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Havilah Resources boosts gold resource and adds cobalt to the mix at North Portia

Havilah Resources boosts gold resource and adds cobalt to the mix at North Portia

Tue May 15 2018

 

Havilah Resources Ltd (ASX:HAV) has added further gold resources and a maiden cobalt resource to its North Portia project near the mining centre of Broken Hill.

 

Resource infill drilling has supported re-classification of the oxide gold zone above the sulphide mineralisation and this now contains 18,400 ounces of gold in the inferred category.

 

Updating the supergene copper-gold resource at North Portia has also resulted in the estimation of an initial cobalt resource of 594 tons hosted in cobaltian pyrite.

 

The new JORC 2012-compliant resource for this zone is 3.856 million tons at 0.73% copper, 154 ppm cobalt and 0.51 g/t gold, predominantly in the measured category.

 

North Portia is next to the Portia Gold Project being operated by Havilah and mining partner Consolidated Mining and Civil Pty Ltd (CMC).

 

Chief executive officer Walter Richards said: “Confirmation of the upgraded measured resource status of the supergene sulphide copper-cobalt-gold mineralisation is an important step for us in our future mining co-operation with CMC.

 

“This establishes, with a high level of confidence, sufficient JORC resources to sustain ongoing mining operations at Portia with the addition of mining of the North Portia project.

Cobalt “potentially adds value”

 

“The presence of a material cobalt resource hosted in cobaltian pyrite, as we are seeing throughout the region, also potentially adds value to the deposit for minimal expected additional capital outlay.”

 

North Portia’s total oxide and sulphide resource contains copper metal of 101,400 tons, cobalt metal of 594 tons, gold of 258,800 ounces and molybdenum metal of 5,630 tons.

 

“Havilah now has three copper projects with cobalt upside, and there are other prospects we have in sight to build on this copper-cobalt-gold portfolio,” Richards said.

 

The resource has been upgraded following three separate rounds of resource infill drilling totalling 56 aircore and reverse circulation drill holes in the last two years.

 

Havilah’s objective was to improve confidence levels in the upper part of the resource that lies within the five-year conceptual open pit mine plan and to quantify the cobalt resource. This corresponds to the top 150 metres of the deposit to around the base of weathered rock.

 

Extension to Portia project

 

North Portia is on the same mining lease as Portia.

 

Existing Portia infrastructure, processing plant and mining partner positions the project for a natural extension.

 

Processing of the supergene sulphide material will require the addition of a grinding and flotation circuit to Portia processing plant and a definitive metallurgical testing program is in progress.

 

North Portia will not have a significant impact on Havilah’s ability to advance its higher priority Kalkaroo and Mutooroo projects.

Primary sulphide copper-gold zone

 

As well as the upper oxide gold and supergene sulphide copper-cobalt-gold zones, the project has a deeper primary sulphide copper-gold zone.

 

A 2010 inferred resource estimate for this zone stands at 8.61 million tons at 0.85% copper and 0.64 g/t gold in accordance with the JORC 2004 code.

 

Metallurgical test work to date indicates that gold and copper can be recovered satisfactorily.

 

Richards added: “The metallurgical confirmation test work, using the recently acquired PQ diamond drill core samples, is progressing as planned, while negotiations relating to the future mining agreement with CMC are continuing.”

 

Source: http://www.proactiveinvestors.com.au