Regional Drilling Delivers Encouraging Results
- At the Teal East prospect, adjacent to the Teal open cut mine, four step out holes for 555m were completed with the best result returning:
- 12m @ 4.19 g/t Au from 76m including 2m @ 11.45 g/t Au from 77m (TERC19016)
- Significant results from two Binduli prospects Darter (15 holes for 998m) and Honeyeater (16 holes for 1,049m) include:
- 3m @2.25 g/t Au from 12m (Darter, DRC19022)
- 1m @ 1.25 g/t Au from 24m, 2m @ 1.33 g/t Au from 28m and 5m @ 1.05 g/t Au from 32m (Darter, DRC19025)
- 4m @1.80 g/t Au from 56m (Darter, DRC19032)
- 3m @ 2.02 g/t Au from 37m (Honeyeater, HRC19035)
- Historic targets were also tested at Windanya (6 RC holes for 677m) and Baden Powell North (6 holes for 328m). Significant results at Windanya include:
- 5m @ 2.28 g/t Au from 92m and 1m @ 1.68 g/t Au from 106m (WDRC19009)
- 1m @ 9.91 g/t Au from 35m and 1m @ 1.05 g/t Au from 41m (WDRC19012)
- Regional "grass roots" exploration has commenced with detailed soil geochemistry surveys being completed at multiple targets at Kanowna North, Windanya, Binduli (Darter/Coote area) and Olympia
- A detailed geological review has commenced on the Boorara tenement package to identify high priority exploration targets outside of the Boorara gold project area including the Beehive, Balagundi and Kanowna South prospect areas
- The 100% owned Boorara package covers a 192km2 area and spans 25km from the Golden Ridge gold mine in the south to the Kanowna Belle gold mine in the north and has been subject to limited exploration in recent years
- The review is expected to be complete in the September Quarter with first pass drilling to commence in the December Quarter 2019
Commenting on the latest results, Intermin Managing Director Mr Jon Price said:
"The regional drilling program continues to deliver encouraging results and demonstrates the quality of the asset portfolio in and around Kalgoorlie-Boulder. We also look forward to the new target generation work currently underway providing both near mine extension and new discovery opportunities in this world class gold producing region."
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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.
Horizon Minerals Limited