Drilling Results Monument and Pinner Open Pit Potential
Perth, Aug 31, 2023 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to announce new gold drilling results from the 100% owned Greater Boorara - Cannon project area located 30km southeast of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).
A small, third pass resource drilling programme has been completed at the new Monument and Pinner gold prospects, located 30km southeast of Kalgoorlie-Boulder in the Western Australian Goldfields.
Monument and Pinner both sit approximately 1km south-west from Horizon's fully funded Cannon underground project where first gold production is targeted for 2024.
26 holes totalling 1,259m of Air Core (AC) and Reverse Circulation (RC) drilling targeted shallow mineralisation to increase drill density and resource confidence to support assessment of small-scale open cut mining.
Significant mineralisation intercepted included:
o 2m @ 3.03g/t Au from 36m and 4m @ 0.55g/t Au from 41m (CAAC23010)
o 9m @ 1.36g/t Au from 27m (CAAC23003)
o 2m @ 2.12g/t Au from 10m, 1m @ 1.11g/t Au from 15m and 1m @ 0.74g/t Au from 21m (CAAC23011)
o 6m @ 1.23g/t Au from 28m (CAAC23013)
Follow up work planned includes a resource update for the 25koz Monument deposit, a maiden resource for Pinner and a Pre-Feasibility Study.
Future mining at Monument and Cannon would benefit from synergies created through the proposed Cannon underground mine and supply additional ore for toll treatment.
Commenting on the drilling results, Chief Executive Officer Mr Grant Haywood said:
"It's pleasing to see the results have validated historic drilling and the infill holes have come in as expected. This will lead to a maiden resource for Pinner and an update for Monument, both of which present as potential bolt-on open pit opportunities to our Cannon underground gold project."
"Once the resource models are completed, we'll undertake optimisation and mine design studies to continue development of this future production hub in the Greater Boorara-Cannon area. The mining infrastructure we're installing at Cannon means shallow, oxide open pit mines can generate modest but high-margin cashflow to support our ongoing development and exploration activities."
The drilling forms part of the current FY24 exploration program focussing on new discoveries within the Greater Boorara - Cannon, Lakewood and Yarmany project areas.
The Cannon area is highly prospective with several historic prospects located within a 1km radius of the open cut mine at Cannon. Two of the more advanced prospects, Monument and Pinner, were drilled in 2022 to both validate historic drilling and test for potential strike and depth extensions. A third pass program was deemed necessary to upgrade the shallow oxide ore from the current JORC 2012 Inferred Category to an Indicated Status. Pinner was classified as a JORC 2004 Inferred resource in 2013 which has not been reported.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/F18N7469
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.
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