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Havilah Resources obtains three mining leases from regulator for Kalkaroo Copper-Gold Project in SA

Work on the finalisation of the updated prefeasibility study (PFS) is continuing and due for completion in the last quarter of 2019.

Kalkaroo station and Kalkaroo project area

Havilah Resources Ltd (ASX:HAV) has obtained three mining leases (MLs) and two miscellaneous purposes licences (MPLs) for its flagship Kalkaroo Copper-Gold Project near Broken Hill.

This decision was granted by the South Australian Minister for Energy and Mining and secures Havilah’s right to mine at Kalkaroo.

The next step in the permitting process is to obtain permission to mine which requires submission and approval of a program for environment protection and rehabilitation (PEPR) as required under South Australia’s Mining Act.

The company also received the third installment of $4 million for the sale of the Benagerie Mining Lease to Consolidated Mining & Civil Pty Ltd, ahead of the planned July payment date.

Rapid completion and signing of the revised North Portia divestment documentation allowed the payment to be brought forward.

READ: Havilah Resources on-track to deliver Kalkaroo PFS in second half of 2019 after positive metallurgical results

Havilah Resources chief executive officer Walter Richards said: “The grant of the mining tenements for the Kalkaroo Copper-Gold Project is a significant milestone for Havilah and the result of many years of persistence.

“We look forward to progressing the Kalkaroo project to the next stages of development including the finalisation of the updated PFS.”

The company continues to investigate development opportunities including discussions with potential investment partners.

Work is also continuing investigating development opportunities which includes progressing discussions with potential investment partners.

Throughout this entire period Havilah has consistently strived to add value to the project in order to increase the likelihood of the development of the project and to attract investment development partners who can assist to bring the Kalkaroo project into production.

READ: Havilah Resources retains speculative buy recommendation from State One Stockbroking

The original discovery of the Kalkaroo deposit was made by Placer Pacific in 1992 who obtained several economic-grade intersections while drilling a magnetic anomaly in the footwall rocks.

A subsequent farm-in with MIM Holdings (MIM) saw exploration focus on a proprietary MIMDAS deep-looking geophysical targeting method.

Havilah acquired almost 1,000 square kilometres of exploration tenements during 2003-2006 from the Placer MIM JV and compiled high-quality drilling and geophysical data generated by previous explorers.

A new mineral resource estimate of 232.5 million tonnes at 0.49% copper and 0.37 g/t gold with a 0.4% copper equivalent lower cut off was recorded in 2017 based on the inclusion of 74 additional drill holes.

READ: Havilah Resources enters transformational $100 million agreement with GFG Alliance

A maiden ore reserve of 100 million tonnes containing 474,000 tonnes of copper and 1.41 million ounces of gold at 0.74% copper equivalent was determined by RPMGlobal in the PFS in June 2018.

Positive metallurgical results of more than 90% gold recovery in saprolite gold ore, as well as appreciable levels of gold and cobalt in pyrite concentrates, were recorded in May 2019 with improved gold recoveries in the oxidised gold ore type.

Quick facts: Havilah Resources Ltd

Price: 0.19 AUD

Market: ASX
Market Cap: $51.48 m

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