Quarterly Activities Report - Period Ending 31 October 2017
Adelaide, Dec 1, 2017 AEST (ABN Newswire) - During the quarter, Havilah Resources Limited (
ASX:HAV) (Havilah or the Company) launched its Copper Growth Strategy which will see a shift in focus to the progression of its three advanced copper projects, namely Kalkaroo, Mutooroo, and North Portia.
Highlights
- Copper Growth Strategy launched to develop advanced stage copper-gold (cobalt) projects and focus on new mineral discoveries in the Curnamona Copper Belt.
- Portia high grade drilling results, including 10m at 8.62g/t in PTAC492, confirm and extend Portia pit floor gold mineralisation.
- Recently identified Jupiter magnetotelluric geophysical anomaly has signatures associated with IOCG mineralisation within Havilah's northern tenements
- Portia gold sales were -54% higher compared to the previous quarter at 2,681 ounces.
- Portia C1 Cash Cost per ounce decreased by -24% compared to the previous quarter at $1,235 per oz.
- Portia plant throughput increased by -11 % in the quarter, making it the third quarter in a row with improved throughput.
- Rights issue raised -$1.5 million and a further - $1.4 million from placement of shortfall to date.
The foundation for the Copper Growth Strategy is a rising copper (and cobalt) price, substantial copper resources, low sovereign risk and highly prospective terrain in north eastern South Australia with a combined JORC resource inventory of over 1.4 million tonnes of copper (3.6 million ounces of gold and 8.2 million kilograms of cobalt).
The experience gained by Havilah throughout the permitting and mining process at Portia will greatly enhance the likelihood of lowering the risk and increasing the probability of success in advancing the projects in the Copper Growth Strategy.
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About Havilah Resources Ltd
Havilah Resources Ltd (ASX:HAV) is a debt free South Australian gold producer having recently financed and developed its first gold mine at Portia in north-eastern South Australia. It plans to follow on with three copper-gold-cobalt mining developments at North Portia, Kalkaroo and Mutooroo, which are underpinned by a JORC resources mineral inventory of over 1.4 million tonnes of copper, 3.6 million ounces of gold, and 18,000 tonnes of cobalt.
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