Exploration: Heritage Gold Looks To Cobalt FLoat And New Talisman Partner
August 4th, 2010
Heritage Gold expects to list a new cobalt mining operation in outback NSW before the end of the year, and will be looking to give NZ shareholders a chance for involvement through both an NZX and ASX listing. Executive Director Peter Atkinson has told NZ Energy and Environment Business Week while the amount of capital to be raised has yet to be determined, it is likely to fit into the typical envelope for such Aust mining floats, which tend to range between $A3m and $A6m, with $A1m in seed capital close to being finalised. The float will finance a new cobalt mining operation at Pyrites Hill, Thackaringa, near Broken Hill in outback New South Wales, through Broken Hill Proprietary Ltd. (BHPL), owned 33% by Heritage and 66% by an unlisted Aust public company, SOCO Ltd.
BHPL holds two mining licences in the area, and a large exploration licence in surrounding territory, where geological investigations have shown further cobalt deposits which Heritage hopes will double the size of the known resource. BHPL is preparing for a rotary air blast (RAB) drilling programme of 4,375 metres to test extensions of surface base metal anomalies and sulphide gossans under shallow soil cover, and has identified several new Broken Hill-style base metal occurrences, as well as a near surface cobalt deposit. The Aust company also has uranium prospects at Dunmarra Basin in the Northern Territory, which are unrelated to the current capital-raising plan.
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Meanwhile, Heritage has decided to expand its search for joint venture partners for the Talisman mine in Coromandel’s Karangahake Gorge, having spent many months in talks with potential Chinese investors. It appears the process was taking too long for Heritage’s comfort, given it has to commence mining within the next 4 years. Auckland private equity firm Campbell MacPherson has been retained to undertake a global search for suitable candidates.
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