Horizon Minerals Ltd (ASX:HRZ) and partner Orminex Ltd (ASX:ONX) have lifted the Penny's Find gold resource to 42,000 ounces at 5.22 g/t on the back of completing infill reverse circulation (RC) and diamond drilling in the Western Australian Goldfields.
Importantly, more than 83% of the resource is now in the indicated resource category (188,000 tonnes grading 5.71 g/t) with updated underground mine optimisation, design and economic evaluation underway.
A total of 21 RC drill holes for 2,103 metres as well as 2,765 metres of diamond drilling was carried out to a maximum depth of 282 metres.
Best results include 5 metres at 5.27 g/t gold from 180.3 metres, 3.7 metres at 7.46 g/t 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; and 1.9 metres at 13.95 g/t from 251 metres.
HRZ says these results demonstrate excellent width and grade continuity and improved geological confidence with mineralisation open along strike to the north and at depth
Mine optimisation and design
Speaking to the results, managing director Jon Price said: “The JV partners have taken a very conservative approach with the new resource model and the latest drilling has provided increased confidence and higher JORC classification for reserve conversion.
“We now look forward to completing the updated underground mine optimisation and design for a development decision with our JV partners early in the December quarter.”
Next on the agenda
A maiden ore reserve for Penny’s Find is expected early in the December quarter with approvals for mine development in place and a toll milling agreement executed for ore processing in the March 2022 quarter.
On completion of the reserve study and economic evaluation, the joint venture partners aim to make a development decision in December.
The Penny’s Find Project is a 50:50 joint venture with Orminex and Horizon has now satisfied a A$1 million sole funding commitment with future costs funded on a 50:50 basis.