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Gold closed at $644.60, down $3.70 on the day - but still moving in the right general direction! The ASX goldies did not seem to move much last week on this upturn - I guess waiting to see if sustained, or not.
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Hi Jess,
So when do you anticipate some news with regards to the MEM IPO and a resource upgrade?
Cheers
BP
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Member
HGD
31/01/2007
QUARTER
REL: 1554 HRS Heritage Gold NZ Limited
QUARTER: HGD: Third Quarter Activities Report
Quarterly Report to 31 December 2006
Mineral exploration company Heritage Gold is pleased to present its quarterly
report for the three months ended 31 December 2006.
Highlights include:
- Rights issue funding completed with over $1 million raised; and
- Drilling underway at Rahu Ridge, Karangahake Project (after quarter end).
The company continues to make positive progress in its comprehensive
exploration programmes using airborne, ground, and computer-aided techniques
to test prospective areas. The following is an overview of the company's
projects.
GOLD PROJECTS (New Zealand) (100%)
Karangahake Project (Rahu, Talisman, and Dominion Knoll permits)
Recently Heritage Gold announced the commencement of a core drilling
programme at the Rahu Ridge area, north of the Talisman mine. The purpose of
this programme is to test the upper levels of the same epithermal system that
hosts the gold deposit at Talisman.
Heritage Gold managing director Peter Atkinson says, "The drilling programme
is designed to test geochemical and geophysical anomalies and is focusing on
areas where gold mineralisation has previously been encountered."
Heritage previously identified gold and silver values at depths of 14 to 46
metres in eight reverse circulation drill holes. The best previously reported
results were from a depth of 10 to 16 metres in hole RC 2 which assayed 2.41
grams of gold per tonne (g/t gold) and 63.6g/t silver (including 1 metre at
7.80g/t gold and 198.0g/t silver).
The 6-8 hole (1,500 metres in total) drilling programme will test anomalies
and mineralisation over a strike length of approximately 1.3 kilometres of
the 2 kilometre long Rahu Ridge zone.
"The Ministry of Economic Development agreed to certain variations to the
Karangahake exploration programme to ensure the optimum programme was
selected for the project," Mr Atkinson says.
Other Gold Projects (100%)
Essential exploration work continues at the Waihi North and Golden Valley
projects.
"Exploration work is likely to result in subsequent test drilling
programmes," Mr Atkinson says.
"We look forward to reporting back to our investors as soon as more
information becomes available."
GOLD & BASE METALS (NORTHLAND, NZ) (100%)
Heritage Gold's permit applications cover areas favourable for epithermal
gold-silver and porphyry copper deposits, as well as gold-rich volcanogenic
massive sulphide base metal deposits.
The geological environments are similar to those in other parts of New
Zealand which are known to be mineralised, particularly the Coromandel
region. In Northland these environments have been significantly under
explored to date.
"The applications are being processed by the Ministry of Economic Development
and Heritage is planning a comprehensive prospecting programme using
airborne, ground, and computer-aided techniques,"
Mr Atkinson says.
THACKARINGA COBALT PROJECT (New South Wales) (33%)
Heritage Gold owns a 33% interest in Broken Hill Cobalt Limited which has
title to the Thackaringa cobalt project. This project is held under an
exploration licence and two mining leases, covering all of the areas of
significant mineralisation.
"Planning is underway for a drilling programme to further test the extensions
of the cobalt mineralisation identified to date," Mr Atkinson says. "The
drilling will be completed by the third quarter of 2007."
MID-EARTH MINERALS
As reported on 14 December 2006 the Mid-Earth arrangements with Mr. Paul
Cranney, Managing Director, could not be finalised and all agreements with
him have been amicably terminated. Mr. Cranney retains no shareholding in
Mid-Earth.
Heritage Gold is seeking a suitable candidate to replace Mr. Cranney and is
continuing to review th
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Agree, nothing much to discuss in the above. Mind you, it does however confirm that drilling is actually occuring now... a small drilling success could well spin this one round quickly.
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Yes, unfortunately this report is just going over old news. This is why HGD has so many sceptics (progress by the management is slow).
Peter Atkinson and his team need to advance progress with the MEM IPO, the Waihi resource upgrade and Thackaringa project quickly, otherwise they will lose any credibility they still have.
On the positive side- they are drilling,- it seems the intention is to still ‘spin off’ the Waihi resource and the price of gold seems to be steady above US$640.
If they get anywhere near their resource target of 5 mill oz for the Rahu Ridge area the sceptics will disappear overnight.
Good luck to all those patient shareholders amongst us.(that includes me!) It looks like we will be waiting a while longer yet!
Cheers
BP
PS: another positive was to get some trading volume on the ASX-long may it continue!
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Hi BAP. Noted the ASX thing to. Also gold price still grinding on up. Not as exciting as the big rises 6 months back, but maybe more supportable.
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quote: Originally posted by BAP
PS: another positive was to get some trading volume on the ASX-long may it continue!
It all seems to have dried up again...
Death will be reality, Life is just an illusion.
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Gold over 650 now. Looking like the gold price support level is slowly increasing again.
Also noted Heritage just traded a block of 6m shares at 3c AUS (1/2 cent over recent right issue). That you BAP?? Well whoever...someone just fronted up with 180K AUS for our fav. little NZ based explorer!! Might be a good early drilling result sign? 6m is rather a large trade, in one hit and with respect to the normal weekly trading volume.
Wonder if a 5% threshold will be triggered? Be interesting to know who...
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Not me Jess!
It would be nice to know who bought/sold the 6 mill parcel on the ASX today. I think it will be a bit below the 5% mark, so we'll probably never know.
It would be nice if HGD would update their website so we can see how the top shareholders stand after the rights issue etc..
Lets hope this trade is a sign of good news to come!
Cheers
BP
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My apologies to the HGD team-apparently they have updated the website in the last few days.
Cheers
BP
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