Havilah Resources: Unlocking Australia's Next Major Copper Province
In a landscape where quality copper development opportunities are becoming increasingly scarce, Havilah Resources (ASX: HAV) stands out with two substantial 100% owned copper deposits in South Australia's Curnamona Province. With global copper demand projected to soar amid the renewable energy transition, the company is strategically positioned to capitalise on what could become Australia's next major copper hub.
Two Substantial Copper Assets Anchoring Growth Potential
Havilah Resources copper projects are anchored by two significant developments: Kalkaroo and Mutooroo. What makes these assets particularly compelling is their scale, quality, and development readiness in a tier-one mining jurisdiction.
The flagship Kalkaroo ore reserve update represents one of Australia's largest undeveloped open pit copper-gold deposits, featuring:
- A substantial JORC Ore Reserve of 100.1 million tonnes at 0.47% copper and 0.44 g/t gold
- Total contained metal of 474,000 tonnes of copper and 1.4 million ounces of gold
- A massive open pit stretching 3.5 kilometers long and extending to depths of over 200 meters
- Additional minerals including cobalt, rare earth elements, molybdenum, and tungsten
Most importantly, comprehensive studies conducted by OZL/BHP during 2023 demonstrated Kalkaroo to be a robust open pit copper-gold project with no fatal flaws. The project already benefits from granted mining leases, land ownership, and a Native Title Mining Agreement in place—factors that significantly de-risk and expedite future development.
The second pillar in Havilah's portfolio, Mutooroo, offers a complementary high-grade opportunity:
- A high-grade massive sulphide deposit containing 1.53% copper, 0.16% cobalt, and 0.20 g/t gold
- JORC Mineral Resources of 195,000 tonnes of copper, 20,200 tonnes of cobalt, and 82,100 ounces of gold
- An orebody extending over 2 kilometers in length and to depths exceeding 500 meters
- Potential for an open-pit startup transitioning to underground operations
Exceptional Exploration Upside Beyond Current Resources
What makes Havilah Resources copper projects particularly compelling is the significant growth potential beyond the already substantial defined resources.
At Kalkaroo, the orebody remains open along strike at both the eastern and western ends, as well as down-dip. Technical Director Dr. Chris Giles notes: "There's considerable space to substantially expand the Kalkaroo orebody within the existing Mining Lease area."
The company has identified eight large copper-gold-strategic metals mineralised systems within potential trucking distance of Kalkaroo, including:
- Eurinilla Dome: 32 meters of 1.96% copper and 0.84 g/t gold including high-grade zones of 8 meters at 6.38% copper and 2.72 g/t gold in the supergene zone
- North Dome: 54 meters of 0.27% copper and 60 meters of 0.56 g/t gold to end of hole
- Birksgate: 10.9 meters of 0.84% copper, 0.64 g/t gold, and 493 ppm molybdenum
Similarly, at Mutooroo, six promising copper sulphide extension prospects in close proximity could provide additional ore feed to a future centralised processing plant, including:
- Cockburn: A new discovery under surface ironstone with a quartz-pyrite mineralised lode up to 70 meters wide
- Mingary Mine: Recent drilling returned encouraging results including 8 meters of 1.48 g/t gold
- Mutooroo West: Massive sulphide lode similar to Mutooroo with a large EM conductor at depth
Strategic Location and Infrastructure Advantages
The Curnamona Province offers ideal conditions for mining development:
- Proximity to Broken Hill, the Transcontinental Railway, and Barrier Highway
- Existing power infrastructure and ample saline groundwater
- Outback pastoral country with no impediments to mining
- Low sovereign risk in a stable mining jurisdiction
Dr. Giles describes it as "one of the most favourable places in the world to develop a large-scale long-life open pit copper mine."
Understanding the Geological Potential
The Curnamona Province represents a largely underexplored extension of the same geological belt that hosts Australia's largest copper deposits. A major volcanic belt ran along the eastern margin of "proto Australia" 1.5-1.6 billion years ago from the Mt Isa Inlier through the Curnamona Province to the Gawler Craton.
This volcano-plutonic event was responsible for nearly all major copper deposits in Australia, including Mt Isa, Ernest Henry, Olympic Dam, Carrapateena, and Prominent Hill. The presence of the massive Broken Hill lead-zinc-silver deposit (Australia's largest) confirms the province's metal endowment.
"Havilah's exploration has demonstrated widespread and substantial copper mineralisation in the Curnamona Province, indicating the big copper deposits are likely to occur but they are yet to be fully revealed by exploration." – Dr. Chris Giles, Technical Director
What Investors Should Know About Copper
Copper plays a critical role in the global energy transition as a fundamental component in renewable energy infrastructure, electric vehicles, and energy storage systems. Some key facts about copper:
- Essential for Electrification: Copper's excellent conductivity makes it irreplaceable in electrical applications, with electric vehicles requiring up to 4x more copper than conventional vehicles.
- Supply Constraints: New high-quality copper discoveries have become increasingly rare, while existing mines face declining grades and increased complexity.
- Demand Growth: Analysts project copper demand could grow by 50-100% by 2035, driven primarily by green energy technologies.
- Price Sensitivity: The copper market is highly responsive to both macroeconomic conditions and supply-demand fundamentals.
Havilah Resources copper projects are strategically positioned to benefit from these market dynamics, with substantial existing resources and significant exploration upside in an established mining jurisdiction.
Significant Value Proposition
When benchmarked against recent sales of comparable undeveloped open pit copper-gold deposits in Australia, Havilah's current market capitalisation (under A$80 million) suggests substantial potential upside:
- Rex Minerals' Hillside Project sold for approximately A$393 million
- Copper Mountain's Eva Project sold for approximately A$353 million
- Rio Tinto's Winu Project attracted a deal valuing it at over A$2 billion, with Sumitomo Metal Mining acquiring a 30% interest for A$662 million
Each of these comparable assets are undeveloped open pit copper-gold deposits in Australia at advanced study stages with substantial JORC resources.
Why Investors Should Watch Havilah Resources
For investors seeking exposure to copper—a metal essential to the global energy transition—Havilah Resources copper projects offer a compelling opportunity:
- Two substantial copper projects with defined resources in a tier-one jurisdiction
- Comprehensive studies by major mining companies validating project viability
- Exceptional exploration upside with multiple high-grade targets already identified
- Strategic location and infrastructure advantages reducing development risks
- Favorable timing with copper demand projected to increase significantly
- Significant value gap compared to comparable project transactions
"Havilah is focused on maximising tangible shareholder returns by partnering with recognised mine developers, selling down project equity, and ongoing exploration success." – Dr. Chris Giles, Technical Director
With discussions ongoing with potential partners and a continued focus on expanding resources through targeted exploration, Havilah Resources represents a unique opportunity to gain exposure to what could become South Australia's next major copper province. Furthermore, recent drilling results at Marda Gold and maiden drilling at Pearl in other regions highlight growing interest in new copper discoveries, while promising copper silver discovery at Comet shows the global nature of copper exploration activities.
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