logo-loader

Horizon Minerals improves confidence in Penny’s Find JV project on hitting high-grade gold

Published: 05:44 14 Apr 2021 BST

Horizon Minerals Ltd - Horizon Minerals improves confidence in Penny’s Find JV project on hitting high-grade gold
Horizon acquired a 50% interest in the project from JV partner Orminex Ltd in 2020 for $1.5 million.

Horizon Minerals Ltd (ASX:HRZ) has received initial high-grade gold drilling results from the Penny’s Find Joint Venture Project around 50 kilometres northeast of Kalgoorlie-Boulder in the heart of the Western Australian goldfields.

The drilling comprised 2,013 metres of reverse circulation (RC) and 2,765 metres of diamond drilling for a total of 4,778 metres to a maximum depth of 282 metres testing the continuity of mineralisation below and to the north of the historical open pit.

The first batch of assays received contains high-grade intercepts including:

  • 3.7 metres at 7.46 g/t gold from 215.3 metres;
  • 2.7 metres at 8.64 g/t from 171.4 metres and 1.7 metres at 17.91 g/t from 178.9 metres;
  • 1.9 metres at 13.95 g/t from 251 metres;
  • 5 metres at 5.27 g/t from 180.3 metres;
  • 0.9 metres at 23.56 g/t from 216.7 metres; and
  • 2 metres at 8.47 g/t from 227 metres.

“Results have improved our confidence”

Horizon managing director Jon Price said: “These initial drilling results have improved our confidence in the scale and quality of the underground mineralisation, and we look forward to the receipt of all remaining results and the updated Mineral Resource and Ore Reserve in coming months.

“Our aim is to rapidly advance the project with our JV partners to a development decision in the September Quarter with approvals in place and a toll milling agreement executed for ore processing in 2021.”

Summary of results

13 of the 21 diamond holes drilled have been assayed with all geotechnical, structural, and geological logging complete.

The drilling was mostly on 20 metres line spacings and designed to improve geological confidence and JORC category for underground mine design and economic analysis.

The results demonstrated excellent width and grade and improved geological confidence in the underground ore body with mineralisation open to the north and at depth.

Development decision by September quarter 2021

Further assays are pending and expected in the current June quarter 2021 enabling the compilation of an updated underground mineral resource estimate.

Underground mine optimisation, design and updated economic analysis will then be completed to support ore reserve generation and a development decision in the September quarter 2021.

Horizon acquired a 50% interest in the project from joint venture partner Orminex Ltd (ASX:ONX) for $1.5 million and will sole fund the first $1 million in pre-development expenditure with the joint venture partner funding the project on a 50:50 basis thereafter.

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

5 hours, 12 minutes ago