Launches 50,000m Exploration Program for 2021
- Fully funded 50,000m exploration program now underway with four rigs drilling across the 890km2 asset portfolio, all operating within 75km of the proposed Boorara Mill site
- The primary objectives of the 2021 exploration program are to:
1. Test high priority new discovery targets defined at greenfields project areas including Windanya, Lakewood, Yarmany, Binduli, Kanowna South and Balagundi (~29,000m)
2. Complete resource definition drilling for maiden Mineral Resource estimates at Coote, Baden Powell, Capricorn and Brilliant North (~8,500m)
3. Extend resources beyond current mineralised envelopes along strike and at depth at Boorara, Crake, Peyes Farm, Jacques Find and Golden Ridge (~8,000m)
4. Complete resource definition and extension drilling at the newly acquired Kalpini gold project and the Penny's Find underground JV project (~4,500m)
- The 2021 program builds on over 21,000m of drilling completed since August 2020 primarily focussed on reserve conversion at the core satellite projects at Rose Hill, Binduli and Teal as part of the consolidated Feasibility Study with the majority of assay results still pending
- Significant potential to increase the production profile through organic growth from 100% owned project areas on major geological structures within a world class greenstone belt
- First assay results expected in the current March Quarter 2021, subject to improved turnaround times at local assay laboratories
- Updated Mineral Resource estimates expected in the March and June quarters 2021 expanding on the Company's current Mineral Resources of 1.1Moz
Commenting on the 2021 drilling program, Horizon Managing Director Mr Jon Price said:
"With the reserve drilling to support the consolidated Feasibility Study mostly complete, we are turning our attention to the new discovery exploration program with multiple high priority targets to be tested across the entire tenement portfolio and all within 75km of Boorara."
"The fully funded program will test areas that have had limited to no drilling undertaken in recent times, particularly below cover where historic shallow drilling has never been followed up. It is an extremely exciting time to be a Horizon shareholder as we look to uncover the next new discovery with significant potential to grow our production pipeline in this world class gold producing region."
"Always look for gold near where gold has been found before and we believe there is no better address than the Goldfields of Western Australia."
The fully funded program totals over 50,000m of planned drilling within a $5 million budget and comprises diamond, RC and aircore drilling across the entire portfolio. The program aims to build on the Company's current Mineral Resource estimate of 1.1M ounces in 2021 and add to the future production pipeline 2. The drilling will be completed systematically with rigs cycling through the program and the results from each round will be reviewed and inform the next round of drilling.
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About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Horizon Minerals Limited