High Grade Drill Results From Kalpini Gold Project
- Reverse Circulation (RC) and diamond drilling (DD) completed at 100% owned Kalpini gold project area, 50km northeast of Boorara in the Western Australian goldfields
- Kalpini acquired in November 2020 for A$2.75 million in cash with an historic JORC 2004 Mineral Resource (before depletion) of 4.6Mt grading 1.7g/t Au for 255,000oz
- Stage 1 of the Gambia open pit was completed in 2019 producing approximately 39,000oz with a mill reconciled grade of 2.62g/t Au and calculated gold recovery of 95.1%
- Drilling completed in 2021 totalled 49 RC holes for 5,677m and 3 DD holes for 346m to a maximum depth of 240m infilling for improved confidence and testing extensions
- Significant results including composite assays include:
o 12m @ 5.57g/t Au from 203m including 2m @ 12.92g/t Au from 211m (KPRC21049)
o 5m @ 10.21g/t Au from 70m including 1m @ 28.83g/t Au from 72m (KPRC21030)
o 7m @ 6.01g/t Au from 91m including 1m @ 22.04g/t Au from 93m (KPRC21034)
o 1m @ 41.53g/t Au from 195m (KPRC21047)
o 6m @ 4.45g/t Au from 90m including 1m @ 10.24g/t Au from 92m (KPRC21021)
o 1.5m @ 20.74g/t Au from 99.5m including 0.5m @ 54.25g/t Au from 99.5m (KPDD21033)
o 5m @ 3.97g/t Au from 3m including 1m @ 11.04g/t Au from 6m (KPRC21023)
- Results demonstrate significant open pit and underground potential with excellent width and grade continuity and mineralisation open along strike and at depth
- All drilling data now being compiled to generate an updated (JORC 2012) Mineral Resource estimate with completion expected early in the December Quarter 2021
- Kalpini joins Boorara, Binduli, Cannon, Rose Hill and Teal as core projects under assessment as part of the consolidated Feasibility Study
Commenting on the drilling results, Horizon Managing Director Mr Jon Price said:
"The first drilling program we have completed has delivered excellent results confirming the potential for further open pit stages and significant upside at depth for potential underground development. We now look forward to completing the updated MRE and advancing the project as part of the consolidated Feasibility Study."
Kalpini was acquired in November 2020 for A$2.75 million in line with the Company's strategy of consolidating additional development ready assets in close proximity to the proposed Boorara mill for inclusion in the initial 5-7year production profile under assessment as part of the consolidated Feasibility Study.
The drilling forms part of the 50,000m CY21 program testing high priority resource definition and new discovery targets across the 1,100km2 portfolio. The aim of the Kalpini 2021 program was to validate and infill/extend the historical drilling enabling the previous JORC 2004 resource to be upgraded to JORC 2012 standard whilst improving the resource classification for generation of Ore Reserves.
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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