Horizon Minerals Ltd (ASX:HRZ) has received the remaining assay results from a 21-hole drilling program at Penny’s Find Gold Mine Joint Venture with Orminex Ltd (ASX:ONX) (FRA:GG2) that returned further high-grade intercepts.
The drill program totalled 4,778 metres, with 2,013 metres of reverse circulation (RC) drilling and 2,765 metres of diamond drilling, targeting down-dip and northern continuance of the gold system beneath the existing open pit to a maximum depth of 282 metres.
Best results include:
- 2.5 metres at 7.45 g/t gold from 226 metres;
- 0.78 metre at 13.34 g/t from 194 metres;
- 0.50 metre at 17.35 g/t from 185.6 metres; and
- 0.47 metre at 17.25 g/t from 208.9 metres.
“Progressing towards decision to mine”
Orminex non-executive director Dean Hely said: “The final results received to round out the Penny’s Find drilling program are pleasing and confirm the high-grade mineralisation continuity along strike.
“We are excited to see the outcome of the updated resource model and look forward to working with our JV partner on optimising the mine plan as we progress towards a decision to mine in the second half of 2021.”
With all the results received, the focus is now on the compilation of an updated mineral resource to be delivered in the current quarter.
Penny's Find Gold Mine location.
Mineral resource update pending
Penny’s Find currently hosts a JORC 2012-compliant underground resource of 248,000 tonnes at 7.04 g/t for 56,000 ounces as reported by Empire Resources Limited (ASX:ERL) following completion of the existing open pit operations.
High-grade mineralisation is hosted by quartz veins at the contact between sediments and basalt, with metallurgical test-work indicating fresh mineralisation to be free milling with a high gravity gold recoverable component and total gold recovery historically exceeding 92%.
The project is well advanced, with all requisite statutory mining approvals in place and a toll milling agreement secured for ore treatment commencing in the second half of 2021.