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Halcyon expands assets

  Halcyon Group has acquired the nickel rights at Siberia, located 70km north-northwest of Kalgoorlie, from Monarch Gold Mining Company and will begin drilling the prospect next month as part of its strategy to take a more significant role in nickel exploration and production in the area.Halcyon Managing Director, Iggy Tan said the move would increase Halcyon’s assets in a highly prospective laterite nickel region along strike from the Norlisk Cawse Nickel Operation. The acquisition from Monarch will give Halcyon access to approximately 8.8km of strike in the highly prospective Walter Williams Formation that hosts at least 389 million tonnes of nickel laterite resources in the immediate vicinity and an additional 323 million tonnes of nickel laterite resources further along strike within the same ultramafic rock. Mr Tan said Halcyon’s new nickel rights adjoined the now privately owned former WMC Siberia tenements, from which WMC extracted a total of 0.94 million tonnes of ore at 1.32% nickel. The Monarch deal, combined with the tenements acquired from Kalgoorlie Boulder Resources (KBR) in June, establishes a Halcyon project area of 27sqkm.The company commission an exploratory drilling program on its newly acquired nickel tenements and its existing KBR tenements, with the extensive exploratory program to cost in the region of $1m set to take place within the next six months. “The acquired project is another key step in the company’s program to step up its exploration and development in the area,” Mr Tan said.

28 Tuesday August 2007  11:18

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