Hallo Zusammen, der Quartalsbericht liegt nun zwar vor, bringt aber meines Erachtens auch keine neuen bisher nicht bekannten Erkenntnisse. Habe immer das Problem, dass ich die PDF-Datei nicht kopieren kann, um dann einzelne Absätze durch das Übersetzungsprogramm laufen lassen zu können.
Irgendwo in Hotcopper habe ich aber dann doch eine Version kopieren können.
Stelle ich hier ein um allen die Möglichkeit zu geben, an der Übersetzung zu arbeiten.[/b]
Vor allem wurde keine JORC-Meldung mit dem Quartalsbericht verbunden.
Ein Satz läßt mich jedoch hoffen, dass da noch was kommt. 1.1.2 Re-optimisation of Mineral Resource inventory
These will then form the basis for a new set of economic parameters for the operations which will maximise the Mineral Resource at the Company’s disposal. It is anticipated that these studies will be released to the market late in the Quarter following a detailed internal review. Schlußkurs in Australien von 0,115 AUD bedeutet bei uns heute Kurse um 0,084 €.
Wiedermal wurde der Kurs trotz hohem Silberpreis stark nach unten gedrückt. Worin der wirtschaftliche Vorteil dieser Hin- und Herverkäufe besteht habe ich noch nicht verstanden. Das muß eine Menge Gebühren kosten. Will man außer dem Herunterdrücken des Preises Verunsicherung und Frustration verbreiten um die Zittrigen dazu zu bringen zu verkaufen. Ich verkaufe auf jeden Fall deswegen nicht Was mir aufgefallen ist bei den 31,66% steht bei JP Morgan nicht mehr der Zusatz "Nominees - Treuhänder, Strohmann) 
Gruß LSS
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March 2011 Quarterly Report
Alcyone Resources Ltd
Directors: Charles Morgan - Non Exec Chairman Andrew King - Managing Director Eric de Mori - Non Executive Director
Contact Details: Level 1, 50 Kings Park Rd West Perth WA 6005 Telephone +61 8 9322 3000 Facsimile: +61 8 9322 8912 Email: info@alcyone.com.au Website: www.alcyone.com.au
Capital Structure: 1,312,733,155 shares 76,174,985 options
Top 10 Shareholders: JP Morgan 31.66% HSBC Custody Nominees (Aus) Ltd 3.59% Deck Chair Holdings 2.85% Lyandji Supre Fund 2.72% Seaspin Pty Ltd 2.24% Mahsor Holdings Pty Ltd 2.02% Golden Matrix Holdings Pty Ltd 1.90% ABN Amro Clearing Sydney Nominees 1.44% Mr Richard Milne Harris 1.29% National Nominees Ltd 1.19% Total for Top 10 50.90%
ASX Code: AYN
HIGHLIGHTS
• Silver production commenced at Twin Hills with re-irrigation of existing silver-rich heaps:
o First silver expected in May and first cashflow in Q2 2011
o ~400,000t of leachable material available with estimated grade of 45g/t Ag - expected that ~45% of remaining silver can be extracted
• Twin Hills construction programme on schedule with commissioning for full-scale commercial extraction scheduled to commence in Q3 2011
• Strong silver price prompts decision to re-optimise Mineral Resource inventory ahead of final Ore Reserve calculations
• Put Options secured covering ~770,000oz of production at a strike price of A$27/oz - providing floor price protection while retaining exposure to upside potential
• Sub Audio Magnetic (SAM) survey completed over Western Tectonic Corridor - assist with targeting for upcoming drill campaign
• Initial drilling at Silver Spur prospect confirms high grade zones of base metals mineralisation: o 76.8m @ 1.38% lead and 3.45% zinc, including 17m @ 2.4% lead and 6.22% zinc (Hole ACSSD002) • Final results from Hornet Prospect, 2km west of Twin Hills, confirm copper mineralisation, including: o 0.3m @ 8.25% copper (Hole ACHOD003)
o 0.4m @ 8.02% copper (Hole ACHOD001) • Completion of Tranche 2 of share placement and non-renounceable rights issue, bringing total capital raising to ~$16.7M - Alcyone fully funded for silver production, Q3 2011
March 2011 Quarterly Report Alcyone Resources Ltd ABN 53 056 776 160 www.alcyone.com.au
OVERVIEW
The March Quarter was another active period for Alcyone Resources, with the focus on completing the necessary final steps to commence early silver production at the Twin Hills mine, part of its 100%-owned Texas Silver and Polymetallic Project in south-east Queensland.
This included the finalisation of remediation works on the Storm Water Dam, a task that was completed slightly behind schedule due to the impact of heavy rainfall and flooding across south-east Queensland. While this rainfall did not directly impact on Alcyone, it did affect a number of the Company’s contractors and suppliers.
With the remediation of the Storm Water Dam completed in late March, cyanidation of the existing silver rich heaps at Twin Hills commenced on 8 April 2011 - representing the commencement of early silver production from the Texas Project.
It is anticipated that the Company will deliver its first silver in May, leading to first cashflow in the June Quarter.
Work is progressing well on the Twin Hills mine construction programme, with all long-lead items ordered and deposits paid and fabrication underway. Alcyone expects to complete construction and commissioning during the June Quarter. Ramp up to full scale commercial silver extraction at Twin Hills will occur during the September Quarter at an annualised rate of 1.5 to 2 million ounces per annum.
The commencement of early silver production at Twin Hills has coincided with a period of continued strength in the silver price, which for the past 3 months has been trading between A$34-36/oz and recently peaking at over A$40- more than 70% above the conservative price of $19.85 used in earlier studies.
This strength in the silver price has prompted the Company to commission a review of the existing Mineral Resource Base and a re-optimisation of potential Ore Reserve scenarios at varying silver prices. These will then form the basis of a new set of economics parameters for the operations to maximise the Mineral Reserves at the Company’s disposal. It is anticipated that these studies will be completed in the June Quarter.
Figure 2 - Storm Water Dam with Leach Heaps in Background
On the exploration front, the Company has continued to deliver positive results from the ongoing drill programme, which focused primarily on the Silver Spur and Hornet targets during the reporting period. Alcyone also completed a Sub Audio Magnetic (SAM) survey over the corridor between the Hornet and Tornado targets, which will be used to assist with target identification (Figure 3).
1.0 OPERATIONS 1.1 Texas Project
Figure 1 - Texas Project Area
1.1.1 Re-irrigation of Existing Heaps
Following the completion of remediation works on the Storm Water Dam (SWD) in late March, Alcyone commenced re-irrigation of the existing silver rich heaps at Twin Hills on 8 April. It is expected that it will take approximately one month to build up a circulating load within the heaps, which should see first silver production in late May, with first revenue expected to be received in the June Quarter 2011.
The leach pads at Twin Hills contain an estimated 400,000 tonnes of material from the previous operation which has only been partially leached. The re-irrigation of this material will enable Alcyone to clearly demonstrate the viability of the leaching process before moving to full-scale commercial silver production later this year. March 2011 Quarterly Report Alcyone Resources Ltd ABN 53 056 776 160 www.alcyone.com.au
This silver production will enable the Company to take advantage of the continuing strength of the silver price and generate an early cash flow.
Sampling indicates the average grade of the material on the heaps ranges from 30g/t Ag to 100g/t Ag. The Company estimates an average grade of 45g/t Ag. Testing of composite auger samples taken from the heaps has demonstrated that approximately 45% of the remaining silver is still available to be leached. This initial production will utilise the pilot scale Merrill Crowe circuit already on site, further confirming the viability of the proposed long-term process flow sheet.
1.1.2 Re-optimisation of Mineral Resource inventory
The continuing strength of the silver price over the last three months has provided the Company with the opportunity to reconsider the various economic parameters that have been previously used as the basis for optimisation and economic studies of the Twin Hills Mine. During this period, the silver price has been trading in the range of A$34-36/oz and has recently peaked at over A$40/oz - more than 70% above the conservative price of A$19.85 used in earlier studies.
During March, the Company’s consultants were commissioned to re-optimise the Twin Hills Mineral Resource Base and review potential Ore Reserve scenarios at varying silver prices. These will then form the basis for a new set of economic parameters for the operations which will maximise the Mineral Resource at the Company’s disposal. It is anticipated that these studies will be released to the market late in the Quarter following a detailed internal review.
1.1.3 Twin Hills Construction Programme
Work is progressing well on the Twin Hills mine construction programme, with all long-lead items ordered and deposits paid. Project Management work has been awarded to REGMPS, which has finalised quotations on the major components of the physical works, including civil, mechanical, electrical and instrumentation works.
The construction programme commenced in March and is proceeding on schedule. All equipment and manufacture times have been confirmed to be on schedule.
Subject to the on time delivery of the major components and minimal weather delays, the Company is aiming to complete construction and commissioning at Twin Hills during the June Quarter of 2011, and ramp-up to full scale commercial silver extraction during the September Quarter at an initial annualised rate of 1.5-2.0Moz.
2 0 EXPLORATION
2.1 Texas Project
In late June 2010, Alcyone commenced a significant regional exploration programme. This was designed to unlock the broader potential of the Texas Project for epithermal and massive sulphide base metal mineralisation, as well as to increase its existing inventory of heap leach silver resources.
Drilling completed during the Quarter was primarily focused on the Silver Spur and Hornet prospects. In addition the Company completed a Sub Audio Magnetic (SAM) survey over the corridor between the Hornet and Tornado prospects to assist with target identification.
Silver Spur
The Silver Spur prospect, located 2km south-east of the Twin Hills mine, includes numerous old workings. Historical records indicate previous mining of between 90-100,000 tonnes at 13% Pb, 25% Zn and 800g/t Ag.
Drilling by past owners established a JORC compliant Inferred Resource estimate of 808,000 tonnes grading 1.25% Pb, 3.56% Zn and 70g/t Ag above a 2% ZnEq cut-off (reported to the ASX on 14 July 2004).
Drilling at Silver Spur during the Quarter comprised four diamond drill holes for 600m of drilling, designed to confirm the high grades returned from historic drilling and explore the depth of the deposit. The location of the drill holes were defined in Table 1 of ASX Announcement dated 24 January 2011.
Hole ACSSD002, which was drilled to follow-up on an historic hole drilled in the 1980s, returned very positive results with a best intercept of 76.8m @ 1.38% Pb and 3.45% Zn from 103m (including 17m @ 2.46% Pb and 6.22% Zn from 105m; and 22.5m @ 1.95% Pb and 5.24% Zn from 148m) - shown in Figure 1 of Announcement dated 24 January 2011.
Importantly, ACSSD002 did not intersect any historic workings, with the results confirming the presence of remnant massive sulphides in large quantities and enhancing the grade at depth. In addition, the assay results provide evidence of an extension to the sulphides below the anticipated depth of the old workings.
Assay results for the Silver Spur drill programme were detailed in Table 2 of Announcement dated 24 January 2011.
Future drilling will target likely zones of higher silver grade beneath and adjacent to the historical working.March 2011 Quarterly Report Alcyone Resources Ltd ABN 53 056 776 160 www.alcyone.com.au
Work is continuing on modelling the mineralisation at Silver Spur, where a recent desktop review has identified additional historical data which will be incorporated into the geological model. A scoping study is underway to finalise planning for the next round of drilling at Silver Spur.
The Scoping Study will also examine the viability of recovering metal from the slag material currently on the surface of the deposit. Based on historical sampling, it has been estimated that there are approximately 90,000 tonnes of slag at surface. Alcyone has commenced a sampling program to confirm the historically reported Cu, Pb, Zn, Ag and Au slag grades. Previous metallurgical testwork has indicated that the more soluble metals within the slag can be recovered using a simple sulphuric acid digest, however further test work is required. Discussions will also be held with external smelting/refining companies regarding the potential to treat the slag.
Hornet
Final results were received from the drilling programme completed at the Hornet Prospect, 2km west of the Twin Hills mine. The initial two holes (Holes ACHOD004 and ACHOD006) were reported to the ASX on 2 November 2010.
The results provided further evidence of a broad region of mineralisation within the semi-vertical sheared zone, with occasional massive chalcopyrite zones returning grades of up to 8% Cu over narrow widths. Best intercepts included:
• 0.3m @ 8.25% Cu from 12m (from hole ACHOD003)
• 0.4m @ 8.02% Cu from 80m (from hole ACHOD001)
• 0.6m @ 6.91% Cu from 28m (from hole ACHOD001)
• 0.5m @ 1.98% Cu from 32.5m (from hole ACHOD003A) The total campaign comprised seven holes for 755m of drilling, with the locations of the holes and assay results were detailed in Appendix 1, Tables 1 and 2 of Announcement dated 27 January 2011.
Data from the drill programme will be amalgamated with the results of the Sub Audio Magnetics survey (see below) to enhance structure identification. This will then be coupled with geological and conceptual mineralisation modelling to assist in the next round of drill targeting.
Twin Hills
The Company completed an initial three hole drilling programme on the east wall of the Twin Hills deposit. The primary aim was to obtain data for geotechnical logging to enable finalisation of mine planning, however the holes were also strategically positioned to undertake first pass testing of a potential mineralisation extension to this deposit.
Results for hole ACTHD002 were announced to the ASX on 2 November 2010, and confirmed a zone of mineralisation.
During the Quarter, results were received for hole ACTHD003, with best intercepts of 5.2m @ 54.1g/t Ag from 101m, including 0.4m @ 231g/t Ag, 0.44% Pb and 1.47% Zn and 2.4m @ 47.7g/t Ag from 120m.
ACTHD003 intersected silver mineralisation in similar horizons to the previously-reported ACTHD002, implying a northern strike continuity to the zone.
Alcyone is currently assessing the need for additional drilling of this zone.
Sub Audio Magnetic Survey
Figure 3 - Regional corridor showing the Tectonic Transition Zone
and the Hornet and Tornado prospects
During the Quarter Alcyone completed a Sub Audio Magnetics (SAM) survey covering an area approximately 1km wide by 7km long over the western tectonic corridor between the Hornet and Tornado prospects.
This technique measures both the magnetic and electrical properties of the earth using an electrical current generated between a pair of grounded electrodes. In principal the technique is used to highlight potential structures within the same host rock sequences.
The SAM survey data is currently being reviewed by Southern Geoscience, who are utilising various filtering techniques to fine tune the data and target what may be the controlling structures within the tectonic corridor between Hornet and Tornado. The base metal mineralisation on the Texas leases is considered to be structurally controlled. Therefore, if the SAM method is able to deliver the results anticipated, it will become a fast, low- cost exploration tool that could considerably improve drill targeting efficiency. March 2011 Quarterly Report Alcyone Resources Ltd ABN 53 056 776 160 www.alcyone.com.au
Forward Program
A programme of reconnaissance RAB drilling is currently underway at the Typhoon geochemical zinc-copper anomaly - the first of the regional exploration targets generated as part of Alcyone’s 2011 exploration programme. An initial 4-hole programme (200 metres) is currently in progress.
Once the Company receives the full SAM survey revieow from Southern Geoscience, the RAB rig will undertake a programme of approximately 4,000m of reconnaissance drilling at Hornet at 100m spacings, commencing at Hornet itself and moving in a northerly direction along strike. The results from the RAB drilling will then be used to target the next phase of RC/Diamond Drilling, with the overall 2011 exploration and drilling programme currently being tendered.
2.2 Other Projects
Outside the Texas Project area, Alcyone is continuing strategic assessment of the Company’s portfolio of exploration projects. These are the Tally Ho and Mt Scott projects near Mackay in Central Queensland and the Rivertree Project in Northern New South Wales. Access to these areas has been severely affected by rain over recent months.
3.0 CORPORATE
3.1 Capital Raising
During the Quarter the Company completed the capital raising announced in December 2010. The raising comprised a non-renounceable Rights Issue and a Share Placement, to raise a total of approximately $16.7 million before costs.
The Rights Issue offer was made on the basis of 1 new Alcyone ordinary share for every 5 existing Alcyone ordinary shares held at 5pm WST on 21 December 2010, at an entitlement offer price of 3.5 cents.
Approximately 70% of the entitlements were taken up under the rights issue, with the shortfall taken up by the underwriter, Cygnet Capital, and sub-underwriter Mr Charles Morgan (the Company’s Chairman and existing shareholder).
The Rights Issue raised a total of $5.53 million before costs.
In addition, the Company completed Tranche 2 of the share placement to professional and sophisticated clients of Sydney-based Southern Cross Equities Limited, comprising the issue of approximately 202 million shares at 3.5 cents per share to raise approximately $7.1 million.
The Tranche 2 placement was subject to shareholder approval, which was received at a general meeting of the Company’s shareholders on 25 January 2011.
The combined capital raising, is being used to complete engineering and construction work associated with the commencement of commercial silver extraction at Twin Hills.
3.2 Silver Put Options
To take advantage of the recent strength in the silver price, during the Quarter Alcyone purchased Put Options at a strike price of A$27 per ounce covering approximately 770,000 ounces of silver production from the Twin Hills mine. The total cost of the Put Options was $1.5 million.
The Put Options provide Alcyone with floor price protection at A$27/ounce for initial production during the start-up and commissioning phase of the Twin Hills operation while retaining significant exposure to the upside potential of a strong silver price.
3.3 Appointment of Chief Financial Officer
The Company appointed, experienced accountant, Mr Trevor Harris to the position of Chief Financial Officer with effect from 14 March 2011.
4.0 OUTLOOK
With early production now underway at Twin Hills, the June 2011 Quarter will be an exceptionally busy period for Alcyone as it continues with the Twin Hills mine construction programme to prepare for full scale commercial silver extraction in the September Quarter.
A re-evaluation of the Company’s Mineral Resource inventory based on the strong silver price is also expected to be completed during the forthcoming Quarter, together with the delivery of a maiden Ore Reserve estimate.
Exploration will continue across the Company’s tenements, designed to identify additional feedstock for the Twin Hills processing plant and identify new deposits within Alcyone’s highly prospective 275 sq km tenement package.
Andrew King Managing Director
29 April 2011March 2011
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