Level 2, 45 Richardson Street PO Box 568West Perth WA 6005 West...

Level 2, 45 Richardson Street PO Box 568
West Perth WA 6005 West Perth WA 6872
Tel: +61 8 9481 2433 Fax: +61 8 9322 5907 Website: www.halcyongroup.com.au
Tuesday, 27 February 2007
Ref: 606/133
Company Announcements Office
Australian Stock Exchange Limited
Level 4 Exchange Centre
20 Bridge Street
Sydney NSW 2000
JOINT VENTURE TO DRILL PRIORITY NICKEL SULPHIDE TARGET AT BARDOC
The Directors of Halcyon Group Ltd (ASX: HCY) are pleased to announce the approval to drill 4 to 5 holes
into the priority Western Zone Nickel Sulphide Target by the Joint Venture (with Minara Resources
Limited ASX: MRE) for the Bardoc Project, located 50 kilometres north of Kalgoorlie, in Western Australia.
The drilling program is expected to commence next week.
WESTERN ZONE
The results from the recently completed Dipole-Dipole Induced Polarization (“IP”) geophysical survey have
confirmed the Priority Sulphide Target Area (see attached map) as the most likely section of the basal
contact of the “preferred” western flow sequence (Komatiite) to contain massive sulphides. This area also
corresponds with the previous drilling that has intersected the highest and widest Nickel Sulphide
drill intersections to date.
The first 2 to 3 holes of the program are planned to be drilled north and south of previous holes HNIC042
which intersected 45 metres @ 0.5% Nickel (Ni), 0.05% Cobalt (Co) and 0.1% Copper (Cu) from 21
metres within 60 metres of sulphides from 55 metres and BP41 which intersected 30 metres @ 0.8% Ni
and 0.2% Cu from 20 metres. The holes are targeting the centre of the IP anomalies at about 100 to 150
metres below the surface within fresh rock and potentially down-plunge of these broad intersections.
One hole is targeting the IP anomaly at similar depths north of the highest grade recent Western Zone
intersection of 2m @ 1.05% Ni, 0.04%Co and 0.12%Cu from 150 metres in HNIC028. Another hole is
planned to target an area further along strike to the south which coincides with drilling below the area with
the highest grade Nickel and Copper surface samples.
NUMBER ONE TARGET AREA & NEW NICKEL SULPHIDE DRILL TARGET
Results from the three holes drilled into the Number One Target Area and the one hole into the New Nickel
Target proved to be disappointing. Sulphides were intersected in the positions indicated by the
electromagnetic (“EM”) surveys from the respective down-hole and surface moving-loop measurements but
assays of only up to 0.2% Copper were returned. A geological re-interpretation of all data in these areas is
currently underway.
Level 2, 45 Richardson Street PO Box 568
West Perth WA 6005 West Perth WA 6872
Tel: +61 8 9481 2433 Fax: +61 8 9322 5907 Website: www.halcyongroup.com.au
This work is part of a joint venture, where by Minara Resources Limited (ASX: MRE) are earning up to 70%
of the nickel rights to the Bardoc Project through the expenditure of A$3.1 million. The Joint Venture remains
fully committed to assessing all Target Areas in the belief that it can successfully locate an economic Nickel
Sulphide occurrence at Bardoc.
Kind regards
HALCYON GROUP LIMITED
Andrew Radonjic
MANAGING DIRECTOR
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew
Radonjic, Managing Director of Halcyon Group, who is a member of The Australasian Institute of Mining and Metallurgy included in a list promulgated by
the ASX from time to time.
Mr Radonjic 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Radonjic consents to the inclusion in the report of the matters based on his information in the form and context in which
it appears.