m downhole.
BFRC006 - 1m @ 65-566g/t gold 109m downhole.
BFRC028 - 1m @ 7g/t gold 144m downhole.
/
(cid:6)
(cid:2)
(cid:2)
(cid:4)
(cid:22)
(cid:3)
’
2.0 OPERATIONS REPORT CONTINUED
Big Four Gold Prospect
Long Section
(cid:17)(cid:18)(cid:4)(cid:28)(cid:6)(cid:15)(cid:11)
%(cid:7)(cid:12)!(cid:12) #"+&’(cid:16)(cid:12)(cid:22)(cid:18)
"(cid:7)(cid:12)!(cid:12)%#$%&’(cid:16)(cid:12)(cid:22)(cid:18)
((cid:7)(cid:12)!(cid:12))#(+&’(cid:16)(cid:12)(cid:22)(cid:18)
-(cid:7)(cid:12)!(cid:12)(#(+&’(cid:16)(cid:12)(cid:22)(cid:18)
*(cid:7)(cid:12)!(cid:12)"#%*&’(cid:16)(cid:12)(cid:22)(cid:18)
%(cid:7)(cid:12)!(cid:12) # "&’(cid:16)(cid:12)(cid:22)(cid:18)
NSA
)(cid:7)(cid:12)!(cid:12) ,#"+&’(cid:16)(cid:12)(cid:22)(cid:18)
(cid:7)(cid:12)!(cid:12) #(&’(cid:16)(cid:12)(cid:22)(cid:18)
)(cid:7)(cid:12)!(cid:12) )#% &’(cid:16)(cid:12)(cid:22)(cid:18)
320Z
NSA
NSA
(cid:7)(cid:12)!(cid:12) #*(&’(cid:16)(cid:12)(cid:22)(cid:18)
((cid:7)(cid:12)!(cid:12)+#($&’(cid:16)(cid:12)(cid:22)(cid:18)
((cid:7)(cid:12)!(cid:12)))#%&’(cid:16)(cid:12)(cid:22)(cid:18)
(cid:7)(cid:12)!(cid:12)"#$%&’(cid:16)(cid:12)(cid:22)(cid:18)
NSA
(cid:29)(cid:27)(cid:2)(cid:27)(cid:30)(cid:31)
((cid:7)(cid:12)!(cid:12)(#-*&’(cid:16)(cid:12)(cid:22)(cid:18)
240Z
Mineralised intercepts
Recent June results
No Porphyry
I
L
N
E
1
0
4
0
N
C
R
O
S
S
S
E
C
T
O
N
I
)(cid:7)(cid:12)!(cid:12))#) &’(cid:16)(cid:12)(cid:22)(cid:18)
((cid:7)(cid:12)!(cid:12) #)*&’(cid:16)(cid:12)(cid:22)(cid:18)
%(cid:7)(cid:12)!(cid:12)(#)+&’(cid:16)(cid:12)(cid:22)(cid:18)
%(cid:7)(cid:12)!(cid:12)-#($&’(cid:16)(cid:12)(cid:22)(cid:18)
((cid:7)(cid:12)!(cid:12)-#+$&’(cid:16)(cid:12)(cid:22)(cid:18)
BFRC030
NSA
$(cid:7)(cid:12)!(cid:12)-#*)&’(cid:16)(cid:12)(cid:22)(cid:18)
(cid:7)(cid:12)!(cid:12)+#$ &’(cid:16)(cid:12)(cid:22)(cid:18)
"(cid:7)(cid:12)!(cid:12)(,# "&’(cid:16)(cid:12)(cid:22)(cid:18)
BFRC031
NSA
BFRC034
NSA
BFRC027
BFRC028
%(cid:7)(cid:12)!(cid:12)$#-$&’(cid:16)(cid:12)(cid:22)(cid:18)
NSA No significant assay
0.5g/t approx mineralisation
envelope
10 gram-metre contour
estimate
(cid:2)(cid:3)(cid:3)(cid:4)(cid:5)(cid:6)(cid:7)(cid:8)(cid:6)(cid:9)(cid:10)(cid:11)(cid:12)(cid:13)(cid:4)(cid:7)(cid:13)(cid:10)(cid:5)(cid:14)(cid:12)(cid:10)(cid:11)(cid:3)(cid:15)(cid:16)(cid:12)(cid:17)(cid:10)(cid:11)(cid:18)(cid:19)(cid:20)(cid:14)(cid:21)(cid:6)(cid:9)(cid:10)(cid:11)(cid:12)(cid:22)(cid:9)(cid:14)(cid:23)
(cid:10)(cid:24)(cid:12)(cid:25)(cid:9)(cid:11)(cid:14)(cid:7)(cid:8)(cid:3)(cid:9)(cid:5)(cid:14)(cid:26)(cid:12)(cid:27)(cid:10)(cid:11)(cid:14)(cid:12)(cid:8)(cid:6)(cid:12)(cid:28)(cid:9)(cid:18)(cid:12)(cid:29)(cid:10)(cid:4)(cid:7)(cid:30)(cid:12)(cid:3)(cid:10)(cid:10)(cid:31)(cid:9)(cid:11)(cid:18)
(cid:7)(cid:10)(cid:4)(cid:18) (cid:3)(cid:15)(cid:12)(cid:3)(cid:10)(cid:21)(cid:8)(cid:3)(cid:19)(cid:18)(cid:7)(cid:9)(cid:26)(cid:12)(cid:23)(cid:14)(cid:5)(cid:6)!(cid:12)(cid:17)(cid:9)(cid:18) (cid:6)(cid:12)(cid:7)(cid:14)(cid:26)(cid:12)(cid:14)(cid:11)(cid:22)(cid:14)(cid:3)(cid:10)(cid:13)(cid:14)
(cid:9)(cid:5)(cid:12)"!#(cid:18)$(cid:6)(cid:12)(cid:8)(cid:13)(cid:13)(cid:7)(cid:10)%(cid:9)(cid:25)(cid:8)(cid:6)(cid:9)(cid:10)(cid:11)(cid:12)&(cid:21)(cid:10)(cid:11)(cid:6)(cid:8)(cid:9)(cid:11)(cid:9)(cid:11)(cid:18)(cid:12)(cid:9)(cid:11)(cid:6)(cid:14)(cid:7)(cid:11)(cid:8)(cid:3)
(cid:26)(cid:9)(cid:3)(cid:4)(cid:6)(cid:9)(cid:10)(cid:11)’(cid:30)(cid:12)(cid:10)(cid:7)(cid:8)(cid:11)(cid:18)(cid:14)(cid:12)(cid:14)(cid:11)(cid:22)(cid:14)(cid:3)(cid:10)(cid:13)(cid:14)(cid:12)(cid:9)(cid:5)(cid:12)("(cid:12)(cid:18)(cid:7)(cid:8)(cid:25)(cid:19)(cid:25)(cid:14)(cid:6)(cid:7)(cid:14)
(cid:21)(cid:10)(cid:11)(cid:6)(cid:10)(cid:4)(cid:7)!(cid:12))(cid:5)(cid:6)(cid:9)(cid:25)(cid:8)(cid:6)(cid:14)(cid:12)*(cid:8)(cid:5)(cid:14)(cid:26)(cid:12)(cid:10)(cid:11)(cid:12) (cid:8)(cid:11)(cid:18)(cid:9)(cid:11)(cid:18)(cid:12)(cid:23)(cid:8)(cid:3)(cid:3)
(cid:8)(cid:11)(cid:26)(cid:12)(cid:24)(cid:10)(cid:10)(cid:6)(cid:23)(cid:8)(cid:3)(cid:3)(cid:12)(cid:3)(cid:10)(cid:26)(cid:14)(cid:12)(cid:8)(cid:5)(cid:5)(cid:8)(cid:15)(cid:12)(cid:7)(cid:14)(cid:5)(cid:4)(cid:3)(cid:6)(cid:5)!(cid:12)+(cid:10)(cid:6)(cid:5)
(cid:9)(cid:11)(cid:26)(cid:9)(cid:21)(cid:8)(cid:6)(cid:14)(cid:12)(cid:21)(cid:14)(cid:11)(cid:6)(cid:7)(cid:10)(cid:9)(cid:26)(cid:5)(cid:12)(cid:10)(cid:24)(cid:12)(cid:9)(cid:11)(cid:6)(cid:14)(cid:7)(cid:21)(cid:14)(cid:13)(cid:6)(cid:5)!
6
6
6
3
3
6
0
Y
abandoned
BFRC029
NSA
BFRC033
NSA
BFRC032
NSA
6
6
6
3
4
4
0
Y
Heron Resources Limited - Annual Report 2012 - Page 11
BLACK RANGE AND
SIBERIA SOUTH PROSPECTS,
WESTERN AUSTRALIA
Heron’s wholly owned Black Range and
Siberia South Prospects are located 80km
NW of Kalgoorlie and this area has
received scant gold exploration since the
mid 1990s.
economic
The Company believes there is potential
for
gold mineralisation
associated with porphyry units along the
contact between the Walter Williams
Formation and Siberia Komatiite.
RAB drilling programs have been
completed to test a soil gold anomaly that
extends from the historical Cave Hill
workings for some 3 kilometres along
strike.
The soil anomaly ranges from 15ppb to
490pbb gold and RAB drilling was
undertaken to test the anomaly. The
returned several anomalous
drilling
results in the order of 50 - 300ppb gold
and field checking is being undertaken
prior to deeper drill testing.
At Black Range drilling identified broad
zones of supergene style gold anomalism
in the range 0.1 to 0.3g/t gold over 4 to
24m widths downhole, with best results of
4m @ 1.22g/t gold from 62m in BRRB 079
and 8m @ 0.97g/t gold from 58m in
BRRB083.
2.0 OPERATIONS REPORT CONTINUED
Siberia South Prospect
RAB Drill lines on image of
Gold in Soil Geochemistry
(cid:27)(cid:19)6(cid:21) (cid:26).(cid:13)(cid:13)(cid:21)(cid:13).(cid:15)(cid:28)(cid:29)
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(cid:16)B:-<<;;?
(cid:16)B:-<<;;:
(cid:16)B:-<<;;<
(cid:16)B:-<<;C;
(cid:16)B:-<<;7C
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(cid:2)
(cid:23)
(cid:5).(cid:13)(cid:14)(cid:6)(cid:28)(cid:11)(cid:26)(cid:28)(cid:29)
Black Range Prospect
RAB/AC Cross Section Au (ppb)
6640000mN
(cid:4)(cid:2)(cid:2)(cid:27)(cid:9)
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Below: Black Range nickel sulphide
target. EM anomaly is obscured by
alluvial cover.
Page 12 - Heron Resources Limited - Annual Report 2012
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Shay Gap: near surface iron-rich gravels intersected
SHAY GAP IRON ORE PROSPECT,
WESTERN AUSTRALIA
Heron’s wholly owned Shay Gap iron ore Prospect is
located 150km due east of Port Hedland and adjacent to
BHP Billiton’s iron ore operations in this area. The
Company is exploring for Detrital and Channel Iron
Deposits (DID and CID), derived from iron-rich material
shed from the Shay Gap ranges to the immediate north-
east.
Previously reported surface samples by Heron from the
tenements returned several results above 60% iron,
indicating that high grade iron-ore has been shed off
the ranges and onto Heron’s tenements. The Company
completed a detailed gravity survey over four key areas
along the range front, to target potential Detrital Iron
Deposits which highlighted a number of encouraging
“highs”.
During the year the company completed a drilling
program of 361 RC holes for 3,578m. Near surface
detrital iron-rich gravels (1 to 3 metres thick) were
intersected, however, at this stage within the palaeo-
drainages tested, these gravels appear to have
insufficient tonnage potential for a standalone
operation.
A joint venture partner with local operations is being
sought.
Heron Resources Limited - Annual Report 2012 - Page 13
2.0 OPERATIONS REPORT CONTINUED
MT ZEPHYR BASE METAL PROSPECT, WESTERN AUSTRALIA
The Mt Zephyr Prospect is located 80km NE of Leonora, Western Australia and represents a 5km strike length package of volcaniclastic
sediments and volcanic units where strong indications of Volcanogenic Massive Sulphide (VMS) style mineralisation are present in previous
Heron drilling. The Company completed a diamond core hole beneath where a broad zone of massive and semi-massive sulphides were
previously intersected including a number of chalcopyrite rich volcanic clasts (grading up to 4% copper with hand held XRF analysis). No
massive sulphides were intersected in Heron's recent drilling, however, several sulphide-rich VMS zones were identified, which continue to
provide encouragement for economic mineralisation to be delineated. Assay results are awaited.
Mt Zephyr Prospect
Cross Section
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