Sydney, Australia (ABN Newswire) - Aurelia Metals Ltd.
(ASX:AMI) completed mine construction activities, and commenced commissioning of the processing facilities at Hera. On 12 September 2014 the Group achieved its first gold pour at Hera and during the period achieved pre-production gold, silver and concentrate sales of $9,768,615 (2013: nil) as a credit against development expenditure of $20,531,692 (2013: $39,869,520). Exploration expenditure for the half year ending 31 December 2014 was $808,905 (2013: $1,328,545), which was primarily incurred on the Hera and Nymagee projects.
At 31 December 2014 the cash balance was $9.7 million compared to $25.8 million at 31 December 2013.
Company activities for the period were dominated by development/commissioning activities at the Hera Project and exploration activities at Hera. Other significant events included:
- Issue of 5,590,027 shares to Pybar Mining Services worth $2 million as part payment for mining services
- Issue of 9,905,000 shares to Pacific Road Capital to raise $3,097,057 (after broker fees)
- Announcement of a Rights Issue to raise $10 million before fees Hera Project
Key activities and milestones in the period:
- Underground mine performance continued strongly with 2,163.5m of lateral advance for the period
- First gold dore and base metal concentrate sales
- Hera mine formally opened on 26 November 2014
- Hera process plant in final stages of commissioning
- Optimisation of metal recoveries, with lead and zinc recoveries to concentrate improving to >95%
- Multiple high-grade results from underground exploration drilling at Hera, outside of existing mine Reserves
- Drilling 200-300m north of the Hera deposit discovered a new zone of strong gold-silver-lead-zinc mineralisation (Hera North Lens) outside of the Hera Reserve. Drill results indicate potential to add high grade extensions to the current mine life.
Drill intercepts form the Hera North Lens received in the period included:
- 17.1m @ 14.8g/t Au, 168g/t Ag, 15.9% Pb and 15.2% Zn
- High-grade results from underground exploration drilling at the Hera Project recorded further strong results on both the Hays Lens (outside of existing mine Reserves) and the Hera South Lens (to the south of existing mine Reserves):
Highlight results from the Hays Lens include:
* 9.0m @ 32.6g/t Au, 1.3% Pb and 2.3% Zn
* 3.1m @ 80.9g/t Au, 24g/t Ag, 1.1% Pb and 1.6% Zn
* 4.2m @ 17g/t Au, 6g/t Ag, 0.9% Pb and 1.9% Zn
* 7.7m @ 16.4g/t Au, 9g/t Ag and 5.1% Pb+Zn
* 7.2m @ 10.5g/t Au, 29g/t Ag and 10.2% Pb+Zn
* 4.0m @ 32.8g/t Au, 22g/t Ag and 4.8% Pb+Zn
Highlight results from the Hera South Lens include:
* 11.25m @ 6.2g/t Au, 13g/t Ag and 2.8% Pb+Zn
* 23.7m @ 6.9g/t Au, 14g/t Ag and 5.9% Pb+Zn,
including 7.7m @ 19.6g/t Au, 11g/t Ag and 6.2% Pb+Zn
* 8.95m @ 11.8g/t Au, 39g/t Ag and 7.5% Pb+Zn
- Assay results from massive sulphide intersected at the Nymagee Copper Project (hole NMD092) were received in the period confirming the strong tenor of the Nymagee North mineralisation, with results including:
- 6.25m @ 0.5% Cu, 3.7% Pb, 8.6% Zn and 107g/t Ag from 957.75m
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About Aurelia Metals Ltd:
Aurelia Metals Ltd.
(ASX:AMI) is focused on the development and exploration of the high grade Hera-Nymagee Project in the Cobar district of NSW.
Aurelia is actively drilling the evolving copper deposit at Nymagee with the potential that the Nymagee mineralisation may evolve into another 'Cobar Giant' similar to the world class CSA copper deposit located approximately 100km north-west along strike.
Aurelia also remains active in the exploration for copper, gold and tin on a number of tenements in the Lachlan Fold Belt of NSW.
Aurelia Metals Ltd.