Reference Pricing or Price Cap Regulation of Pharmaceuticals?Kurt R. Brekke∗, Astrid L. Grasdal,†Tor Helge Holmås‡We study the relative performance of generic reference pricing (GRP) and price capregulation using a unique policy experiment from Norway. In 2003 Norway introduced aGRP system called ‘index pricing’ for a subsample of oﬀ-patent pharmaceuticals, replacing aprice cap s
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Heronresources.com.au21 Close Way, West KalgoorliePO Box 1280, Kalgoorlie WA 6430 The Company Announcement Officer
Australian Stock Exchange Limited
Post Office Box H224 - Australia Square
SYDNEY NSW 2000
HERON RESOURCES NL
QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 1998
During the June 1998 Quarter, 406 RC drill holes were completed on a 400x40m pattern foran advance of 18,217m.
The 0.5 % Ni cut-off low grade Inferred Resource outlined for the Kalpini Nickel Project and
associated satellite deposits at June 1998 is 112 million tonne at 0.81% Ni and 0.06% Co.
Within the above low grade envelope, there occurs a 0.75% Ni cut-off medium grade Inferred
Resource of 52 million tonne at 1.04% Ni and 0.08% Co, including 41.8 million tonne at
1.08% Ni and 0.07% Co at Kalpini.
Of particular significance for future project cash flow, persistent high grade intercepts werereturned in the June Quarter drilling, including 23m at 2.10% Ni and 0.17% Co, 22m at 1.20%Ni and 0.07% Co, 20m at 1.29% Ni and 0.09% Co, 21m at 1.44% Ni and 0.05% Co, and 24mat 1.23% Ni and 0.08% Co.
Detailed multi-element geochemical studies were completed and ore styles categorised. Ametallurgical evaluation has commenced, with three bulk samples selected which reflectmining start-up ore types. From initial studies, the Kalpini ore types appear to be comparableto other published Eastern Goldfields nickel laterites.
The favourable Kalpini komatiite unit has a very distinctive geochemistry and outcropexpression, which has facilitated Heron acquiring all mapped occurrences of the unit withinthe Kalpini district. Heron now has a 100%-ownership of the total 30km strike length belt.
Sufficient tonnage for a 2 million tonne pa 20 year mine life is already demonstrated atKalpini. The medium term target is now however to delineate an 80 million tonne resourceusing Kalpini with satellite deposits, for a 4 million tonne pa operation with a 20 year mine life.
Heron’s Keith Kilkenny exploration portfolio is such that this is a realistic exploration target.
With metal production imminent for the three first tier Eastern Goldfields laterite nickeloperations, the new technologies available to second tier laterite nickel developers such asHeron will be quantified. This should result in an improved market awareness for Heron.
The Company’s West Kalgoorlie offices were kindly opened by Hon Julian Grill MLA on 22May 1998, at a function attended by Hon Graeme Campbell MHR, Senator Ross Lightfootand 70 Kalgoorlie Heron shareholders. Heron now employs five Geologists in Kalgoorlie, EXPLORATION REVIEW
Emu Fault Province
The Kalpini Nickel Project has been confirmed as the Company’s development focus.
Acquisition of tenements was completed between March and June 1998, such that Heronnow has a 100%-ownership of a 30km strike length komatiite belt which contains pervasivelateritic nickel mineralisation.
The Company has advanced the Kalpini Nickel Project from a soil geochemical anomaly inFebruary 1998, to a drilled Inferred Resource of 41.8 million tonne at 1.08% Ni and 0.07% Coin June 1998.
The excellent continuity of mineralisation suggests the current resources in part have anIndicated status. The ore zone continuity was confirmed with 80x40m drilling patterns inselected areas early in the evaluation drilling.
Sixteen separate pits have been identified, with Inferred Resource potential as follows: Kalpini Inferred Resource Inventory (0.75% Ni Cut-Off)
Minimum thickness is 2.0m, and maximum internal waste is 4.0m. Grades for ore blockdefinition are dependent on Ni only. Visual ore definition is excellent, such that mining dilutioncould well be less than 10%. Most of the ore body would be mined on 4m benches, such isthe continuity and thickness of mineralisation.
It is felt from drill chip logging that a Specific Gravity (SG) range of 1.3 (clay) to 2.25 (saprock)will ultimately be delineated by geotechnical studies. For the purpose of the current scopingstudy, an average SG of 1.6 has been utilised. This compares with available publishedEastern Goldfields data.
Significant drill results in the June Quarter at a 0.75% Ni cut-off (and 5.0 metre x Ni% cut-off) : KALPINI NICKEL PROJECT
Significant nickel intersections, 0.75% Ni cut-off and >5.0 metre x %Ni
KALPINI NICKEL PROJECT
Significant nickel intersections, 0.75% Ni cut-off and >5.0 metre x %Ni
Detailed multi-element geochemical studies were completed. These have implications for thecurrent metallurgical programs, and for future grade control and ore blending requirements.
Dominant ore types and their geochemistry appear to be: REGOLITH
Metallurgical assessment of the mineralisation is current, with a prime objective being toascertain whether the visible silica in ore zones can be screened out for grade optimisation.
“Clay Upper Siliceous“ ore has up to 60% visible silica, so good potential exists for upgrade ofthis ore style in particular.
All replicate and duplicate sampling to date has confirmed good analytical precision, as wouldbe expected for most types of supergene mineralisation. Quality control has not yetdemonstrated any potential grade control problems.
Further Exploration Licence applications have been lodged targeting Bulong-style lateriticnickel, as part of sourcing satellite ore feed for Kalpini.
Scotia Kanowna Province
The project adjoins the Golden Cities-Federal granitoid gold province. Gold targets in theproject area are likely to be offered for farm-out. All nickel rights are to be retained by Heron.
A lateritic nickel assessment is current. Digital data was received from former joint venturemanager MPI, and is being processed.
The Silver Swan North tenements were surrendered and amalgamated into the ScotiaKanowna Project tenements.
Menzies East Joint Venture Project Heron 100%. Golden State Resources right to earn 60%Gold - nickel Gold and arsenic anomalism was identified in Golden State's soil sampling, with maximumvalues of up to 330 ppb Au in the NW part of the prospect area.
A reconnaissance RAB drilling traverse of 50m spaced holes was completed across part ofthe soil gold anomaly, and east of a black shale marker unit.
Altered fuchsite-carbonate-arsenopyrite-quartz rocks were intersected by the RAB drilling.
Gold and arsenic anomalism increases towards the western end of the drilled traverse and isopen in that direction towards the black shale unit.
This represents a target for follow up investigation, since the black shale is a likely locus forshearing.
Golden State is evaluating the results of the drilling programs and compiling a very detailedregional evaluation.
Farm-out of the project is being sought.
Keith Kilkenny Province
The Company has been appraising and acquiring various tenements in order to generatecontiguous tenement holdings over its nickel laterite targets.
Several Exploration Licence applications on ultramafic nickel targets were lodged within theKeith Kilkenny Tectonic Zone, notably in areas adjoining the Duck Hill nickel lateriteoccurrence.
The Boyce Creek prospect area covers part of the mafic-ultramafic sequence marginal to theKeith Kilkenny Rift.
RC drilling by Heron on a 400 x 80m pattern is to commence during the September Quarter,to quantify previously identified nickel laterite resources.
The project area covers mafic to ultramafic units of the Mulgabbie Formation striking NNWalong the southern shores of Lake Rebecca.
Bass Strait Oil and Gas NL in the early 1980s defined a global resource of 27 million tonnesat 0.75% Ni with Co credits. Heron intends to drill out this resource during the SeptemberQuarter to locate high grade pods as a potential satellite ore feed for a future Kalpiniprocessing operation.
Heron’s tenements adjoin and are along strike of the Old Plough Dam - Khartoum mineralisedtrend (recent one million ounce gold discovery). Farm-out has been agreed in principle, witha major explorer having the right to earn 60% in the prospect.
An additional Exploration Licence application immediately south of the French Kiss golddiscovery has been lodged. Farm-out of the 1,000km2 gold project area is being sought.
Mungari Northwest Joint Venture Project Heron 100%, Kundana Gold right to earn 50%Gold The project area is NW along strike from the Mines and Resources Australia-MineralCommodities White Foil one million ounce gold discovery.
Kundana Gold have completed detailed mapping and blanket soil auger geochemistry. A totalof 3,615 auger holes having been drilled on the project tenements with 156 returning goldvalues above 10ppb.
Four of six anomalous areas have been followed up with 225 RAB holes for 11,083 metres.
One hole has intersected gold above 0.1ppm, and 31 holes have intersected 10ppb or better.
The recent gold discoveries in the area are characterised by intense surface depletion, soeven low order regolith gold anomalies require systematic follow-up.
Further drilling, on both the untested anomalies and to in-fill first pass drilling, is planned byKundana Gold.
Leonora Laverton Province
Heron 100%. Metex right to earn 70%.
Gold - nickel Aeromagnetic and vacuum drill interpretations were completed. Excellent gold discoverieshave recently been announced by Metex-Delta Gold within their Chatterbox Shear Zoneproject, immediately east of the Heron joint venture ground.
Mount Morgans Joint Venture Project Heron 100%. Metex right to earn 70%Gold - nickel Open file, aeromagnetic and DEM interpretations were completed and targets defined.
Farm-out of the project is being sought. Recent gold exploration success in adjoining areasconfirms the area’s gold prospectivity.
Farm-out discussions are current for the Doyle Well prospect.
High priority lateritic nickel targets have been defined. Heron’s exploration priorities at thisstage are however at Kalpini.
Menzies Leonora Province
Additional Exploration Licence applications were lodged at Lawrence Find, to consolidate theexisting ground holding.
Ida Fault Province
Heron 100%. Connemara right to earn 70%Gold - nickel Drilling was again delayed, due to recent heavy rainfall.
The project area is located 100km NW of Kalgoorlie on the Zuleika Shear Zone within an areaof extensive gold mining activity.
Drilling was undertaken by previous joint venture manager Normandy Exploration prior to theirwithdrawal from the Kalgoorlie region. BLEG soil anomalies and structural targets interpretedfrom high resolution aeromagnetic data were tested. The structural/magnetic targets arelocated along the Zuleika Shear, being N to NE trending faults cross-cutting the ZuleikaShear. Drilling primarily targeted these faults and the NW termination of a graben containingKurrawang Formation conglomerates.
A total of 102 Aircore holes (BDA17-118) were drilling for an aggregate of 6,145m with anaverage hole depth of 60m. A total of 1,777 four metre composite samples were submittedfor analysis of gold and base metals.
To the north of the Zuleika Shear mafic rocks were found to be the dominant lithology.
Ultramafic rocks were typically altered to talc-chlorite or talc-carbonate and were variablyfoliated. The exact location of the Zuleika Shear was difficult to determine and it isconsidered more likely to be a series of discrete shears in a zone up to 500m wide.
The majority of anomalous intercepts were hosted by ultramafics. Anomalous results include: 9m at 0.52g/t Au (includes 1m at 0.85g/t Au at EOH) BDA86 was located in ultramafic rocks north of the interpreted position of the Zuleika Shear.
The anomalous sample (1.18g/t Au) was taken from lower saprolite clays close to the base ofoxidation, in a mafic intrusive rock.
Hole BDA22 intersected a shear zone in ultramafic rocks. The upper saprolite was found tobe strongly leached in this area with values ranging from 1 to 7ppb Au. The best intercept inBDA22 was from strongly foliated saprock in the end of hole sample. The increase in gradeat the base of hole is encouraging.
The weathering profile in BDA112 is deeper than the adjacent holes with saprock intersectedat 85m. A quartz-sericite-biotite-pyrite schist intersected in the bottom of hole sample wasinterpreted to be an altered meta-arkose or felsic/intermediate porphyry. Pyritic quartz veinswere intersected sporadically down the hole. The best result was 4m at 0.64g/t Au. The holewas consistently anomalous over the lower 40m.
Anomalous gold values within the cover sequence were found to be fairly common. Some ofthese values may be caused by mobilisation of gold from the bedrock into the lower part ofthe cover sequence. The higher values were found to be typically associated with gravel andsands in palaeochannels at the base of the cover. Origin of gold in these channels isunknown.
Farm-out of the project is being sought.
The project area is located 100km NW of Kalgoorlie, within an area of active gold miningoperations at Carbine and Davyhurst.
Additional Exploration Licences have been lodged, to consolidate the Company’s tenementholding. High priority nickel sulphide exhalative targets have been generated by Heron, whichhave attracted joint venture interest.
Exploration Licence applications are awaiting grant.
Kambalda Domain Province
Binduli East Joint Venture Project Heron 100%. MPI Gold right to earn 70%Gold - nickel This 16km2 contiguous tenement holding straddling the Abattoir Shear is located 5km SW ofKalgoorlie.
MPI Gold has commenced field exploration with the acquisition of aeromagnetics, regolithmapping and completion of soil auger sampling of structural/dolerite targets.
An additional Exploration Licence was acquired, covering a documented nickel sulphideoccurrence.
Tenement applications have been lodged on favourable structural and ultramafic targets inthe area of the Blair nickel, Mount Martin gold-nickel and New Celebration gold mines.
Tenement grant is awaited.
Southern Cross Province
The area is east along strike of the Marda gold mining centre, within an area of pervasivelaterite cover. Bulk tonnage iron resources are present.
Lateritic nickel potential is indicated from open file searches. On the basis of this work,additional Exploration Licence applications have been lodged. Heron exploration prioritieshowever remain the drill evaluation of Kalpini satellite resources.
Gawler Craton Province
2.10.1 G2 Project
Heron 100%Gold - copper - uranium - diamonds Farm-out of the project is being sought, to drill test high priority magnetic targets generated byHeron.
I J BUCHHORN
The information is based on, and accurately reflects, information compiled by Ian James Buchhorn, who is aMember of the Australasian Institute of Mining and Metallurgy. Quarterly Report
Glossary of Terms
“Ae ro ma g ne tic S urve y ” me a ns a s u rv ey ma de from th e air, re co rding v a riation s in th e e arth ’s ma gn e tic fie ld .
“Alte ra tio n” me an s roc k-forming mine rals wh ich h a ve b ee n c he m ic ally ch an g ed .
“An om aly ” me a ns a v a lu e h ig he r o r lo w er tha n e xp e cted , w hich ou tlin e s a z on e of po te n tial e x plora tion in te re s t bu tn ot n ec e ss arily o f c om me rcial s ign ifica nc e.
“Airc ore d rilling ” m ea ns a ro ta ry drillin g tec hn iqu e wh ich u s es c om p re ss e d air to cu t a c ore s am p le a nd re tu rn co re fra gm en ts to su rfac e ins ide the drill rod s. T he drill s am ple q ua lity is ge ne ra lly g o od .
“Ge oc he m ic al Su rv ey ” m ea n s th e s ys te m atic s tud y o f th e v aria tio n of ch em ica l ele me nts in ro c ks o r s oils .
“g/t” m e an s g ra ms p e r to n ne .
“Gran ito id ” m ea ns a fa mily of c o arse -graine d ign e ou s ro c ks th at c on tain a bu nd an t q ua rtz a nd fe ld s pa r.
“He lima g ” me a ns a n a erom a gn etic su rv e y flow n b y a h elic o pter.
“km 2 ” m ea ns sq ua re kilo m etre s .
ck with h igh m a gn es iu m c on ten t ex tru de d fro m a v olc an o. Tex tu ral v ariatio n s (“interc um ulu s”) liq uid. T he s u rrou n de d (“c um ulu s”) olivine crys ta ls are s ub he d ra l to eu he d ra l in fo rm . Th isk om atiite ty p e is re ga rd e d as p ros pe c tive fo r nic ke l su lph id e m in era lisa tio n (e .g. K a mb alda nick e l mine ).
an s a ro ck w ith c um u lu s cry stals e xh ib iting ex te ns ive m u tu al b o un da ry co retainin g so m e re co g nisa b le inte rs titia l ma teria l. Th is ro ck ty pe is p ro s pe ctiv e for la te ritic n ick el.
a nh ed ra l c ry s ta ls . Th is ro ck ty pe is reg ard ed a s p ro sp e ctiv e for n ick el la te rite min eralis a tion .
“Mine ra lis ation ” me a ns , in ec on o mic g eo lo gy , the in trod u ctio n o f va lua ble e le me n ts in to a ro ck b o dy .
“MM I” m e an s the M ob ile M e ta l Io n P ro c es sTM, which is a partial extraction soil geochemical technique consideredto be very effective for nickel and gold exploration.
“Oliv in e ” me a ns a m a gn es ium -iro n s ilica te m ine ra l, ofte n o cc u rrin g in ro c ks p ro s pe ctive for nick e l.
“pros pe c t” m e an s a targe t u po n w hich ex plora tion prog ra m s are p la nn e d or ha ve c o mm en c ed .
“projec t” me a ns a g rou pin g of p ros pe c ts w ith in a ge og ra p hic loc atio n , often w ith a c o mm on g e olog ica l se tting .
“prov in c e” m e an s a g ro up ing o f p ro je c ts w ith in a ge olog ica l d is tric t d efine d by a ma jor m in e ra lis ed c ru s ta l s truc tu re.
“pp b” m e an s p arts p e r billion .
“pp m” m e an s p arts p e r million (1 g/t e qu als 1 pp m, an d 10 0 0p pb eq ua ls 1p pm ).
c om pres s ed a ir. Th e d rill sa mp le ma y b e su b je ct to s om e d eg ree o f c on ta m in atio n .
s am ple to th e s urfa c e in s id e th e rod string by c o mp re ss e d air. T he drill s am ple q ua lity is ge ne rally s u pe rio r to R A B.
“Sh ea r Z on e” me an s a z on e in wh ich c rus he d roc k h as b ee n p ro d uc ed b y the ac tion of a sh ea rin g stres s as on a fau lt. Th is se ttin g is o ften fa vo ura ble fo r the oc cu rre nc e o f go ld mine ralis ation .
“Sp ec ific Gra vity ” is th e m as s p er u n it v olu me o f m aterial, u su ally in re fe re nc e to o re a nd wa ste .
“Te cton ic Zo n e” m ea n s a m ajor s tru ctu ra l fe a tu re ch arac teris e d by d e fo rm a tion o f s ev e ra l kilom etres in w id th .
“Ultram a fic” me an s roc ks co mp os e d alm os t en tirely o f ma fic m ine ra ls , w hic h are p ro sp e ctiv e for n ick el.
(E-News Letter) Drug Information & Pharmacovigilance Centre, Tamil Nadu Pharmacy Council, Tele fax: 91 - 044 - 2473 0061, e -mail: Web site: http://tnpc.ac.in Contact: 91 44 -24338421 Antidepressants as Treatment Immediately after Stroke? IN SIGHT Research suggests a new strategy for the treatment of stroke. Research in rodents • Antidepressants as Treatment