Horizon Minerals Ltd (ASX:HRZ) has received the latest bit of good news from its mammoth 2021 gold drilling program, with high-grade results from the Peyes Farm Gold Project.
Peyes Farm forms one plank of Horizon’s extensive 2021 drilling campaign, which covers 50,000 metres in Western Australia’s Goldfields region.
It also forms part of the company’s plan to identify and grow gold resources at and around the Boorara Gold Project in the golden region around Kalgoorlie.
High grades
New shallow high-grade gold results from infill and extensional drilling at Peyes Farm include:
- 8 metres at 8.53 g/t from 52 metres including 4 metres at 14.2 g/t from 52 metres;
- 6 metres at 5.33 g/t from 30 metres including 1-metre at 22.0 g/t from 30 metres;
- 16 metres at 2.03 g/t from 24 metres and 12 metres at 2.39 g/t from 48 metres;
- 4 metres at 1.56 g/t from 28 metres and 4 metres at 6.58 g/t from 60 metres;
- 4 metres at 5.94 g/t from 60 metres and 4 metres at 1.09 g/t from 72 metres;
- 12 metres at 2.16 g/t from 32 metres and 4 metres at 1.47 g/t from 60 metres; and
- 8 metres at 3.92 g/t from 28 metres.
Horizon managing director Jon Price said: “Peyes Farm sits 100 metres to the east of the Jacques Find project and the latest results continue to demonstrate the quality of these multiple parallel mineralised structures that extend across the entire Teal project area with over 1,500 metres of continuous strike length.
“Our aim is to define a number of these supergene deposits for open pit mining as we did with the successful Teal mine 400 metres to the north.
“We now look forward to releasing the updated resource and maiden reserve in the coming months and building the project into the long-term production plan.”
Resource estimate update
At present, the mineral resource estimate for the Peyes Farm project stands at 530,000 tonnes at 1.70 g/t for 28,860 ounces at a 1 g/t lower grade cut-off.
The latest assay results will enable the completion of an updated mineral resource estimate, which Horizon says will happen in the June quarter.
Open cut mine optimisation and design studies will then be completed in preparation for maiden ore reserve generation, as part of the consolidated feasibility study.
Further extensional drilling is planned at Peyes Farm later in 2021.
The bigger picture
The Peyes Farm project is part of Horizon’s fully-owned Teal Camp, which is 10 kilometres northwest of Kalgoorlie-Boulder in the heart of the WA goldfields.
Teal Camp is one of four core peripheral gold projects being explored by Horizon to complement its flagship Boorara Gold Project, and it comprises not only Peyes Farm but also the Jacques Find and Teal gold deposits.
Drilling results were also recently returned from Jacques Find, highlighted by 19.2 metres at 12.53 g/t gold.
Horizon is developing an initial five-year mine plan to underpin the establishment of a standalone processing facility at the Boorara mine site.
In late February the company took in $1.2 million in net cash after completing the fourth and final milling campaign from trial mining at Boorara.
- Daniel Paproth