Base metals: Heron joins the ranks of zinc and copper producers, shares rally
Junior miner Heron Resources (ASX:HRR) is now a zinc and copper producer with the start of its Woodlawn mine.
The milestone propelled shares up nearly 12 per cent to 62c on Wednesday morning.
The company is now focusing on the ramp-up to full production of 1.5 million tonnes per annum.
Based on the current reserves, the project is expected to produce 40,000t of zinc, 10,000t of copper, 12,000t of lead, 900,000oz of silver and 4,000oz of gold over an initial mine life of 9.3 years.
But Heron says there is “significant potential” for mine life extensions by converting more of the high-grade underground resources to reserves and further exploration success.
Stockhead is finding out just how long ramp-up is expected to take and how much Heron expects to produce this year.
The Democratic Republic of Congo government has given Chinese miner and trader Chengtun Mining Group the thumbs up to acquire Nzuri Copper (ASX:NZC) and its 85 per cent stake in the Kalongwe copper and cobalt project.
Blackstone Minerals (ASX:BSX) has struck a deal to potentially buy a nickel project in Vietnam. The company has a 12-month option to acquire a 90 per cent interest in the Ta Khoa project, located 160km west of Vietnam’s capital, Hanoi. Managing director Scott Williamson says the mine has a history of profitable nickel production even during low nickel prices.
Azure Minerals’ (ASX:AZS) shares went for a run this morning after it told investors it had expanded the zinc and lead resource for its Oposura project in Mexico. The resource now stands at 3.1 million tonnes at 5 per cent zinc and 2.7 per cent lead for contained metal of 153,000t of zinc and 84,000t of lead.
Shares gained 15 per cent to trade at 11.5c on Wednesday morning.
Cygnus Gold (ASX:CY5) says it has confirmed the nickel prospectivity at its Bencubbin North prospect in Western Australia’s Wheatbelt region. Sampling has confirmed the original nickel auger soil results with a maximum value of 1,895 parts per million, or 0.19 per cent, nickel.
Cygnus says its broader Bencubbin project covers more than 70km strike length of the Archaean greenstone rocks considered prospective for nickel and base metals deposits.