Heron Enters into Farm-in Agreement with Alchemy Resources covering a Portfolio of Heron´s NSW Exploration Tenements
30.05.2016 | GlobeNewswire
![Heron Enters into Farm-in Agreement with Alchemy Resources covering a Portfolio of Heron´s NSW Exploration Tenements](https://www.goldseiten.de/media/goldseiten-news.jpg)
The Farm-In Agreement covers 674 km2 of the central Lachlan Orogen in NSW, including the following exploration tenements: EL5878 Overflow, EL7941 Overflow, EL8267 Overflow, EL8192 Eurow, EL8318 Girilambone and EL8356 Yellow Mountain.
Under the headline terms of the Farm-In, Alchemy will spend A$1M over 3 years to earn 51% and a further A$1M within the 2 subsequent years to earn an additional 29% interest in the tenements. Once Alchemy reaches the 80% interest in the tenements, a Joint Venture (JV) will be formed with Heron free carried to completion of a Prefeasibility Study. During the term of the JV, should Heron’s interest reduce to less than 5%, Heron’s interest will revert to a 1.5% NSR. In addition, Alchemy will issue 2 million Alchemy shares (escrowed for 12 months) and 2.5 million, 3 year, 10c options to Heron as initial consideration.
Heron is pleased to be working with Alchemy on these highly prospective tenements whilst the Company’s efforts remain focused on the development of the high grade Woodlawn Zinc-Copper Project.
About Heron Resources Limited:
Heron’s primary focus is the development of its 100% owned, high grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, New South Wales, Australia. In addition, the Company holds a significant high quality tenement holding in the Lachlan Fold Belt of New South Wales and the Kalgoorlie Nickel Project in Western Australia.
For further information
please visit www.heronresources.com.au or contact:
Australia:
Mr Wayne Taylor Jon Snowball,
Managing Director and Chief Executive Officer FTI Consulting
Tel: +61 2 9119 8111 or +61 8 6500 9200 +61 2 8298 6100
Email: heron@heronresources.com.au jon.snowball@fticonsulting.com
Canada: Tel +1 647-862-1157 (Toronto)
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