Horizon Minerals Ltd (ASX:HRZ) has updated the mineral resource estimate (MRE) for its Crake Project within the Binduli project, nine kilometres west of Kalgoorlie-Boulder in the heart of the Western Australian Goldfields.
A total of 51 reverse circulation (RC) holes and three diamond holes were completed for 5,043 metres to infill areas for improved classification and for structural, geotechnical and metallurgical assessment.
Promisingly, the updated independent mineral resource estimate stands at 1.42 million tonnes grading 1.46 g/t gold for 66,500 ounces at a 0.8 g/t gold lower cut-off grade.
“High-grade satellite feed”
Horizon managing director Jon Price said: “Crake and the Binduli area, in general, are certainly shaping up to be significant contributors to our future production profile providing high-grade satellite feed to complement the baseload Boorara project 25 kilometres to the east.
“We look forward to completing the maiden ore reserve for Crake and continuing the step-out drilling at the Coote, Kestrel and Honeyeater prospects to the north.”
Crake Project indicated and inferred resource summary comparison at different cut-off grades.
Resource update
Importantly, 95% of the ounces are now in the indicated resource category with preliminary optimisation work indicating potential for high conversion to ore reserve
Metallurgical test-work results demonstrate strong gold recoveries of 98.9% and 95.9% for the oxide and fresh composites respectively with high (>50%) gravity recoveries
Mine optimisation and open pit design work is well advanced with a maiden ore reserve for Crake expected in the December quarter of 2021.
Crake Project by classification and material type – 0.8 g/t Au cut-off.
Drilling results
RC drilling has been completed in the December 2020 and March 2021 quarters on a 20 x 20-metre pattern. It spanned 500 metres and covered mineralisation from 10 metres to 140 metres vertical depth.
Strong results include:
- 24 metres at 4.9 g/t gold from 32 metres, including, 1-metre at 57.2 g/t from 36 metres;
- 12 metres at 6.7 g/t from 6 metres;
- 2 metres at 37.9 g/t from 13 metres, including 1-metre at 67.9 g/t; and
- 4 metres at 14.9 g/t from 53 metres, including 1-metre at 56.2g/t.
The results demonstrate excellent width and grade continuity across a 500-metre strike length with mineralisation remaining open along strike and at depth with further drilling planned.
Forward plan
The updated MRE will now be used for open pit mine optimisation, design and economic analysis for the generation of a maiden ore reserve for Crake.
Significant mineralisation remains outside the current resource envelope with further drilling planned at Crake in 2021 testing the northern strike and dip extensions of the mineralisation.
Notably, drilling is also planned at the Coote prospect, 500 metres west of Crake, and the new Kestrel discovery 7 kilometres to the north.