Horizon Minerals Ltd (ASX:HRZ) has intercepted significant gold mineralisation while drilling at its 100%-owned Binduli Gold Project, about 12 kilometres west of Kalgoorlie in the heart of the Western Australian goldfields.
The company has completed the follow-up reverse circulation (RC) drilling program, comprising of 47 holes for 4,713 metres to a maximum depth of 200 metres, at the Coote, Honeyeater and Kestrel prospects, part of the Binduli project area.
The drilling forms part of the 50,000 metres 2021 program testing high priority resource definition and discovery targets across the 1,100 square kilometres portfolio.
The aim of the program is to organically grow the project pipeline within a 75 kilometres radius of the proposed Boorara mill, adding to the six core development projects under evaluation as part of the consolidated feasibility study.
“Deliver excellent results”
Horizon managing director Jon Price said: “The Binduli gold project area continues to deliver excellent results and is shaping up to be a key satellite production hub with both advanced development projects at Crake and Coote in the south and emerging organic growth assets at Honeyeater and Kestrel in the north.
“We now look forward to new resource estimates and further results from the planned drilling in the September Quarter.”
Strong results from the prospect
At the newly discovered Kestrel prospect, thick zones of anomalous quartz veining within the Black Flag sediments returned several significant results including:
- 10 metres at 2.07g/t gold from 49 metres including 1 metre at 11.09 g/t from 57 metres;
- 5 metres at 5.22g/t from 94 metres including 1 metre at 18.91 g/t from 97 metres;
- 2 metres at 4.19 g/t from 34 metres; and
- 1 metre at 12.12 g/t from 72 metres.
Six holes were completed at the emerging Honeyeater prospect with new and significant high-grade mineralisation intercepted including:
- 4 metres at 11.45 g/t from 113 metres including 1 metre at 32.4 g/t from 115 metres; and
- 4 metres at 5.15 g/t from 93 metres including 1 metre at 13.54 g/t from 93 metres.
At the Coote prospect, 500 metres west of the 74,000 ounces Crake deposit, infill and extension drilling has expanded the strike length to 400 metres and confirmed previous results for inclusion in the new resource model.
Significant results include:
- 2 metres at 1.89 g/t from 62 metres;
- 1 metre at 2.70 g/t from 67 metres;
- 17 metres at 1.67 g/t from 78 metres including 1 metre at 11.0 g/t from 79 metres;
- 2 metres at 1.54 g/t from 28 metres;
- 3 metres at 1.10 g/t from 58 metres;
- 10 metres at 3.20 g/t from 68 metres:
- 6 metres at 1.26 g/t from 98 metres;
- 5 metres at 2.28 g/t from 56 metres;
- 3 metres at 1.90 g/t from 66 metres; and
- 2 metres at 1.03g/t from 71 metres.
The company is planning a further follow-up drilling in the September quarter of 2021 and the compilation of a maiden mineral resource estimate for Coote is now underway.
Next steps
Drilling operations are scheduled to restart later this month with up to four rigs working continuously through until the Christmas break.
Several priority targets have been identified at Binduli, including Honeyeater and Kestrel.
Step out resource drilling to the north and west of Coote and sterilisation drilling at Crake is also planned.