Haoma Mining NL Activities Report to Shareholders for 3 Months Ended September 30, 2018 and Notice of Annual General Meeting

  • Haoma Mining’s consolidated financial result for the 3 months ended September 30, 2018 was a loss of $1.49 million after charges for interest $0.54m, depreciation and provisions $0.06m and test work $0.61m. Operating revenues for the 3 months were $0.09m and cash costs $0.85m (including Bamboo Creek operating costs of $0.43m).
  • Over the last 5 weeks Haoma’s consultants in both Melbourne and Bamboo Creek have been successful in recovering physical gold bullion after smelting samples of:
  • ‘low grade’ Mt Webber iron ore (sample 10kg), and
  • the fine fraction of that low grade ore (a ‘<100 micron fraction’ screened from a 5.746 tonne sample of ‘low grade’ Mt Webber iron ore) – the fine fraction (‘<100 micron fraction’) was 24% of the ‘low grade’ Mt Webber iron ore processed.

 

‘Precious Metal Concentrates’ were recovered and then smelted at the Bamboo Creek Laboratory and Siltech PMR Pty Ltd (a precious metal refinery located in Melbourne with over 30 years of refining experience) to produce precious metal bullion.

Below are the ‘results to date’ – none of the tests are finished, i.e. more physical gold is expected to be recovered:

1) Bamboo Creek Laboratory recovered precious metal bullion (99.26% gold by XRF at Bamboo Creek, see sample shown in Table 1a following) from ‘low grade’ Mt Webber iron ore which equated to a ‘head grade’ of 2.79 g/t gold recovered from ‘low grade’ Mt Webber iron ore so far processed.

2) Siltech recovered precious metal bullion (76.60% gold by XRF, 82.01% gold by XRF at Bamboo Creek see sample shown in Table 1b following) from Mt Webber ‘<100 micron fraction’. This equated to a ‘head grade’ of 6.73 g/t gold in the ‘<100 micron fraction’ from ‘low grade’ Mt Webber iron ore so far processed, and

3) Siltech conducted a repeat test with some refinement which recovered a much larger quantity of precious metal bullion from Test 2. Gold grades were fairly similar (80.65% gold by XRF, 90.96% gold by XRF at Bamboo Creek – average of two samples shown in Tables 1c & 1d following) from Mt Webber ‘<100 micron fraction’. This equated to a ‘head grade’ of 97.77 g/t gold in the ‘<100 micron fraction’ from ‘low grade’ Mt Webber iron ore so far processed.

Over the next few weeks Haoma’s consultants will complete ‘fine tuning’ the Elazac Process used to recover the above significant quantities of physical gold from low grade Mt Webber iron ore. The Elazac Process will then be used to process Pilbara ores and produce gold on a commercial basis. There are many millions of tonnes of low grade iron ore and other Pilbara ores available on Haoma’s Pilbara mining tenements which can be economically processed.

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