Acquisition Date

2022 / May / 02

Terms

80% Ag until 2.15Moz @ 20% of spot*; AUD$1M per 1.0Mt tailings*

Operator

Heron Resources Ltd.

The Woodlawn Zinc-Copper Project is a high-grade, volcanogenic massivesulphide (VMS) deposit situated in New South Wales, Australia, located approximately 50 km northeast of Canberra and 250 km southwest of Sydney.

The Woodlawn deposit is comprised of 12 known sulphide lenses that form three mineralized horizons locally disrupted by faulting. The zinc, copper, and lead mineralization occurs as massive and stringer sulphide lenses, interpreted to have formed both on the sea floor and in coeval mudstones and volcanic breccia flows.

A positive Feasibility Study was completed in mid-2016 that envisioned an operation with an initial nine-year mine life and potential for exploration upside in the underground mineralized system and regional prospects.

As of June 2019, the Woodlawn Underground Measured & Indicated Mineral Resource is 4.5 Mt grading 6.5% Zn, 2.0% Cu, 2.4% Pb, 0.5 g/t Au, 51 g/t Ag or 16.1% ZnEq. The Inferred Resources is 2.9 Mt grading 5.2% Zn, 1.8% Cu, 2.0% Pb, 0.5 g/t Au, 40 g/t Ag or 14.0% ZnEq (cut-off grade 7% ZnEq for polymetallic and 1% for copper).

Agreement terms are subject to the closing of the Transactions as defined in the Company's press release dated May 2, 2022.

See press release for more details.

Silver Stream

80% of Ag @ 20% of spot

until 2.15 Moz are delivered; then

40% of Ag @ 20% of spot

until 3.5 Moz are delivered; then

25% of Ag @ 20% of spot

capped at AUD$27M

 

Tailings Stream

= AUD$1M per 1.0 Mt tailings ore processed capped at AUD$10M

 

 

Woodlawn