Horizon Minerals Ltd (ASX:HRZ) has received drill results for the Coolgardie Gold Project located near Kalgoorlie in Western Australia.
The latest results feature intersections such as 5 metres at 2.58 g/t gold from 58 metres and 6 metres at 1.65 g/t gold from 57 metres.
As detailed in February 2019, Horizon entered into an exclusivity deed with Focus Minerals Ltd (ASX:FML) to acquire the 2.1 million ounce Cooldgardie Gold Project grading 2.4 g/t gold.
Coolgardie covers 235 square kilometres of the greenstone belt 45 kilometres west of Kalgoorlie and hosts an Ore Reserve of 171,000 ounces.
The project also has a significant amount of operational infrastructure including a 1.2 million tonnes per annum processing plant on care and maintenance.
Expedited pathway to gold production
The merged entity has a significant asset portfolio in the Kalgoorlie region of Western Australia with an expedited pathway to gold production.
The company has a busy September quarter planned with activities including:
- Progressing potential acquisition of the Coolgardie Gold Project;
- Updating the JORC resource for the Boorara Gold Project as part of the feasibility study;
- Drilling as part of the 2019 exploration program;
- Mining studies and metallurgical test work on the Crake and Anthill projects;
- Metallurgical test work and drill results from the Richmond Vanadium Project; and
- Resource modelling and progressing PFS for Lilyvale Vanadium Prospect.
Focus intends to stay exposed to the project by holding Horizon shares
Focus Minerals’ CEO Zhaoya Wang said: “The drilling at Dolerite NW has extended the strike of shallow gold mineralisation at both ADA and Emu Hill.
“In addition, a very large gold in soils anomaly at Nepean has been validated by recent wide-spaced RC.
“We realise those targets would still require a significant amount of time and effort to determine whether they are commercially viable.
“However, Focus is pleased to potentially preserve the upside by holding a substantial amount of Horizon’s shares, should the Proposed Transaction completes.”