Havilah Resources NL
Havilah Resources NL
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A switch to an initial copper-focused strategy is being considered by South Australian explorer Havilah Resources for its Mutooroo project.
The project 60km west of Broken Hill holds JORC resources of 195,000t copper, 8,400t cobalt and 44,600oz gold, with high potential for more shallow openpit resources within trucking distance..
Global industrialist Sanjeev Gupta’s growing involvement with Australian minerals may have led to the discovery of a major new iron ore project close to Broken Hill in South Australia.
South Australian explorer Havilah Resources has announced a major new iron ore discovery less than 100km SW of Broken Hill with the intersection of thick, continuous mineralisation over at least 3.5sqkm at its Grants project.
A 13-hole RC drilling program delivered significant results of 20-24% Fe using hand-held Niton XRF readings, the best being 297m @ 20.6% from 19m and ending in mineralisation at 316m.
The $A14.7M plus 2% royalties sale of Havilah Resources’ N Portia project in South Australia to Consolidated Mining & Civil P/L (CMC) has closed and the 1st $1M paid.
The deal, which launches Broken Hill-based contractor CMC as a copper-gold miner in its own right, is for Havilah subsidiary Benagerie Gold P/L, on which the Portia and N Portia projects are located, and follows Nov 2017’s 50% revenue sharing arrangement between the 2 companies.
South Australia miner Havilah Resources has come up with a maiden ore reserve containing 474,000t of copper and 1.41Moz gold at its Kalkaroo project near Broken Hill, which the company claims is now Australia’s largest undeveloped open pit copper-gold deposit on CuEq ore reserve basis.
Havilah owns Kalkaroo station, on which the project is situated, the 100.1Mt reserve having a 0.74% CuEq grade and consisting of a JORC proved 90.2Mt and 9.9Mt probable.
Havilah Resources is selling its producing Portia and N Portia gold projects in South Australia to Broken Hill-based contractor Consolidated Mining and Civil P/L in a $A14.7M plus 2% royalties deal launching CMC as a copper-gold miner in its own right.
Havilah says the deal realises substantial cash flow and allows the company to focus on the ultimate development of the Mutooroo and Kalkaroo copper-cobalt-gold projects, also in S Australia.
Havilah Resources has kicked of its new development strategy with the $14.7M+ sale of its Portia gold projects in South Australia
Havilah Resources has consolidated its ownership of the Grants iron ore basin in NE South Australia with agreement to turn its current $A1.2M earn-in agreement with Exco Operations and Polymetals (White Dam) over exploration licence EL5393 into full acquisition.
CEO Walter Richards says, for $75,000 cash and 1.25% royalty, Havilah has added a critical piece in its jigsaw puzzle of long-life projects near Broken Hill.
South Australian miner Havilah Resources has posted a $A5.19M NLAT for the 6 months to end-Jan (H1FY18), down from its $3.43M profit in H1FY17.
Havilah's share of gold production from the Portia mine in South Australia fell to 1,738oz (7,878oz) due to lower grades and its switch from a 50% JV share to 15% royalty interest.
Portia gold mine's production plunge pushes South Australian miner Havilah Resources to a first half loss and a pressing need for more cash.