Nimbus Silver Zinc Project Update
Perth, Mar 24, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to provide an update on the Nimbus silver-zinc project, adjacent to the Boorara gold mine, 15km east of KalgoorlieBoulder in the goldfields of Western Australia (Figure 1*).
HIGHLIGHTS
- Independent data review and concept study completed on the 100% owned Nimbus silverzinc project, located 15km east of Kalgoorlie-Boulder in Western Australia
- Silver currently trading at A$34/oz and zinc at A$5,200/t with increasing demand forecast from the production of electronic devices, electricity transmission and photovoltaic cells used in electric vehicles and solar panels in addition to traditional wealth storage and galvanising
- The current global Mineral Resource estimate for Nimbus stands at:
o 12.1Mt grading 52g/t Ag for 20.2Moz of silver and 0.9% Zn for 104kt zinc
- A high-grade lode exists within this resource immediately below the historic Discovery pit and has a Mineral Resource estimate of:
o 260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc
- Exploration Target beneath the Nimbus pits inclusive of oxide silver and primary Zn-Ag-Pb sulphide mineralisation, of between 550,000 tonnes and 700,000 tonnes with a grade range of 3.4 - 3.6% Zn, and 140 - 210g/t Ag, with minor Pb (0.45 - 0.65%)
- Concept study confirmed the optimal economic pathway through mining the higher-grade lodes and producing a silver and zinc concentrate with more drilling required to increase overall tonnage and mine life
- A gold concentrate from the Company's existing refractory ore at Teal Deeps, Jacques Find and Peyes Farm was also assessed which improved the life of mine and economics
- Indicative term sheets received from several potential offtake partners in Europe capable of smelting the complex metallurgy of the concentrate
- Approval now given to advance the project to the next level of study and drill testing for additional high-grade tonnage at depth and along the Gretel-Nimbus-Brindabella trend
- Drilling planned for the June and September Quarter pending works approvals with the completion of a revised Definitive Feasibility Study expected in the March Quarter 2023
Commenting on the Nimbus silver-zinc project, Horizon Managing Director Mr Jon Price said:
"With silver and zinc showing sustained price increases, we see the potential to grow the highergrade core within the Nimbus resource at depth and along strike. The Company will continue working to develop a longer-term production profile underpinning a concentrator at site and look forward to further drilling success and the completion of the Definitive Feasibility Study."
The Company completed a strategic review of the Nimbus silver-zinc project in 2021 and elected to retain the project on a 100% basis. An independent review by consultancy firm Australian Mining Consultants (AMC) and Sedgmen was commissioned to assess the historic data, mine optimisations and metallurgical work to evaluate the optimal pathway forward for the project. The review highlighted the potential of the project through underground mining the fresh higher-grade ore below the historic Discovery pit and generating a silver and a zinc concentrate for sale to potential offtake partners. A gold concentrate was also assessed to improve overall life of mine given the need for additional tonnage to underpin a concentrator at site.
Given the drilling success to date along the Gretel-Nimbus-Brindabella trend and the potential for repeat high grade lenses at Nimbus deeps and along strike, a focussed drilling campaign has been planned and will commence in the June Quarter 2022. Exploration Target drilling zones identified below the Nimbus pits are show below (Figure 2 and 3*).
Horizon has reviewed and updated resource models and has formed a view that there is a potential VHMS (Zn - Ag - Pb) Exploration Target, inclusive of oxide silver and primary Zn-Ag-Pb sulphide mineralisation, of between 550,000 tonnes and 700,000 tonnes with a grade range of 3.4 - 3.6% Zn, and 140 - 210g/t Ag, with minor Pb (0.45 - 0.65%). To date these Exploration Targets have not been drilled.
Figure 4* below shows the existing high-grade silver and zinc-silver-lead VHMS lenses previously identified under the Nimbus Discovery and East pits.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/1ZOT02J8
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.
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