Encouraging Results at Honeyeater and Black Flag
Perth, Aug 23, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to announce new gold drilling results from the 100% owned Binduli and Black Flag project areas located 5km west and 30km northwest respectively of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).
The Q2 drilling forms part of the current FY23 exploration program focussing on new discoveries within the Greater Boorara - Cannon, Lakewood, Binduli and Yarmany project areas. This small drilling program tested mineralisation extensions and new targets with 28 holes completed for 2,251m. We are encouraged by the new mineralisation at Black Flag, with the size, extent, geometry and resource potential currently largely unknown. Together with the more advanced Honeyeater prospect and the nearby Kestrel prospect (900m south), the company believes there is strong potential to extend and discover multiple gold deposits in these highly prospective regions.
HIGHLIGHTS
- Two small RC drilling programs were conducted at the Honeyeater Prospect, Binduli and at Black Flag near the Paddington area north of Kalgoorlie:
- At Honeyeater 13 RC drill holes for 1,063m tested strike extensions and nearby targets.
- Significant new high-grade mineralisation intercepted at Honeyeater included:
o 2m @ 34.85g/t Au from 74m inc. 1m @ 68.04g/t Au from 74m (HRC22006)
o 2m @ 5.34g/t Au from 28m inc. 1m @ 9.98g/t Au from 28m, 1m @ 1.21g/t Au
from 38m and 2m @ 3.34g/t Au from 44m (HRC22008)
o 1m @ 2.74g/t Au from 28m and 1m @ 1.40g/t Au from 85m (HRC22009)
o 1m @ 3.09g/t Au from 68m (HRC22012)
- The mineralisation at Honeyeater spans a 200m strike length and remains open to the north, south and at depth.
- At Black Flag 15 RC holes for 1,188m checked new gold mineralisation discovered in 2021.
- At the emerging Black Flag prospect 15km northwest of Honeyeater, new high-grade mineralisation was discovered across a gravity structure. Significant results included:
o 8m @ 2.19g/t Au from 30m including 5m @ 3.03g/t Au from 30m (BFAC21013)
o 1m @ 0.55g/t Au from 14m and 1m @ 2.74g/t Au from 26m (to BOH, BFAC21026)
- Follow up drilling at Honeyeater and Black Flag is being planned for early 2023.
Commenting on the exploration results, Horizon Managing Director Mr Jon Price said:
"The Company is very pleased with these excellent drilling results from Honeyeater which have returned some exceptional grades. The results show the growth potential of the Binduli area progressing into a large mineralised system of multiple deposits, along with the very encouraging results at the early stage Black Flag project."
"We look forward to further drilling programs in these exciting areas in 2023 to follow up extensions and new discovery drilling, with strong resource growth potential leveraging off existing infrastructure in the eastern goldfields area."
Next Steps
The Honeyeater and Black Flag projects are regarded as highly prospective with both prospects warranting further drilling. Next year, the Company plans to conduct further follow up drilling to test the mineralisation extensions in these two exciting areas. New discovery drilling is also likely to be scheduled in 2023.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/987QA9S9
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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