Horizon Minerals Ltd (ASX:HRZ) has received high-grade infill and extensional drilling results at the Peyes Farm Gold Project, part of the Teal gold camp northwest of Kalgoorlie in Western Australia, confirming what the company believes to be ‘excellent’ width and grade continuity.
The drill program comprised 49 reverse circulation (RC) holes and three diamond holes for 3,808 metres to a maximum depth of 132 metres testing extensions to the supergene zone and improving JORC classification.
Best results include 4 metres at 18.17 g/t gold from 79 metres, including 1 metre at 61.21 g/t from 81 metres, 4 metres at 13.05 g/t from 53 metres, including 2 metres at 24.25 g/t from 54 metres and 7 metres at 3.97 g/t from 30 metres.
These results will enable the compilation of an updated mineral resource estimate due for completion in the current June quarter.
Aiming to prove-up supergene deposits
Managing director Jon Price said: “It is extremely encouraging to see these final results from Peyes Farm confirming the previous results and demonstrating the growth potential alongside the recent Jacques Find results 100 metres to the west.
“The Teal project area is now proving to be a significant potential mining hub to complement the baseload Boorara gold project and potential mill 25 kilometres to the east.
“Our aim now is to prove up these supergene deposits for open pit mining as we did with the successful Teal mine 400 metres to the north.”
Teal Gold Project area with Peyes Farm drilling plan and highlights
He said the company is looking forward to releasing the updated resource and maiden reserve in the coming months as well as building these projects into the long-term production plan.
Open-cut mine optimisation and design studies will then be completed for maiden ore reserve generation as part of the consolidated feasibility study.
Further extensional drilling is planned at Peyes Farm later in 2021 as part of the organic growth plan.