Havilah Resources Ltd: North Portia Infill Drilling Results

Adelaide - Havilah Resources Ltd. (ASX:HAV) (Havilah) has recently completed a further round of drilling at the North Portia Copper-Gold deposit (North Portia), comprising 23 aircore holes for a total 2,662 metres.

HIGHLIGHTS

- Infill resource drilling at North Portia continues to confirm economic copper grades.

- New drilling results will be incorporated into an updated resource model.

- Resource model to guide mining design for PFS.

Better results include:

Hole: NPAC097
Line: 6522825N
From 96m to 106m
Intersection: 10 m @ 0.52% Cu + 0.48 g/t Au
Comments: Supergene sulphide zone

Hole: NPAC101
Line: 6522675N
From 92m to 102m
Intersection: 10 m @ 1.52% Cu
Comments: Supergene sulphide zone

Hole: NPAC102
Line: 6522725N
From 100m to 111m
Intersection: 11 m @ 1.52% Cu + 0.80 g/t Au
Comments: Supergene sulphide zone

Hole: NPAC111
Line: 6522725N
From 81m to 98m
Intersection: 17 m @ 1.15% Cu + 0.81 g/t Au
Comments: Supergene sulphide zone

Hole: NPAC112
Line: 6522750N
From 114m to 129m
Intersection: 15 m @ 1.44% Cu + 0.55 g/t Au
Comments: Supergene sulphide zone

Hole: NPAC115
Line: 6522675N
From 106m to 130m
Intersection: 24 m @ 0.90% Cu + 0.55 g/t Au
Comments: Supergene sulphide zone

All holes were drilled into the upper secondary enriched zone of the deposit above approximately 140 metres depth with the objective of better defining this part of the resource in order to improve confidence in the resource model. Other holes, not reported here, were also targeted in peripheral areas of the deposit to more accurately define the limits of economic mineralisation and generally returned low to subeconomic grades as expected.

This new drilling data will now be incorporated into a revised resource block model that will be used in mine planning and mine design studies as part of the prefeasibility study (PFS) that is presently being jointly conducted with Consolidated Mining and Civil Pty Ltd (CMC), Havilah's mining partner at the Portia Gold Mine (Portia) (refer to ASX announcement 22 November 2017).

Commenting on the latest North Portia drilling results, Havilah's CEO, Mr Walter Richards said: "This drilling program has added more important data that confirms the encouraging grades of copper and gold in the upper, secondary enriched part of the North Portia resource.

"It is Havilah's obligation under the North Portia MOU to fund and deliver an independently verified JORC Measured and Indicated Resource for North Portia, and these results will help us to deliver that outcome.

"This is another positive step in the implementation of our Copper Growth Strategy", he said.

About North Portia and the MOU with CMC

North Portia contains a JORC Indicated and Inferred Resource estimate of 11.3 million tonnes of 0.89% Cu, 0.64 g/t Au and 500 ppm Mo (refer to ASX announcement of 24 November 2010 and table attached). Havilah's recent drilling, and the immediate focus of the MOU work, is a secondary (supergene) enriched zone of copper and gold mineralisation in saprolite material above approximately 150 metres depth. This drilling has clearly delineated a gold enriched cap that sits on top of the underlying secondary and primary copper sulphide mineralisation, which can be processed in the existing Portia gold plant, with some upgrades to recover the finer free gold that is present.

Under the terms of the North Portia MOU, CMC will have an exclusive option until 30 June 2018 to enter into a development agreement for North Portia on terms to be agreed. During the exclusive option period, CMC and Havilah have agreed on a shared work program that is designed to provide the key information to assist CMC and Havilah to determine a mutually acceptable arrangement that will lead to the development of North Portia. This work will include completion of a PFS and securing permitting to commence overburden removal by July 2018. The initial mining target will be approximately 5 million tonnes of free digging secondary saprolite gold and copper-gold material above 150 metres depth. It is expected that all of this material will be able to be processed in the Portia processing plant, with the addition of a flotation circuit to recover the finer free gold and the copper sulphides.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/9849220V

About Havilah Resources Ltd:

Havilah Resources Ltd. (ASX:HAV) is a debt free South Australian gold producer having recently financed and developed its first gold mine at Portia in north-eastern South Australia. It plans to follow on with three copper-gold-cobalt mining developments at North Portia, Kalkaroo and Mutooroo, which are underpinned by a JORC resources mineral inventory of over 1.4 million tonnes of copper, 3.6 million ounces of gold, and 18,000 tonnes of cobalt.



Contact:

Mr Walter Richards Chief Executive Officer
Havilah Resources Ltd.
T: +61-8-8155-4500
E: info@havilah-resources.com.au
www.havilah-resources.com.au