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HALLO, ein aktuelles UPDATE von Halo. Mehr Details auf Sedar.com abzurufen lg robert Background This discussion and analysis of financial position and results of operation is prepared as at January 25, 2013 and should be read in conjunction with the unaudited interim financial statements for the three months ended November 30, 2012 and 2011 of Halo Resources Ltd. (“Halo” or the “Company”). The Company has adopted International Financial Reporting Standards (“IFRS”) and the following disclosure and associated financial statements are presented in accordance with IFRS. Except as otherwise disclosed, all dollar figures included therein and in the following management discussion and analysis (“MD&A”) are quoted in Canadian dollars. Additional information relevant to the Company’s activities, can be found on SEDAR at www.sedar.com . Company Overview The Company is a resource exploration company currently engaged in the acquisition and exploration of precious and base metals with mineral interests located in Manitoba and Ontario, Canada. The Company has not earned any production revenue, nor found any proved reserves on any of its mineral interests. The Company is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Company trades on the TSX Venture Exchange (“TSXV”) under the symbol “HLO” and on the Frankfurt Stock Exchange (“FSE”) under the symbol “HRLN”. Forward Looking Statements Certain information included in this discussion may constitute forward-looking statements. Forward-looking statements are based on current expectations and entail various risks and uncertainties. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Exploration Projects Sherridon VMS Property, Manitoba The Sherridon VMS Property is located 65 kilometers northeast from the Hudson Bay Mining and Smelting Co. Ltd.’s (“HBMS”) mining/metallurgical complex which is linked by an all-weather 78 km road. The Sherridon VMS Property includes the site of the former Sherritt Gordon Mines’ copper-zinc mine that operated from 1931 to 1951 and produced 7.7 million tonnes of copper-zinc ore with recovered grades of 2.46% copper and 0.8% zinc. The actual zinc grade is estimated at 3% zinc but zinc was only recovered from the East Mine from 1942 to 1946. The site is also serviced by a railroad, power line and the small community of Sherridon/Cold Lake. The Company updated inferred and indicated resources for four deposits (Cold, Lost, Bob and Jungle) in November 2010 (see below) and continues to advance exploration targets throughout the district. On December 22, 2009, the Company concluded the signing of an option agreement with Hudson Bay Mining and Smelting Co., Limited (“HudBay”), a subsidiary of HudBay Minerals Inc. (TSX: HBM). The agreement allows HudBay to earn up to a 67.5% joint venture interest in 112 hectares that host the Cold and Lost mineralization. In order to exercise the option to earn a 51% interest, HudBay was required to make cash payments totalling $800,000 and fund exploration programs totalling at least $1.35 million. In December 2011 HudBay earned its initial 51% interest by making the final cash payment of $400,000 and confirming that it had met the $1.35 million of expenditures. - 2 - Halo and HudBay will now proceed to form a joint venture, with HudBay as the operator. HudBay can increase its interest to 67.5% by making a total of $4.5 million in cash payments prior to commencement of commercial production. No work on the Cold-Lost joint venture ground is anticipated in 2013. Halo has the right to reacquire HudBay’s interest by partially reimbursing HudBay’s total expenditures, or granting to HudBay a 1% net smelter return royalty (“NSR”), if the feasibility study and application for permitting are not completed by December 22, 2013. On October 17, 2011, as amended October 9, 2012, the Company entered into an option agreement with HudBay for the western half of Halo’s Sherridon project in Manitoba. To earn an initial 51% interest, HudBay must make cash payments of $1.6 million and complete $5 million in exploration over three years. To increase its interest to 75%, HudBay must complete a feasibility study and make cash payment of $1.75 million by October 17, 2017. If a production decision is made, HudBay will finance Halo’s proportionate share of development costs which would be repaid from Halo’s share of revenues. In addition, HudBay transferred its Park property claims to Halo and cancelled its 2% NSR at the Jungle property. In total the newly defined Sherridon West property will encompass 9,927 hectares and enclose, but do not include, the Cold-Lost joint venture ground. HudBay, as operator of the West Sherridon project has proposed a work program of $2.2 million, including 6,500 meters of drilling which was expected to commence in May 2012. The work permit from the Manitoba government to allow drilling to commence is pending and some of the planned work will be delayed until winter of 2013 to minimize environmental impact. The main targets will be at the past-producing East and West Mines at depth. HudBay advised Halo that it has completed a ground geophysical survey, to test a major late-time response electromagnetic end-of-hole anomaly located at depth between the Bob and Cold-Lost deposits, and that the results are pending. The ground geophysical survey was planned to better define the source of the end-of-hole anomaly and serve as the basis for diamond drill testing. The occurrence of a major late-time response EM anomaly located in the known prospective stratigraphy between the Bob and Lost deposits, and in the vicinity of 2008 Halo drill results of up to 2.4% copper over 2.4 meters, is highly encouraging. Halo retains its 100% interest in the eastern portion of the Sherridon property, which is now referred to as the Sherridon East property, and totals 11,175 hectares hosting high-quality gold and base metal grassroots exploration targets. Halo recently renegotiated option agreements for the non-contiguous Weldon and Drew claims that are located west of the Sherridon area and now hold a 100% interest in both properties. NI43-101 Compliant Resource Estimate As announced in a press release dated November 4, 2010, the Mineral Resources for the Cold, Lost, Bob Lake and Jungle Lake copper-zinc deposits at Halo’s Sherridon VMS Property, Manitoba were revised to include 6.5 million tonnes grading 0.85% copper and 1.22% zinc as Indicated Resources and an additional 15.9 million tonnes grading 0.68% copper and 0.84 % zinc as Inferred Resources with precious metal credits. At least 75% of the material in both categories is contained within potentially economic open pits (within 200 meters of surface). The revised resource estimate represents an almost 30% increase in contained copper and zinc in both the inferred and indicated resource categories relative to the 2008 NI43-101 estimate. The Mineral Resources are reported in accordance with Canadian National Instrument 43-101 (“NI43-101”) and have been estimated in conformity with the generally accepted Estimation of Mineral Resource and Mineral Reserves Best Practices guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”). Additional details are included in the November 4, 2010 press release. The resource estimates reported in this press release were produced by Gary Giroux, P.Eng. MASc., a Qualified Person as defined by NI 43-101. Halo Sherridon 2013 Work Program Halo remains committed to mineral resource investigation and evaluation of its 100%-owned Sherridon East Property that covers 10,837 hectares, as well as the non-contiguous Weldon and Drew claims (723 hectares). The 2011 summer work program focused on gold prospects north of Auriga Resource’s Puffy Lake/Maverick gold project. As reported in a press release November 9, 2011, 20 samples collected from three closely-spaced pits reported, on average, greater than 10 g/t gold and up to 16.4 g/t gold. The samples are located along a north-south striking feature that is prominent on airborne magnetic surveys and shows continuity of more than 1,600 meters to the south. An outcrop located 1,600 meters to the south of the three above-mentioned pits was sampled and returned values up to 3.5 g/t gold. Overburden cover prevented systematic sampling of the formation along the projected 1,600 meter strike length. Work planned for the Quarter Moon Lake gold prospect to assess the gold potential of the Sherridon East Property has been deferred to Q3 2013. Permits are still pending for the work required to keep the Hayhurst mineral claims in good standing and this work has also been deferred until 2013. Red Lake District, Ontario The West Red Lake Property is located about 32 km west of the prolific Campbell and Red Lake Mines in the Red Lake Camp that has produced 20 million ounces of gold within the Red Lake greenstone belt. The property, located in Ball Township, Ontario, covers widespread gold mineralization from surface showings and hosts several small gold deposits. Previously, several companies, including Hemlo Gold Mines Ltd., Goldcorp Inc. (“Goldcorp”), Cochenour-Williams Gold Mines Ltd, Dumont Nickel and May-Spiers Gold Mines Ltd. have carried out intermittent exploration in this area since 1935 and the property is now consolidated into a larger package of contiguous claims. In May 2011, Halo acquired an interest in the Middle Bay, Pipestone Bay and Biron Bay properties (collectively the “West Red Lake Property”) from Red Lake Mines Ltd. (“RLGMP”) a subsidiary of Goldcorp. Halo holds a 60% interest in 67 unpatented mining claims, a 45% interest in two mining claims, and a 30% interest in ten patented mining claims. The Company issued 100,000 common shares of its share capital to Goldcorp to complete the transaction. In February 2011, Halo signed a joint venture agreement with Aurcrest Resources with respect to the 9 claim units (144 hectares) referred to as the Bridget Lake claims. Halo holds a 65% interest in the Bridget Lake claims which are contiguous with the RLGMP joint venture property package. RLGMP has acquired a 40% interest in Halo’s interest in the Bridget Lake claims. In April 2011 Halo staked 7 new claims, covering a total of 642 hectares, which have been recorded as being held 60% by Halo and 40% by RLGMP. The claims cover an area of sheared felsic volcanics, which also host the 1930’s-era Miles Red Lake and May-Spiers Gold Mine. The total West Red Lake land package was increased by 20 percent to a total of 4,394 ha. Between 2008 and January 2011, Halo completed 31 core holes, for a total of 5,520 meters at a number of widely spaced targets. Numerous narrow intervals, anomalous with respect to gold and often associated with sulphides have been intersected, such as mineralized quartz-carbonate veins with grades between 3.4 and 9.4 g/t gold, generally less than 1m in width, for three out of five holes of the 2008 drill program. Most of the better intersections were reported within an east-west trending chemical sedimentary unit, with a strike length of several kilometres, which is the Company’s current focus. In 2011, the highest grade intersection reported was 18.8 g/t gold over 0.8 meters, in hole NGI 10-31, north of Galena Island. Other holes intersected broad zones anomalous in gold. In 2009, Halo intersected 7.1 g/t gold over 5.8 meters (Hole RL08-009 drilled from Bridget Lake) located between two exposed zones of visible gold mineralization associated with narrow quartz veins on the shores of Bridget Lake. Previous operators had identified a series of high-grade gold veins west of the lake and Halo reported surface channel samples with up to 161 g/t (4.7 ounces per ton gold) over 1.1 m length along a quartz vein selvedge. In February 2012, Halo completed two diamond drill holes totaling 380 m west of Bridget Lake. Hole B12-037 was drilled to intersect off-sets observed in geophysical surveys below Bridget Lake. Mineralization was associated with structures, disseminated pyrite and the one narrow occurrence of banded iron formation (“BIF”) within a package of sediments. Five samples, approximately one-meter long, assayed between 0.335 to 0.948 g/t gold with an additional 4 m zone at 117 m downhole that assayed 0.834 g/t gold. BL12-038 was only drilled to 50 m when it was abruptly halted due to an early thaw. The hole was intended to test for additional north-south trending high-grade quartz veins similar to those identified east of the hole at surface. At 27.3 m, an interval of 5.8 m grading 0.404 g/t Au was intersected. The intersection is hosted by sulphide iron formation in contact with dolostone and associated with disseminated pyrite. A second interval of 1.77 m at 42 m down hole, assayed 0.381 g/t gold. The two zones of anomalous gold values encountered in BL12-038 warrant further investigation as similar elevated gold values were associated with high-grade gold values in quartz veins that intersected BIF in surface trenches. Drilling has not proven to be the best method for intersecting these relatively narrow zones of mineralization. Instead, mechanical trenching or stripping of the banded iron formation in this area is recommended, followed by geological mapping and channel sampling. The main objective of the proposed program will be to determine if there are a sufficient density of gold-bearing quartz veins intersecting the BIF to be of economic interest, with similar gold grades as those encountered from north-south trending quartz veins identified by previous operators. The outcome of this program will determine whether additional drilling, potentially at greater depths, is warranted below Bridget Lake. At Pancake Bay, 1.5 km west of Bridget Lake, a sinistral offset of roughly 150 meters is observed between one side of the bay and the other. This offset is likely due to a fault that also appears to be expressed by a geophysical anomaly. Five stratigraphic holes were drilled for a total of 1,295 m to establish the breadth and extent of the alteration suggested by the geophysical anomaly. Additional planned holes were not completed due to unexpected warm weather in March. A total of sixteen separate intervals of anomalous gold concentrations were intersected in holes PB12-032, PB12-033 and PB12-035. These intervals include two mineralized zones in hole PB12-032 of 11 m with composite gold grades of 0.22 to 0.24 g/t Au respectively. The anomalous gold grades at Pancake Bay are encouraging and additional drilling to test the projected fault zone is planned. Final expenditures for the program were less than the projected $1 million since only 1,692 m of drilling was completed due to unseasonably warm weather. The drill program costs are shared 60:40 as to Halo and RLGMP for 1,310 m of drilling at Pancake Bay and Halo’s portion of the costs for drilling 382 m at Bridget Lake is 39%, with the remainder shared between RLGMP and Tribute Minerals Corp. Duport Property, Ontario The Company originally acquired a 100% interest in the Duport Property in February 2005 from the Sheridan Platinum Group (“Sheridan”). Everton Resources Inc. (TSXV:EVR, Frankfurt: ERV) (“Everton”), through its wholly-owned subsidiary Hays Lake, had earned an interest in the Duport Property in 2010 but failed to meet the required option payments. As a result of the decision by Hays Lake to terminate its option, the Company determined to relinquish its entire interest in the Duport Property to Sheridan in accordance with the agreements. During fiscal 2012 the Company conducted an impairment test to write-down the Duport Property to its recoverable amount of $8,000,000, which is the redemption value of the redeemable preferred shares, and an impairment provision of $4,016,422 was recorded. Exploration Plans for 2013 Future exploration activities by the Company in the Sherridon area are largely dependent upon the success of exploration work soon to be undertaken by HudBay under its option agreement with Halo. The successful discovery of new deposits at Sherridon West would provide the necessary stimulus to evaluate similar exploration targets within Sherridon East. Pending the successful outcome of Sherridon West exploration, the Company expects to write-down the value of the Sherridon properties. Current market conditions and alternative exploration opportunities has also prompted the Company to initiate discussions with Goldcorp to solicit its interest in acquiring ownership and operating control of the West Red Lake Property. Pending the outcome of these discussions, the Company has deferred previously planned 2012 exploration activities until 2013. During 2012 the Company has considered numerous alternate exploration opportunities including advanced stage copper and gold projects within Canada and also in Latin America and Africa. The Company is currently considering potential involvement in a high grade copper project in Chile. Financial Condition / Capital Resources At November 30, 2012 the Company had working capital of $2,278,485, had not yet achieved profitable operations, has a deficit of $42,022,898 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company will require additional financing in order to conduct its planned work programs on its mineral interests, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. There can be no assurance that it will be able to do so. If such funds cannot be secured Outstanding Share Data The Company’s authorized share capital is unlimited common shares without par value. As at January 25, 2013, there were 29,004,283 issued and outstanding common shares, 1,886,000 stock options outstanding, at exercise prices ranging from $0.45 to $1.00 per share and 320,000 warrants outstanding, with an exercise price at $0.70 per share. |
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| aus der Diskussion: | Halo Resources Kupfer-Zink-Silber-Gold Teil 2 Halo schon bald Produzierender Rohstoff Explorer |
| Autor (Datum des Eintrages): | Robert023 (29.01.13 11:06:36) |
| Beitrag: | 537 von 557 (ID:44076025) |
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