Havilah Resources NL (Lion 19.0%)
Summary
| Lion shareholding: | 15.2 million |
| Total investment by Lion: | $4.2 million |
| Date of initial investment: | February 1998 |
| ASX Code: | HAV |
| Area of activity: | Australia – Base metals, gold and uranium |
| Website: | www.havilah-resources.com.au |
Company
Havilah Resources NL (Havilah) is an Australian listed company holding a strategic ground position in the Curnamona Province in South Australia, where it is actively exploring for a variety of commodities, including gold, copper, molybdenum, zinc and uranium. In addition, Havilah holds significant equity positions in three ASX listed South Australian focused exploration companies: 48.6% of Curnamona Energy Ltd, 63.6% of Geothermal Resources Ltd and 8.8% of Monax Mining Ltd.
In July 2007 Havilah was successful in attracting Glencore International to help develop the Kalkaroo copper-gold-molybdenum deposit. Glencore is a major Swiss-based mining, processing and commodities trading company. Initially, Glencore has committed to fund a $14 million feasibility study, which, upon completion, will give it the right to metals offtake by funding the mine development in exchange for a 14% project interest and marketing rights for all metals. Total Kalkaroo JORC Resource is 108 million tonnes, including West Kalkaroo. The resource translates to 85 million mineable tonnes at a grade of 0.51 g/t gold and 0.45% copper within an optimised open pit model.
At the Portia Gold Project, three diamond drillholes sunk beneath the proposed trial open pit confirmed a wide zone of economic grade bedrock gold mineralisation, including drillhole PTDD 206 returning an interval of 56 metres of 4 g/t gold. This interval includes roughly 6 metres base of Tertiary gold mineralisation at an average grade of 7.7 g/t. Notably, this drillhole terminated in economic grade gold mineralisation at 136 metres, so the bedrock mineralised zone remains open at depth.
The Mutooroo Copper Cobalt Project is undergoing a feasibility study which is 100% funded by Havilah’s Chinese partner Heilongjiang Resources Limited (HJR). Under the development agreement between Havilah and HJR, HJR will fund the feasibility study for an initial investment of $3 million, and thereafter HJR will fund 100% of the mine development until production for a maximum share in the mine output of 50%.
Feasibility study drilling has continued to intersect economically significant copper and cobalt mineralisation in almost every hole to date. Highlights include 17 metres of 2.11% copper and 0.30% cobalt in drillhole MTRC 70.