Microsoft Word - 20141218_WDL_Drilling_Update final Heron Resources Limited ASX/TSX Release

22 December 2014

Level 1, 37 Ord Street, West Perth WA 6005 heron@heronresources.com.au+61 8 9215 4444

ABN: 30 068 263 098

ASX:HRR/TSX:HER Issued Shares 361M

Woodlawn High Grade Assays and New Massive Sulphide

Intercepts

Assay Results: WNDD0006: 5.6m @ 13.3% Zn, 0.7% Cu, 5.4% Pb, 1.2g/t Au, 26g/t Ag from 626m (I Lens) WNDD0006: 4.0m @ 4.8% Zn, 0.5% Cu, 0.2% Pb, 14g/t Ag from 679m (I Lens) WNDD0006: 8.1m @ 3.0% Zn, 2.3% Cu, 3.1% Pb, 2.6g/t Au, 68.8g/t Ag from 699m (D Lens) WNDD0006: 10.0m @ 1.6% Zn, 1.7% Cu, 0.2% Pb, 0.2g/t Au, 15g/t Ag from 759m (D Lens) WNDD0008: 5.4m @ 11.1% Zn, 1.6% Cu, 0.8% Pb, 0.6g/t Au, 11g/t Ag from 434m (Kate Lens) New Significant Sulphide Intercepts: WNDD0011: 6.0m massive sulphides from 348m (Kate Lens) WNDD0012: 4.8m massive sulphides from 135m (E Lens) WNDD0013: 6.0m massive sulphides from 76m (G Lens)

Share Price $0.125

Market Cap $45M Cash (30 Nov 2014) $28.9M Investments $ 3.4M Total C+I $32.3M

Heron Resources Limited (ASX:HRR, TSX:HER) ("Heron" or the "Company") is pleased to report a number of high grade assay results for several massive sulphide intercepts at Woodlawn, and to advise that recent drilling has also intersected a number of typical high-grade massive sulphide zones in shallow up-dip positions to known lenses.

In WNDD0006, persistent sulphide mineralisation occurred over a stratigraphic interval of 257m, from 610m to 867m, with seven individual I and D Lens mineralised events, confirming a substantial exhalative system.

The latest assay results and massive sulphide intercepts form part of the highly successful 2014 drilling program targeting the expansion of the Woodlawn Inferred Resource base to be used in the Preliminary Economic Assessment for the Woodlawn Underground Project. Woodlawn is a high-grade volcanogenic massive sulphide (VMS) deposit, located some

50km north-east of Canberra and 250km south-west of Sydney in New South Wales, Australia.

Assay Results

Assay results for diamond hole WNDD0006 (I and D Lenses) have been received for the multiple lenses intersected in this north-west extension to the Woodlawn mineralised system. The stronger intercepts include:

WNDD0006: 5.6m @ 13.3% Zn, 0.7% Cu, 5.4% Pb, 1.2g/t Au & 26g/t Ag from 626m (I Lens) WNDD0006: 4.0m @ 4.8% Zn, 0.5% Cu, 0.2% Pb & 14g/t Ag from 679m (I Lens) WNDD0006: 8.1m @ 3.0% Zn, 2.3% Cu, 3.1% Pb, 2.6g/t Au & 68.8g/t Ag from 699m (D Lens) WNDD0006: 10.0m @ 1.6% Zn, 1.7% Cu, 0.2% Pb, 0.2g/t Au & 15g/t Ag from 759m (D Lens)

This hole was designed to extend the known mineralisation in this area and also provide a platform for down-hole electro- magnetic surveying (DHEM). The results confirm a series of stacked sulphide lenses down dip from known lenses as shown in Figures 1 and 3. Modelled DHEM results have delineated 3 main conductive "plates" that provides critical information in guiding future drilling in this area. The hole also confirms the strength of the Woodlawn mineralising system in the north-west corridor and the potential for significant additional tonnages to be defined from these zones.

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In addition, the results of the massive sulphide intercept in WNDD0008 (Kate Lens) have been received and confirm the presence of additional high-grade mineralisation in the northern, down-plunge, portion of the modelled Kate Lens (Figures

1 and 2).

WNDD0008: 5.4m @ 11.1% Zn, 1.6% Cu, 0.8% Pb, 0.6g/t Au & 11g/t Ag from 434m New Sulphide Intercepts

A further diamond drill hole into the top northern corner of the modelled Kate Lens has been completed and returned the following result:

WNDD0011: 6.0m of complex massive sulphides from 348m (Kate Lens)

This hole intersected massive sulphide mineralisation some 20 metres higher up than predicted before passing through a complex and broad zone of faulting.

In recent weeks the diamond drilling at Woodlawn has concentrated on a number of shallower up-dip targets that have been generated through 3D geological modelling and a number of DHEM conductors. In particular, WNRC0010 generated a strong off-hole conductor that was targeted by WNDD0012 and also a down-plunge conductor that was targeted by WNDD0013. Both of these holes intersected zones of typical Woodlawn high-grade massive sulphides in the approximate target positons:

WNDD0012: 4.8m of complex massive sulphides from 135m (E Lens) WNDD0013: 6.0m of complex massive sulphides from 76m (G Lens)

The shallow intercepts assist in defining zones that have the potential to provide high-grade feed in the early years of a new mining operation and confirm the ability to use DHEM on less well mineralised holes to target high-grade areas.

Full details of the intercepts drilled and assayed to date are provided in Tables 1 and 2 at the end of this report.

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Figure 1 (top): Cross section through the Woodlawn underground lenses looking north. Figure 2 (bottom): Long-section looking east for the Kate Lens showing recent drilling and modelled DHEM plate.

Looking North

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Heron Resources Limited ASX/TSX Release

Figure 3: Oblique cross section looking approximately north for WNDD0006 showing the key intercepts and the relationship between the intercepts and the modelled DHEM plates. This view only shows WNDD0006 and demonstrates

the way in which DHEM is providing clear targets for future drilling, which then, through further DHEM surveys has the

potential to extend the limits of the mineralisation. The size of the modelled plates is indicative only and shows where the most conductive parts of the lenses exist, which does not necessarily correspond to the highest grades.

The 2014 drilling program at Woodlawn continues to deliver robust, high grade results from the targeted positions. The program has been an outstanding success and the results continue to provide strong support for defining further extensions to the known mineralised positions along with improving the discovery potential for new lenses. A further update will be provided as results become available.

About Heron Resources Limited:

Heron is engaged in the exploration and development of base and precious metal deposits in Australia. Heron's projects include the high grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, New South Wales, and the Kalgoorlie Nickel Project located north of Kalgoorlie, Western Australia. In addition the Company holds a number of other high quality exploration properties located in the Lachlan Fold Belt, New South Wales.

For further information, please visit www.heronresources.com.au or contact: Australia:

Mr Wayne Taylor, Managing Director and Chief Executive Officer: Tel: +61 8 9215 4444

Email: heron@heronresources.com.au

Canada:

Tel: +1 905 727 8688 (Toronto)

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Heron Resources Limited ASX/TSX Release Technical Information

Table 1 Drill hole details for diamond drill holes relevant to this update

Hole No

WMG East (m)

WMG North (m)

WMG RL (m)

Surface

Dip

WMG Surface

Azimuth

Depth (m)

Target

WNDD0001

8,995

19,402

2,793

-65.0

88.0

425.5

Kate Lens

WNDD0002

9,011

19,400

2,793

-58.2

95.1

434.5

Kate Lens

WNDD0003

8,996

19,402

2,793

-71.1

88.8

463.2

Kate Lens

WNDD0004

8,977

19,637

2,786

-70.4

86.0

272.5

I Lens (up-dip)

WNDD0005

8,976

19,638

2,787

-65.3

78.7

263.6

I Lens (up-dip)

WNDD0006

8,548

19,749

2,787

-70.0

96.8

95.2

I/I2/D Lens (down-dip)

WNDD0007

8,997

19,350

2,792

-60.0

91.0

580.6

Kate Lens

WNDD0008

8,969

19,353

2,791

-68.1

88.6

469.1

Kate Lens

WNDD0009

9,155

19,342

2,793

-76.9

80.9

480.2

H Lens & Kate Lens

WNDD0010

9,151

19,302

2,791

-78.6

80.2

377.0

H Lens & Kate Lens

WNDD0011

8,995

19,402

2,793

-65.0

80.5

440

Kate Lens

WNDD0012

9,299

19,282

2,801

‐62

87.0

190

E Lens

WNDD0013

9,249

19,309

2,798

‐58

82.0

120

G Lens

Notes: WMG = Woodlawn Mine Grid

Table 2 Details of massive sulphide intercepts and reported grades from current Heron campaign

Hole No

From (m)

To (m)

Downhole

Width (m)

Estimated

True Width (m)

Zn (%)

Cu (%)

Pb (%

Au (g/t)

Ag (g/t)

WNDD0001*

373.6

388.0

14.4

11.5

4.6

4.1

0.8

1.0

56.8

WNDD0002*

368.0

370.3

2.3

1.9

12.0

0.6

5.4

1.3

116

WNDD0002*

374.0

382.7

8.8

7.2

12.6

1.6

7.5

2.3

152

WNDD0006

626.1

631.8

5.6

4.5

13.3

0.7

5.4

1.2

25.9

WNDD0006

679.0

683.0

4.0

3.2

4.8

0.5

0.2

0.0

14.5

WNDD0006

699.4

707.4

8.1

6.5

3.0

2.3

3.1

2.6

68.8

WNDD0006

759.0

769.0

10

8

1.6

1.7

0.2

0.2

15.3

WNDD0007*

414.3

426.6

12.3

9.8

20.0

2.1

6.1

0.8

52.9

WNDD0007*

434.7

437.1

2.4

1.9

20.1

1.6

4.2

2.1

39.7

WNDD0008

434.0

439.4

5.4

4.3

11.1

1.6

0.8

0.6

11.4

WNRC0010*

37.0

45.0

8

6.4

3.6

1.3

2.6

1.0

65.4

Notes: True width is an estimate of the actual thickness of the intercept based on interpreted lens orientation (approximately 80% of

downhole width); grades are weighted average grades, weighted by length of samples intervals downhole, which are nominally 1 metre. No weighting was applied for differences in specific gravity. * Previously reported results.

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Heron Resources Limited ASX/TSX Release Compliance Statement (JORC 2012 and NI43-101)

The technical information in this news release relating to the exploration results at the Woodlawn Project is based on information compiled by Mr David von Perger, who is a Member of the Australian Institute of Mining and Metallurgy (Chartered Professional - Geology). Mr von Perger is a full time employee of Heron Resources Limited and has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results and "qualified person" as this term is defined in Canadian National Instrument 43-101 ("NI 43-101"). Mr von Perger has reviewed this press release and consents to the inclusion in this news release of the information in the form and context in which it appears.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this news release. This forward-looking
information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the timing and amount of funding required to execute the Company's exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of
exploration, development and mining activities, the geology of the Company's properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in
development of mineral properties, the Company's ability to raise funding privately or on a public market in the future, the Company's future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as
"anticipate", "believe", "expect", "intend", "may" and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or
implied in the forward-looking information. These factors, including, but not limited to, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with
exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking
information. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such
forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward- looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or

disapproved the information contained in this news release.

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Heron Resources Limited ASX/TSX Release Appendix 1 - JORC 2012 Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section applies to all succeeding sections)

Criteria JORC Code explanation Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific

Samples from the diamond-core holes are being taken from mostly NQ sized core (with a small

specialised industry standard measurement

proportion of HQ sized core) and sampled on a

tools appropriate to the minerals under

nominal 1 metre basis taking into account smaller

investigation, such as down hole gamma

sample intervals up to geological contacts. The core

sondes, or handheld XRF instruments, etc).

is cut in half along the core orientation line (where

These examples should not be taken as

available) and in massive sulphide zones one portion

limiting the broad meaning of sampling.

is quartered for assaying, half core is preserved for

Include reference to measures taken to

metallurgical testing and the remaining quarter is

ensure sample representivity and the

retained as reference material in the core trays. In

appropriate calibration of any measurement

non massive sulphide material half core is sampled.

tools or systems used.

Samples from the RC holes were generated from a

Aspects of the determination of mineralisation

4.5 inch sized bit and sampled on an initial 4 metre

that are Material to the Public Report.

down-hole composite basis, with zones of

mineralisation being samples over 1 metre intervals.

The 4 metre composites are taken via a spear

method into the plastic sample bags, while the 1

metre samples are split via a riffle splitter.

These sampling methods are standard industry

methods and are believed to provide acceptably

representative samples for the type of mineralisation

likely to be encountered.

Drilling

Drill type (eg core, reverse circulation, open-

Diamond-core drilling is being undertaken by a

techniques

hole hammer, rotary air blast, auger, Bangka,

McCulloch DR800 rig or similar with HQ sized core

sonic, etc) and details.

being drilled to approximately between 80-200m

before switching to NQ size. Various techniques are

employed to ensure the hole is kept within limits of

the planned position. The core is laid out in standard

plastic cores trays.

The RC drilling has been undertaken by a Schramm

T450WSI rig that is drilling a 4.5 inch hole with face

sampling hammer. A booster and auxiliary

compressor is used to increase the volume and

pressure of air. The 1 metre samples are fed through

a cyclone and riffle splitter before passing into green

plastic bags which are laid out in rows on the ground.

A dust suppression system is in use.

Drill sample

Method of recording and assessing core and

The core is transported to an enclosed core logging

recovery

chip sample recoveries and results assessed.

area and recoveries are recorded. Recoveries to

date have been better than 95%. The core is

orientated, where possible and marked with 1 metre

downhole intervals for logging and sampling.

The recoveries for the RC drilling are also recorded

and have mostly been 100%.

Logging

Whether core and chip samples have been

Both diamond core and RC holes are fully

geologically and geotechnically logged to a

geologically logged by geologists. Geotechnical

level of detail to support appropriate Mineral

logging is also being undertaken on selected sections

Resource estimation, mining studies and

of the core. Samples for metallurgical testing are

metallurgical studies.

being kept in a freezer to reduce oxidation prior to

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Heron Resources Limited ASX/TSX Release Criteria JORC Code explanation Commentary

being transported to the metallurgical laboratory.

Sub-sampling

For all sample types, the nature, quality and

All core samples are crushed then pulverised in a

techniques and

appropriateness of the sample preparation

ring pulveriser (LM5) to a nominal 90% passing 75

sample

technique.

micron. An approximately 250g pulp sub-sample is

preparation

taken from the large sample and residual material

stored.

A quartz flush (approximately 0.5 kilogram of white,

medium-grained sand) is put through the LM5

pulveriser prior to each new batch of samples. A

number of quartz flushes are also put through the

pulveriser after each massive sulphide sample to

ensure the bowl is clean prior to the next sample

being processed. A selection of this pulverised

quartz flush material is then analysed and reported

by the lab to gauge the potential level of

contamination that may be carried through from one

sample to the next.

The RC samples are pulverised directly in the LM5

ring pulveriser with the same quartz flush procedure

as above.

Quality of assay

The nature, quality and appropriateness of the

Sample preparation and assaying is being conducted

data and

assaying and laboratory procedures used and

through ALS Laboratories, Orange, NSW with certain

laboratory tests

whether the technique is considered partial or

final analysis of pulps being undertaken at the ALS

total.

Laboratory in Brisbane QLD.

Nature of quality control procedures adopted

Gold is determined by 30g fire assay fusion with ICP-

(eg standards, blanks, duplicates, external

AES analysis to 1ppb LLD.

laboratory checks) and whether acceptable

Other elements by mixed acid digestion followed by

levels of accuracy (ie lack of bias) and

precision have been established.

ICP-AES analysis.

Laboratory quality control standards (blanks,

standards and duplicates) are inserted at a rate of 5

per 35 samples for ICP work.

Verification of

The verification of significant intersections by

An internal review of results was undertaken by

sampling and

either independent or alternative company

company personnel. No independent verification was

assaying

personnel.

undertaken at this stage.

Documentation of primary data, data entry

All field and laboratory data has been entered into an

procedures, data verification, data storage

industry standard database using a contract

(physical and electronic) protocols.

database administrator (DBA) in the Company's

Discuss any adjustment to assay data.

Perth office. Validation of both the field and

laboratory data is undertaken prior to final

acceptance and reporting of the data.

Quality control samples from both the Company and

the Laboratory are assessed by the DBA and

reported to the Company geologists for verification.

All assay data must pass this data verification and

quality control process before being reported.

Location of data

Accuracy and quality of surveys used to locate

The drill collars were initially located with a

points

drill holes (collar and down-hole surveys),

combination of handheld GPS and licenced surveyor

trenches, mine workings and other locations

using a DGPS system, with accuracy of about 1m.

used in Mineral Resource estimation.

The final drill collars are "picked up" by a licenced

surveyor.

While drilling is being undertaken, downhole surveys

are conducted using an Eastman, Pathfinder survey

tool that records the magnetic azimuth and dip of the

hole. These recordings are taken approximately

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Heron Resources Limited ASX/TSX Release Criteria JORC Code explanation Commentary

every 30 metres downhole. Where possible holes are also being surveyed with gyroscopic methods,

with some 80 percent of holes drilled in the current program also surveyed by this method after drilling has been completed.

A north seeking gyroscopic tool has been used to

provide collar azimuth data for about half the

diamond holes drilled to date.

Data spacing and distribution

Data spacing for reporting of Exploration

Results.

The diamond drilling is mostly following-up in various directions from previous intercepts with a nominal

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the

intercept spacing of no less than 30m. This drill hole

spacing will be sufficient to provide certain Mineral

Resource estimates in the future.

Mineral Resource and Ore Reserve estimation

procedure(s) and classifications applied.

Whether sample compositing has been

applied.

Orientation of data in relation

to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

The drilling orientation is designed to intersect the mineralised lenses at a close to perpendicular angle. The mineralised lenses are dipping at approximately

50-70 degrees to the west and the drilling is

approximately at 60 degrees to the east. This will

vary from hole to hole.

Sample security

The measures taken to ensure sample

Samples are being secured in green plastic bags and

security.

are being transported to the ALS laboratory in

Orange, NSW via a courier service or with Company

personnel.

Audits or reviews

The results of any audits or reviews of

A review and assessment of the laboratory

sampling techniques and data.

procedures was under taken by company personnel

resulting in some changes to their sample pulverising

procedure.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites,

wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments

to obtaining a licence to operate in the area.

The Woodlawn project is located 250km south-west of Sydney in the state of New South Wales. The area is near the top of the Great Australian Dividing

range and has an elevation around 800m above sea- level. The mineral and mining rights to the project

are owned 100% by the Company through the

granted, special mining lease 20 (SML20). The lease is completing its second 21 year term on the 16

November 2014 and the Company has applied for an extension of this term for a further 15 years. The

Company is not aware of any reason why SML20 will not be renewed.

The project area is on private land owned by Veolia who operate a waste disposal facility that utilises the

historical open-pit void. An agreement is in place with Veolia for the Company to purchase certain

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Heron Resources Limited ASX/TSX Release Criteria JORC Code explanation Commentary

sections of this private land to facilitate future mining and processing activities. A cooperation agreement is also in place between Veolia and the Company that covers drilling and other exploration activities in the area.

Exploration done by other parties

Acknowledgment and appraisal of exploration by other parties.

The Woodlawn deposit was discovered by the

Jododex JV in 1970 and open-pit mining began in

1978 and continued through to 1987. The project was bought outright by Rio Tinto (CRA) in 1984 who completed the open-pit mining. Underground

operations commenced in 1986 and the project was sold to Denehurst Ltd in 1987 who continued underground mining up until 1998. The mineral rights to the project were then acquired by TriAusMin Ltd in

1999 who conducted further studies on a tailings re-

treatment and revived underground operation. Heron took 100% ownership of the project in August 2014 following the merger of the two companies. Some

980 surface and underground drill holes have been

completed on the project to date and several studies undertaken.

Geology Deposit type, geological setting and style of mineralization.

The Woodlawn deposit comprises volcanogenic massive sulphide mineralisation consisting of stratabound lenses of pyrite, sphalerite, galena and chalcopyrite. The mineralisation is hosted in the Silurian aged Woodlawn Felsic Volcanic package of the Goulburn sub-basin on the eastern side of the Lachlan Fold Belt.

Drill hole
Information

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o easting and northing of the drill hole collar

o elevation or RL (Reduced Level -

elevation above sea level in metres) of the

drill hole collar

A table detailing the drill hole information is given in the body of the report.

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

Data

In reporting Exploration Results, weighting

The reported assays are weighted for their assay

aggregation

averaging techniques, maximum and/or

interval width. The majority of the assay interval

methods

minimum grade truncations (eg cutting of high

widths are 1 metre, but this weighting does take into

grades) and cut-off grades are usually

account the non 1 metre intervals and weights the

Material and should be stated.

average assay results accordingly.

Where aggregate intercepts incorporate short

For the results reported here no weighting was

lengths of high grade results and longer

included for specific gravity (SG) measurements that

lengths of low grade results, the procedure

have been taken for all sample intervals as the

used for such aggregation should be stated

samples within the intervals are of a similar SG.

and some typical examples of such

aggregations should be shown in detail.

Relationship

These relationships are particularly important

The massive sulphide zone intercepted in the drilling

between

in the reporting of Exploration Results.

to date is at an angle to the drill axis and therefore

mineralization

widths and

If the geometry of the mineralisation with respect to the drill hole angle is known, its

the true width is estimated to be some 0.8 of down-

hole width. That is, a down-hole intercept of 16m

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Heron Resources Limited ASX/TSX Release Criteria JORC Code explanation Commentary

intercept lengths

nature should be reported.

equates to a true width of 12m. This is only an approximation at this stage and will be better

estimated as the orientation of the lenses is better defined.

Diagrams

Appropriate maps and sections (with scales)

A long-section showing the hole positions relevant for

and tabulations of intercepts should be

current phase of exploration is included in the

included for any significant discovery being

release. Other maps and diagrams showing the

reported These should include, but not be

location of the Woodlawn Project are included in

limited to a plan view of drill hole collar

other recent Company releases.

locations and appropriate sectional views.

Balanced reporting

Where comprehensive reporting of all

Exploration Results is not practicable,

The reporting is considered to be balanced and all relevant results have been disclosed for this current

representative reporting of both low and high

phase of exploration.

grades and/or widths should be practiced to

avoid misleading reporting of Exploration

Results.

Other substantive

exploration data

Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and

There is no other substantive exploration data that has been generated for inclusion in this report.

The drill holes are being cased with either 40 or 50 millimetre PVC tubing for down-hole EM surveying.

method of treatment; metallurgical test results;

bulk density, groundwater, geotechnical and

rock characteristics; potential deleterious or

contaminating substances.

Further work

The nature and scale of planned further work

The drilling program is ongoing at the Woodlawn

(eg tests for lateral extensions or depth

Project and a systematic program is planned to test

extensions or large-scale step-out drilling).

the up-dip and down-dip extensions to a number of

the known ore lenses.

ASX/TSX Release Heron Resources Limited 11 of 11

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