Horizon Minerals Ltd (ASX:HRZ) has plans to incorporate new data at the Boorara Gold Project in WA’s goldfields region into a resource model targeted for completion in the March 2021 quarter.
With a 507,000-ounce gold mineral resource estimate across 1.8 kilometres in strike, the project has demonstrated ‘excellent’ width and grade across all three deposits (Royal, Crown Jewel and Regal) with ore starting at the surface.
Horizon’s strategic objective for the project comprises an initial 5-year mine plan to underpin long term, high-margin continuous production.
The Boorara project area has multi-million-ounce potential through resource extension and new discovery drilling for both further open cut and new underground mine development.
Horizon’s large tenement package of around 890 square kilometres includes five key deposit areas which provide baseload and satellite feed – Boorara, Binduli, Rose Hill, Teal and Kalpini.
Resource extension drilling planned for CY21
Up to 13,000 metres of drilling is planned in CY21 to test a range of resource growth and new discovery targets:
- Resource extension in areas along a 25km trend from Kanowna South to Golden Ridge;
- Resource extension drilling at Boorara and Golden Ridge (along strike and at depth), including follow -up of historic intersections;
- First drill testing of numerous gold occurrences at Balagundi which have not been previously followed up; and
- Follow up of shallow historic drilling at Kanowna South which identified similar host rocks to Kanowna Belle (6,000 ounces) and Invincible (3,000 ounces).
Upcoming milestones
Rose Hill deposit
At the Rose hill deposit priority near term production potential exists within easy trucking distance of Boorara.
The current mineral resource sits at 93,000 ounces grading 3.65g/t gold and comprising:
- 290,000 tonnes grading 2.00g/t gold for 18k,000 ounces (open cut); and
- 510,000 tonnes grading 4.6g/t gold for 75,000 ounces (underground).
Geological models are expected to be completed in June 2021 with updated maiden ore reserves.
Fully funded exploration and resource drilling
Horizon is fully funded to conduct aircore, reverse circulation (RC) and diamond drilling across the entire asset portfolio with four drill rigs currently on site.
The exploration program is focussed on:
- Testing new greenfields targets defined at Windanya, Lakewood, Yarmany, Binduli, Kanowna and Balagundi (29,000 metres);
- Resource definition drilling for maiden resources at Coote, Baden Powell, Capricorn and Brilliant Nth (8,500 metres);
- Extensions to existing resources at Boorara, Crake, Peyes Farm, Jacques Find and Golden Ridge (8,000 metres);
- Resource definition drilling at the newly acquired Kalpini project and the Penny’s Find underground JV (4,500 metres); and
- Significant potential to increase the production pipeline from areas with little modern exploration.