HEA is to undergo change soon to be named Erin Resources.
As of March 31st they had $762k in the kitty.
June 13th they raised $250k (before costs).
HEALTH CORPORATION TO ACQUIRE SENEGAL GOLD PROJECTS
HEA has entered into a binding agreement to acquire 100% of Erin, which in turn holds various interests in six (6) prospective gold assets located in the Republic of Senegal. The Projects are the Lingokoto, Bouroubourou, Wassadou, Woye, Garaboureya South and Balakonko projects.
Erin and its Projects have been funded and strongly supported by its major shareholders, that include two highly respected international resource investment funds.
The Erin directors fully support and endorse the terms of HEA’s offer under the MIA and strongly recommend Erin shareholders accept the terms of the offer.
On completion HEA will become a gold focused exploration company, with Verona Capital Pty Ltd (Verona) providing an experienced operational and corporate executive team to manage the Company and its Projects.
Verona Capital will take on the operational and corporate executive responsibilities of the Company, to be led by Mr Grant Davey. Mr Davey is an operational mining engineer with 20 years of gold mining experience globally, most of which has been in Africa.
The Woye Project contains a linear gold in soil anomaly covering a strike length of approximately 7 kilometres coincident with major geological structures and artisanal workings. Randgold has recently announced important gold intersections in drilling near the southern boundary of the Woye Permit.1
The Bouroubourou Project lies 16 km northeast of Taranga Gold Corporation's Sabodala Mine (1.4Moz) and has areas of extensive artisanal workings in close proximity to the east. 2 Gold‐in‐soil anomalies extend over 3 km in two structurally controlled zones that are along strike to the west of these workings.
The Lingokoto Project lies approximately 14 km west of Randgold Resources Limited’s Loulo Gold Mine (12Moz) and includes 3 extensive zones of previously un‐explored gold‐in‐soil anomalies.3
The Garaboureya South Project is located on the margin of the Senegal‐Mali Shear Zone that hosts the Sadiola Gold Mine (14Moz), the Loulo Gold Mine (12Moz) and the new Fekola discovery of Papillon Resources Limited. 4 The Garaboureya South Permit lies 10 kilometres north west of Fekola and has a series of untested gold in soil anomalies.
Senegal is a politically stable democracy with attractive foreign investment rules.
KEY APPOINTMENTS MADE AND INITIAL EXPLORATION PROGRAMS UNDERWAY ON SENEGALESE GOLD PROJECTS
http://www.asx.com.au/asxpdf/2012062...s4jqjx8h00.pdfHEA appoints Mr Grant Davey as Managing Director of the Company, effective immediately.
Mr Davey is a Mining Engineer with over 20 years gold experience having worked in senior operational role in Africa and Australia with AngloGold Ashanti, Anglo Coal and Forbes & Manhattan
An exploration programme consisting of a RC (1,400m) and RAB (5,000m) drilling programme on Woye and
RAB (4,000m) on Belouborou was started on 19 May 2012 and is expected to be complete by the end of July
2012. In addition Erin has commenced an infill soil geochemistry program on the Woye, Wassadou South,
Lingokoto and Garaboureya South properties as well. The purpose of these exploration programmes is to
establish mineralised exploration targets for the 2012‐2013 drilling season which will commence in
November 2012 after the end of the wet season.
To manage the exploration activities in Senegal, Mr Mark Fleming has been appointed as Exploration
Manager. Mr Fleming has extensive African experience having worked in Africa for the last 10 years in senior
geology operational roles.
In addition, Mr Daniel Courtney has been appointed as Senior Site Geologist. Mr Courtney has vast
experience in the south east Senegalese Birimian Greenstone Belts where he has worked for Oromin over the
last 7 ˝ years in Senegal.
High Grade Gold Mineralisation Confirms Prospectivity at Woye Gold Exploration Project
Artisanal rock bulk samples from workings at the Woye Gold Exploration Project have produced fire assay results of between 93.2/t Au – 106g/t Au.
These initial results strongly support the exploration potential for gold deposits in the area.
These results further support our intention to conduct Fire Assay analysis on all mineralised samples collected from the current drilling program at Woye.
The Company announced its intention to merge with Erin Resources on 14 May 2012 and Erin’s gold exploration projects will become the main focus of the Company’s activities.
With those sample grades in a prospective area this may well worth keeping an eye on.