Excellent Drilling Results from Binduli Gold Project
- First phase of infill and extensional drilling completed at the Crake and Coote prospects, part of the 100% owned Binduli gold project area, 9km west of Kalgoorlie in the Western Australian goldfields
- A total of 34 RC holes for 3,595m were drilled at an average depth of 100m
- Significant results received from Crake to date include(see Note 1,2 below):
o 4m @ 11.3g/t Au from 80m and 8m @ 2.71g/t Au from 104m (BRC19021)
o 8m @ 5.78g/t Au from 36m and 4m @ 1.09g/t Au from 64m (BRC19025)
o 8m @ 2.01g/t Au from 12m and 16m @ 2.32g/t Au from 52m (BRC19031)
o 4m @ 2.77g/t Au from 40m and 8m @ 1.92g/t Au from 60m (BRC19035)
o 8m @ 3.01g/t Au from 112m (BRC19033)
o 12m @ 1.71g/t Au from 44m (BRC19012)
o 4m @ 1.67g/t Au from 36m, 4m @ 1.63g/t Au from 44m and 4m @ 1.49g/t Au from 56m (BRC19031)
o 4m @ 3.02g/t Au from 56m and 16m @ 1.60g/t Au from 88m (BRC19027)
- Results demonstrate both width and grade continuity across a 400m strike length with the mineralisation open along strike to the north and at depth
- Current Mineral Resource for Crake stands at 1.12Mt @ 1.59g/t Au for 57,700oz at a 1g/t lower grade cut-off (see Note 3 below)
- Mine optimisation and design work has commenced as part of the consolidated Feasibility Study due for completion in the March Quarter 2020
- Significant results received from Coote, 700m to the west include(see Note 1,2 below):
o 4m @ 2.50g/t Au from 40m (CRC19006)
o 1m @ 5.10g/t Au from 53m (CRC19017)
o 1m @ 1.76g/t Au from 17m, 5m @ 1.40g/t Au from 24m, 1m @ 1.14g/t Au from 38m, 1m @ 1.01g/t Au from 45m and 4m @ 2.63g/t Au from 51m (CRC19018)
o 1m @ 2.70g/t Au from 9m, 4m @ 1.22g/t Au from 36m and 1m @ 1.03g/t Au from 59m and 1m @ 1.87g/t Au from 65m and 1m @ 1.06g/t Au from 91m (CRC19019)
- Drilling continues as part of the regional program testing new targets across the portfolio inclusive of Darter, Honeyeater, Teal East, Windanya, Olympia, Menzies, Goongarrie and Scotia with further results expected in the September Quarter 2019 (see Note 4 below)
Commenting on the latest results, Intermin Managing Director Mr Jon Price said:
"The Binduli area is certainly shaping up as a genuine contributor to our mine development and production pipeline as part of the consolidated Feasibility Study work currently underway. The drilling has improved geological confidence and demonstrated excellent width and grade continuity and we look forward to receiving further results as drilling continues."
In 2018, Intermin commenced drilling at the historic Crake prospect where previous work had located encouraging gold mineralisation within a porphyry host rock. The drilling totalled 85 RC holes for 8,096m, and produced an initial Mineral Resource estimate of 1.12Mt @ 1.59 g/t Au for 57,700oz at a 1g/t lower grade cut-off(see Note 3 below). An independent first pass mine optimisation of the resource showed positive results and highlighted areas where further drilling could improve geological confidence and extend the mineralisation.
In May Intermin commenced a 25-hole (2,550m) RC program designed to infill and build on the resource base and test selected areas for deeper ore at Crake (see Figure 2 in link below). 4m composite assays are still pending from 10 holes with final results expected in the September Quarter 2019.
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 results 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).
Summary of Results(see Note 5 below)
The preliminary Crake results appear to have good agreement with the current block model. Also consistent with the 2018 RC program are the lenses of high grade ore interspersed throughout the ROM grade mineralisation (1-2 g/t Au) as confirmed by the recent intercepts such as 4m @ 11.3 g/t Au (BRC19021) and 8m @ 5.78 g/t Au (BRC19025) (see Figure 2 in link below).
Diamond drilling has been planned to help determine the structure of these high grade shoots.
Composite RC samples were submitted to Independent Metallurgical Operations for initial metallurgical testwork such as gravity concentration and leaching response. The Crake resource block model will be updated with all new data and mine optimisation and design studies completed as part of the consolidated Feasibility Study due for completion in the March Quarter 2020. Given the close proximity of Binduli to the large Boorara project, the Binduli project area has demonstrated the potential to provide additional high grade ore feed to a centralised processing plant.
At the historic Coote prospect, the Company drilled 9 holes for 1,045m to test previous drilling and also some exploration step out drilling (see Figure 3 in link below). The geology is similar to Crake and Janet Ivy with a mineralised pink porphyry hosting the gold. The results are considered encouraging with several holes recording narrow shoots of ROM grade mineralisation within a broad zones of lower grade gold (0.5-1.0 g/t Au). A follow up RC program is planned.
Next Steps(see Note 4 below)
Further exploration and resource drilling has been planned at both Coote and Crake. Recent observations from historic holes and mapping suggest the "prospective pink porphyry" is much larger than areas indicated by our drilling. Historic holes, where the pink porphyry has been sited, appear to have been too short to capture any significant bedrock mineralisation. Diamond drilling has also been planned to help understand the nature of the high grade shoots and stacked mineralisation at Crake and Coote and supply physical data for use towards the Feasibility study. This study will assess optimal mining and processing pathways for open cut mine development.
The Company has also commenced work on converting part of the current exploration licence (E26/168) to a Mining Lease.
Further results from the Binduli project area are expected in the September Quarter together with first pass metallurgical test work results.
1 See Table 1 on Page 5-6, Competent Persons Statements on Page 6 and JORC Tables on Pages 10-15.
2 denotes 4m composite results with 1m split assays pending.
3 As announced to the ASX on 12 March 2019
4 See Cautionary and Forward Looking Statements on Page 9
5 See Table 1 on Page 6-7, Competent Persons Statements on Page 7 and JORC Tables on Pages 10-15.
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.
Horizon Minerals Limited