Gold Exploration Update
Perth, Dec 5, 2023 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an update on new gold drilling results from the Greater Boorara - Cannon and Binduli project areas located close to Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).
- Several Reverse Circulation (RC) and Air Core (AC) drill programs conducted at a number of prospects near Kalgoorlie at the Company's 100% owned tenure in the Goldfields region
- Drilling focussed on new discoveries at the Cannon, Kestrel and Kanowna South prospects with infill resource drilling completed at Penny's Find.
- Two deep RC holes totalling 746m targeted the Northern Domain lode at Penny's Find and returned the following significant results:
o 5m @ 2.97g/t Au from 370m (PFRC23012A)
o 2m @ 1.27g/t Au from 305m (PFRC23011)
- The Kanowna South prospect progressed with further encouraging gold results highlighted by recent drilling that comprised eight AC holes for 465m and ten RC holes for 1,074m.
Significant results included:
o 1m @ 5.91g/t Au from 66m in KSRC23008. Strong arsenopyrite and fuchsite mineralisation was observed
o 1m @ 4.40g/t Au from 46m in KSAC23002.
o 21m @ 0.44g/t Au from 54m in KSRC23002 including 3m @ 0.74 g/t Au from 55m.
- AC drilling at the new Falcon Prospect 500m northwest of the Kestrel prospect in the Binduli North camp consisted of five AC holes for 219m. Significant results included:
o 1m @ 0.8g/t Au from 25m and 1m @ 10.09g/t Au from 29m (FCAC23002)
o 2m @ 1.4g/t Au from 24m (FCAC23003)
- One RC hole for 180m was drilled 160m northeast of the Cannon Open Cut mine targeting an historic drillhole that had returned significant gold mineralisation. This mineralisation was not able to be replicated, however a DHEM survey subsequently completed in the hole picked up an untested conductor 50m+ from the bottom of the hole.
Commenting on the exploration results, Chief Executive Officer Mr Grant Haywood said:
"Although early days, our Kanowna South gold prospect is starting to take shape, and discovering a strong sulphide link in some of the mineralisation could be a major turning point in our understanding of this prospect. We are also looking forward to further work on the conductor at Cannon, which lies immediately north and along strike of the proposed Cannon underground. In addition, follow up work at the Penny's Find gold project shall allow us to provide an updated Mineral Resource Estimate in the current December quarter, and carry out mine design and financial analysis for a maiden Ore Reserve in the first half of 2024."
The drilling forms part of the current 2024 financial year exploration program focussing on new discoveries within Horizon's extensive tenure.
*To view tables and figures, please visit:
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.