Horizon Minerals Ltd (ASX:HRZ) has revealed further high-grade gold intersections at the Kestrel discovery, part of the Binduli Gold Project in WA.
Reverse circulation drilling is ongoing at Kestrel, with 31 holes completed totalling 3,245 metres, and thick zones of new, shallow, high-grade gold mineralisation intersected including:
- 4 metres at 24.27 g/t gold from 92 metres;
- 5 metres at 13.22 g/t from 101 metres, including 1-metre at 42.27 g/t from 101 metres, and 1-metre at 1.15 g/t from 109 metres
- 8 metres at 4.80 g/t from 64 metres, including 1-metre at 29.95 g/t from 64 metres
- 2 metres at 3.09g/t gold from 56 metres
- 3 metres at 10.52g/t gold from 80 metres including 1 metre at 25.57 g/t from 80 metres.
Kestrel and Binduli excitement
Horizon managing director Jon Price said the latest results continued to build the company’s confidence in the Kestrel discovery, which only returned its first results in early August.
“These new high-grade results have confirmed and extended the mineralisation at Kestrel across a potential 650-metre strike length, and we are just scratching the surface with vertical depths to only 100 metres,” he said.
“The aim now is to test what lies beneath and infill along strike with two rigs running and further results expected in the current December quarter.
“The Binduli project area is fast becoming a new and exciting production centre with Crake and Coote in the south and Kestrel and Honeyeater in the north.”
Drilling details
Drilling at Kestrel forms part of a 50,000-metre program testing high priority project generation and new discovery targets across the 1,100 square kilometre portfolio.
The aim of the program is to organically grow the project pipeline within a 75-kilometre radius of the proposed Boorara mill adding to the six core development projects under evaluation as part of the consolidated feasibility study.
High-grade mineralisation at Kestrel remains open at depth and to the south with the strike length now extending to 650 metres.
Two drill lines 350 to 450 metres south of Kestrel discovered additional mineralisation with one hole intersecting four multiple, narrow ore shoots within another geologically different porphyry stockwork host.
Similarities to the Coote-Crake style mineralisation are also noted which suggest the Kestrel area now hosts two mineralised porphyry systems.
Next steps
Two RC rigs are completing a further 5,000 metres of infill and extension drilling, with results expected in the current quarter.
Approximately 5,000 metres of the proposed 10,000-metre Kestrel-Honeyeater RC program has been completed with significant success and results from several holes pending.
Testing Kestrel at depth, under the salt lake, and linking the southern and Kestrel prospects together remain a priority.
Further drilling to the south, beyond the anticipated 650-metre strike length, is also planned with a view to testing more than 1,400 metres of prospective Kestrel strike.
- Daniel Paproth