Significant Li Anomales Identified 3rd Party Interest Received
Perth, Nov 29, 2023 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on lithium exploration activities across the Company's Goldfields and Bridgetown-Greenbushes project areas.
A review of previous exploration results from the Eastern Goldfields project areas has highlighted several prospective areas for lithium mineralisation at Yarmany East and in the vicinity of Golden Ridge (Figure 1). Another new lithium prospect located within the Greater Boorara area (Kanowna South) has also been reviewed and warrants further follow up.
Initial reconnaissance work has also been completed at the Bridgetown-Greenbushes lithium projects which were recently acquired or are under application.
- Exciting new lithium exploration targets have been generated at the Company's 100% tenure in the Goldfields region, both west and southeast of Kalgoorlie
- Soil sampling and auger programs conducted across the Reptile Shear Zone at Yarmany East have highlighted an unexplored >14km long trend of semi contiguous lithium and pathfinder anomalies up to 300m wide.
- Several nearby drillholes, assayed for gold only in 2021, have returned positive fluorescence within extensive white clay zones indicating the potential presence of lithium mineralisation.
- At the Snake Hill prospect, 2.5km east of Golden Ridge, anomalous lithium has been discovered in shallow AC drilling, returning 4m @ 619ppm Li, 0.7% Co, 0.17% Cu, 8.9% Mn, 0.29% Ni from 30m.
- The lithium mineralisation at Snake Hill extends for at least 600m and may be related to a deeper, primary structure.
- At Kanowna South, historic auger sampling has delineated a small +250m, open ended soil anomaly and confirms at least two known lithium signatures and styles within the Greater Boorara area.
- First pass reconnaissance soil and rock chip samples from pegmatites have been submitted for analysis from the recently acquired lithium prospects near Bridgetown.
- Follow-up lithium exploration is being planned across the Goldfields and Bridgetown projects.
- Argonaut PCF has been appointed by Horizon to assist with a review of the Company's strategic options with respect to its lithium rights.
Commenting on the exploration results, Chief Executive Officer Mr Grant Haywood said:
"Our large landholding in the Goldfields stretches from the west to the southeast of Kalgoorlie and is prospective for a range of minerals. While our focus remains on the significant gold endowment, there is a growing understanding of the lithium potential within the region.
At Yarmany East we have identified approximately 14km of strike of unexplored lithium anomalies and we also have some great follow up Lithium targets in the Greater Boorara area at Snake Hill and Kanowna South. It was also very pleasing to have our geology team carry out reconnaissance field work on our newly acquired Bridgetown Lithium Project which identified untested pegmatites which have been sampled for assay.
We are preparing plans to test the exciting new prospects in the new year and will also consider potential strategic options for our emerging lithium assets."
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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.