- Recent assays received from shallow E Lens drilling:

- 2.8m @ 16.8% ZnEq[1] from 79m (9.7% Zn, 0.2% Cu, 4.7% Pb, 1.5g/t Au, 47.2g/t Ag), WNDD0076
- 8.2m @ 6.6% ZnEq from 127m (3.2% Zn, 0.8% Cu, 0.3% Pb, 0.3g/t Au, 14.5g/t Ag), WNDD0077
- 3.0m @ 19.7% ZnEq from 22m (10.8% Zn, 0.5% Cu, 3.9% Pb, 1.6g/t Au, 96g/t Ag), WNDD0078
- 4.6m @ 47.2% ZnEq from 55m (24.4% Zn,1.1% Cu, 13.6% Pb, 1.4g/t Au, 241g/t Ag), WNDD0078
- 3.0m @ 58.7% ZnEq from 64m (28.5% Zn, 2.1% Cu, 13.1% Pb, 2.2g/t Au, 372g/t Ag), WNDD0078

- Recent assays received from Kate Lens drilling:

- 22m @ 13.0% ZnEq from 378m (3.7% Cu, 0.8g/t Au, 16.8g/t Ag), WNDD0071 (Kate Copper)
- 6.5m @ 7.8% ZnEq from 405m (4.5% Zn, 0.6% Cu, 0.9% Pb, 0.5g/t Au, 12.5g/t Ag), WNDD0071
- 9.1m @ 31.6% ZnEq from 370m (18.3% Zn, 2.3% Cu, 4.6% Pb, 1.1g/t Au, 53.7g/t Ag), WNDD0073
- 14.0m @ 5.1% ZnEq from 294m (1.4% Cu, 0.4g/t Au, 5.1g/t Ag), WNDD0075 (Kate Copper)

- Recent thick (14-20m) and higher grade results for the Kate Lens copper zone indicates good potential for additional resources adjacent to the existing Kate Lens.

SYDNEY, AUSTRALIA / ACCESSWIRE / November 9, 2015 / Heron Resources Limited (ASX:HRR TSX:HER, "Heron" or the "Company") is pleased to provide a summary of recent results from the Phase II drilling program as part of the Woodlawn Feasibility Study, at its wholly owned Woodlawn Project, located 250km south-west of Sydney, New South Wales, Australia.

The Company continues to make excellent progress with the Woodlawn Feasibility Study with the Phase II drilling program nearing completion and resource modelling now proceeding. Additional components to this detailed study including metallurgical testwork, mining and geotechnical engineering are all well underway and the study remains on target for completion in the second quarter of 2016.

Phase II Drilling

The objective of the Phase II drilling has been to expand the underground resource base and delineate sufficient Measured and Indicated Resources that can be converted into an underground Mineral Reserve for the Feasibility Study. The Phase II drilling program at Woodlawn, comprising approximately 19,000m of diamond drilling is now 96% completed (18,400m) and is ahead of time and below budget expenditure.

The information gained through this program has significantly improved the geological understanding around the new Kate Lens. The E and Kate lenses are now interpreted to be the same mineralised surface providing a larger and more continuous mineralised system than initially contemplated. The drilling continues to improve the confidence in the resources delineated in this area.

In undertaking this program, the Company has investigated opportunities to reduce project start-up time to first production and thereby reduce initial capital costs by targeting relatively shallow mineralised positions in a number of lenses (E, G, H). Recent assay results from E Lens have confirmed the presence of very high grades over mineable widths at depths that support this early production approach.

In addition, the recent assay results received from Kate Lens drilling indicates there has been an expansion to the hanging wall copper zone (Kate Copper) which is showing promise to contribute to the Feasibility Study mine plan.

E Lens - recent assays:

- 2.8m @ 16.8% ZnEq from 79m (9.7% Zn, 0.2% Cu, 4.7% Pb, 1.5g/t Au, 47.2g/t Ag), WNDD0076
- 8.2m @ 6.6% ZnEq from 127m (3.2% Zn, 0.8% Cu, 0.3% Pb, 0.3g/t Au, 14.5g/t Ag), WNDD0077
- 3.0m @ 19.7% ZnEq from 22m (10.8% Zn, 0.5% Cu, 3.9% Pb, 1.6g/t Au, 96g/t Ag), WNDD0078
- 4.6m @ 47.2% ZnEq from 55m (24.4% Zn,1.1% Cu, 13.6% Pb, 1.4g/t Au, 241g/t Ag), WNDD0078
- 3.0m @ 58.7% ZnEq from 64m (28.5% Zn, 2.1% Cu, 13.1% Pb, 2.2g/t Au, 372g/t Ag), WNDD0078

These results come from the upper section of E Lens and confirm the shallow and high-grade tenor of mineralisation which is being targeted for the early part of the underground mining operations. The upper intercept in WNDD0078 (22m down hole from surface) is partially weathered and metallurgical testing is planned to test for any potential impact to metal recoveries, whereas the other intercepts are fresh sulphides and therefore expected to provide recoveries in line with the other lenses. Figure 1 provides a cross-section through the WNDD0078 position offering context for these intercepts and shows the current interpretation for this very high-grade shallow mineralisation. Feasibility Study mine planning utilising narrow vein mining techniques will target these shallow areas for early mine production.

Figure 1: North Facing Cross Section through the upper E Lens showing relationship between the high-grade intercepts.

To view the image for Figure 1, please click on the following link:
https://www.accesswire.com/uploads/heron8669_image1.jpg

Kate Lens - recent assays (refer Figure 2 for locations):

- 22m @ 13% ZnEq from 378m (3.7% Cu, 0.8g/t Au, 16.8g/t Ag), WNDD0071 (Kate Copper)
- 6.5m @ 7.8% ZnEq from 405m (4.5% Zn, 0.6% Cu, 0.9% Pb, 0.5g/t Au, 12.5g/t Ag), WNDD0071
- 9.1m @ 31.6% ZnEq from 370m (18.3% Zn, 2.3% Cu, 4.6% Pb, 1.1g/t Au, 53.7g/t Ag), WNDD0073
- 14.0m @ 5.1% ZnEq from 294m (1.4% Cu, 0.4g/t Au, 5.1g/t Ag), WNDD0075 (Kate Copper)

Drillhole WNDD0071 was designed to infill the central part of the Kate Lens so as to upgrade the Mineral Resource category from Inferred to Indicated. WNDD0071 unexpectedly intersected a thick zone of massive copper sulphides grading 3.7% Cu over 22m. It is anticipated that this copper intercept, along with similar copper intercepts in adjacent holes, will bringing this copper mineralisation into the Mineral Resource and potentially the mining inventory. The key intercepts making up this Kate Copper zone are:

- 19m @ 2.0% Cu, 0.5g/t Au, 10g/t Ag, (WLTD015)
- 17m @ 1.6% Cu, 0.1g/t Au, 2.9g/t Ag, (WNDD0016)
- 16m @ 2.3% Cu, 0.5g/t Au, 6.8g/t Ag, (WNDD0035)
- 21m @ 2.6% Cu, 0.6g/t Au, 7.7g/t Ag, (WNDD0038)
- 22m @ 3.7% Cu, 0.8g/t Au, 16.8g/t Ag, (WNDD0071)
- 14m @ 1.4% Cu, 0.4g/t Au, 5.1g/t Ag, (WNDD0075)
- 14m of massive copper sulphides in WNDD0085 (results pending)

This Kate Copper zone (shown in Figure 2) is a distinct massive sulphide zone occurring in the immediate hanging wall of the main polymetallic Kate Lens. The thick, continuous nature of this copper zone makes it an attractive mining target for later in the mine life after the mining of the high-grade Kate Lens.

WNDD0073 was also an infill hole and resulted in a very similar high grade intercept to the surrounding polymetallic intercepts, providing good confidence of the continuity of the grade and thickness of the Kate Lens in this location.

Figure 2: Kate Lens Long-Section looking east with recent intercepts shown. Down-hole intercept thickness and ZnEq grade contoured to show relative accumulation of metals across the lens.

To view the image for Figure 2, please click on the following link:
https://www.accesswire.com/uploads/heron8669_image2.jpg

Kate Extension Target

As previously reported the downhole electromagnetic (DHEM) models for the Kate extension position (Figure 3) identified a significant conductor with dimensions in order of 150m long and 200m deep. This conductor has recently been tested by a drill hole (WNDD0091W1) and intersected a broad 15m wide zone of stringer and semi-massive pyrite from 691m depth. This pyritic sulphide is likely to be related to the modelled conductor, however, it should be noted that such pyritic sulphides can occur adjacent to high grade sulphides. Further DHEM surveying will be undertaken prior to planning additional drilling, however, given the size of the original modelled conductor and results from the initial hole this area, this remains a highly attractive target for future drilling.

Figure 3: Oblique Cross Section through the Woodlawn system showing the recently modelled DHEM plates and target zones.

To view the image for Figure 3, please click on the following link:
https://www.accesswire.com/uploads/heron8669_image3.jpg

[1] Zn equivalents (ZnEq) in this release are based on the formula: Zn (%) + 0.81 x Pb(%) + 3.12 x Cu(%) + 0.86 x Au(g/t) + 0.03 x Ag(g/t). All these metals are expected to be recoverable. Refer to the announcement of 22 April 2015 entitled “Preliminary Economic Assessment Delivers Strong Business Case for the Woodlawn Zinc-Copper Project” for further information.

About Heron Resources Limited:

Heron is engaged in the exploration and development of base and precious metal deposits in Australia. Heron's primary development project is the high grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, 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 6500 9200
Email: heron@heronresources.com.au

Mr Jon Snowball
FTI Consulting
Tel: +61 2 8298 6100 or +61 477 946 068
Email: jon.snowball@fticonsulting.com

Canada:

Tel: +1 905 727 8688 (Toronto)

Table 1: Drill hole details for diamond drill holes completed as part of the Phase II drill campaign. Note only recent holes listed. Earlier Phase II holes are listed in the Heron ASX/TSX release dated the 7th October 2015.

Table 2: Details of massive sulphide intercepts and reported grades from the Phase II drill campaign. Note only recent holes listed. Previous Phase II holes are listed in the Heron ASX/TSX release dated the 7th October 2015.

Notes: True width is an estimate of the actual thickness of the intercept based on interpreted lens orientation (approximately 80% to 90% of downhole width, with 80% used in this table as a general guide); 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 which is most cases are relatively low. * = Previously reported results.

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 mineralisation 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.

To view the Appendix Tables, please click on the following link:
https://www.accesswire.com/uploads/heronAPPENDIX11092015.pdf

SOURCE: Heron Resources Limited