Resources Grow to Over 667,000 Ounces
- Highly successful infill and extensional drilling completed at the Crake gold project, 9km west of Kalgoorlie-Boulder in the Western Australian goldfields
- A total of 85 RC holes for 8,096m of resource drilling completed at Crake in 2018(see Note 1 below)
- Maiden independent Mineral Resource Estimate now compiled and stands at:
o 1.12Mt grading 1.59 g/t Au for 57,700oz at a 1.0 g/t Au lower grade cut-off(see Note 2 below)
- 69% in the Indicated Category with mineralisation open to the west and north(see Note 1 below)
- Intermin's Total Mineral Resource estimate grows to:
o 10.38Mt grading 2.00g/t Au for 667,500oz at a 1g/t Au lower grade cut-off (see Note 2 below)
- Additional resource drilling planned for Crake and the Binduli project area in 2019
- Initial mining studies assessing optimal mining and processing pathways for open cut mine development will commence in the current March Quarter
Commenting on maiden resource, Intermin Managing Director Mr Jon Price said:
"The successful drilling in 2018 has clearly demonstrated the potential of the Binduli project area and resulted in a significant maiden resource for the Crake project. We look forward to building on this in 2019 both at Crake and the other priority targets within the Binduli area and believe the project will play a significant part in our future mine development plans."
The geology at Crake is similar to the 390,000oz Janet Ivy open pit, located approximately 1,500m to the south, where the gold is hosted in a structurally controlled feldspar porphyry. At the nearby Fort William and Fort Scott open pits, where over 100,000oz have been produced to date, gold is hosted within sheared units of volcanics and clastic sediments.
At Crake, the gold mineralisation strikes NW and dips shallowly to the SW. A poorly developed southern plunge is tentatively interpreted. The gold lodes are often tabular shaped and 20m thick but can blow out to >60m width. High grade shoots appear to result from intersecting structures. The Crake drilling focussed on a mineralised, variably altered pink porphyry with minor amounts of pyrite and magnetite. Higher grades usually coincide with stronger pyrite mineralisation (up to 3% by volume). There is little correlation between gold and magnetite.
In March 2018, the Binduli joint venture tenements were returned to Intermin on a 100% basis. A total of 85 RC holes for 8,096m was subsequently drilled in 2018. The RC drilling was completed on an approximate 20m pattern, spanned 450m and covered mineralisation from 10m to 170m vertical depth.
Significant downhole RC intercepts reported in 2018 included(see Note 1 below):
- 23m @ 4.16 g/t Au from 61m including 3m @ 20.73g/t Au from 66m (BRC18020)
- 13m @ 4.10g/t Au from 65m including 2m @ 18.53g/t Au from 75m (BRC18036)
- 18m @ 3.13 g/t Au from 70m (BRC18043)
- 15m @ 2.75 g/t Au from 27m (BRC18069)
- 9m @ 4.38 g/t Au from 39m (BRC18079)
- 15m @ 1.96 g/t Au from 75m (BRC18029)
- 12m @ 1.75 g/t Au from 45m (BRC18057)
- 8m @ 2.51 g/t Au from 106m (BRC18018)
The new data has been used to compile a detailed independent Mineral Resource Estimate compliant with the JORC 2012 Code. The Mineral Resource for Crake stands at:
- 1.12Mt @ 1.59 g/t Au for 57,700 ounces at a 1.0 g/t Au lower grade cut-off(see Note 3 below)
Further breakdowns of ore types and categories are shown in Table 1 - 3(see link below).
The mineralisation remains open to the west and north and further drilling is planned to test extensions to mineralisation in 2019. Attributable discovery costs incurred in 2018 for Crake are estimated to be approximately $12/oz.
Intermin's global gold Resources now stands at 10.38Mt grading 2.00g/t Au for 667,500oz at a 1g/t Au lower cut-off grade(see Note 4 below).
Intermin believes the mineralisation at Crake is significant with further RC drilling planned at Crake and the greater Binduli project area including high priority drill targets at Coote, Darter and Honeyeater (see Figure 3 in link below).
Initial scoping studies assessing optimal mining and processing pathways for open cut mine development will commence in the current March Quarter.
The Company believes the Binduli project area has the potential to be a significant contributor to the long term mine development plans currently being assessed.
1 As announced to the ASX on 10 July, 15 August and 14 November 2018.
2 See Tables 1, 2 and 3 and Competent Persons statement on pages 4 and 10. See also JORC tables on page 12.
3 See Tables 1, and 3 and Competent Persons statement on pages 4 and 10. See also JORC tables on page 12.
4 See Table on Page 9 and Competent Persons statement on pages 4 and 10. See also JORC tables on page 12.
To view the release with 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.
Horizon Minerals Limited