Re: HCY - Halcyon Group
ASX ann March 13
HCY 8:28 AM Half Year Report 31 December 2006
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00702013
http://www.asx.com.au/asxpdf/20070313/pdf/311f9h106gnrxl.pdf
Review and Results of Operations
The consolidated entity’s net loss for the half year was $199,158 (2005 loss = $174,931)
Review of Operations
In the previous 6 months the Economic Entity focused on the three high valued commodities of Uranium, Nickel and Copper within the Company’s portfolio of mineral assets. Firstly, the addition of new highly prospective Uranium tenure was applied for to create the Lake Marmion Uranium Project 130 kilometres north of Kalgoorlie in Western Australia. Secondly, Halcyon as part of the Joint Venture with Minara Resources Ltd where Minara is earning up to 70% of the nickel rights on the Bardoc Project, located 50 kilometres north of Kalgoorlie, recommenced Nickel Sulphide exploration. Finally, the Company received drill results indicating potential new Copper zones at the Mount Pleasant Copper Project located 20 kilometres south of Bardoc.
Uranium
The Lake Marmion Uranium Project consists of 7 applications for exploration licenses covering an area of 343 km² of the Lake Marmion Tertiary drainage channel. The tenure contains drillholes from the 1980s with heavy mineral concentrates assaying up to 4,856ppm U3O8 within Tertiary channel material. The tenure is also adjacent to trench samples of the lake sediments taken in the 1970s which assayed up to 5,430ppm U3O8 and was supported by auger drill results of up to 800ppm U3O8. The project area is highly prospective for both uranium in surficial (near surface) deposits such as lake sediments and for the deeper palaeochannel/sedimentary type uranium
mineralisation.
Nickel
The Bardoc Nickel Joint Venture with Minara Resources Ltd re-commenced exploration with drilling in the Number One Target Area having further tested the interpreted embayment (subsided position containing heavy minerals e.g. sulphides) feature on the basal contact and two off-hole conductors located along strike, and also by drilling a New Nickel Target further to the north with a coincidental electromagnetic (“EM”) anomaly and MMI (Mobile
Metal
Ions)-M soil anomaly. No significant Nickel was intersected and re-interpretation of the data is in progress. In addition, after inconclusive Testwork on the Western Zone drill intersection (45 metres @ 0.5% Nickel, 0.05% Cobalt and 0.1% Copper from 21 metres) the Joint Venture has conducted an IP Survey over the main part of the Western Zone which has now highlighted a priority sulphide target area to be drill tested shortly.
Copper
Results from the previous drill program at the Mount Pleasant Copper Project may have delineated two new Copper Zones with one prospect returning Copper values of up to 3.61% Cu from drilling at the Old Mount Pleasant Copper Mine with supporting surface stockpile samples assaying up to 5.32% Cu. The other zone is a new fourth drill target area located a further 500m to the north-west with up to 0.38% Cu intersected near surface. In the last 6 months the Company continued to review its 100% owned gold assets at the Bardoc Project for economic potential of the known gold prospects at the recent higher gold price of over A$800/oz.
Events after the Balance Sheet Date
On 29 January 2007, the Company announced the completion of the placement of 100m shares at 1.6 cents to raise A$1,600,000 as well as the issue of 25m options exercisable at 2 cents each on or before 31 December
2007.
Balance sheet
Cash and cash equivalents @ Dec 31 2006 $736,517 June 30 2006 $668,719