Horizon Minerals Ltd (ASX:HRZ) has welcomed the results from its recent drilling programs testing high priority projects and new discovery targets across its 1,100 square kilometre portfolio within the Kalgoorlie-Coolgardie region of Western Australia.
The company’s reverse circulation (RC) drilling program targeting gold at the Honeyeater and Black flag prospects has revealed encouraging new mineralisation including:
- 5 metres at 1.22 g/t gold from 52 metres;
- 5 metres at 1.14 g/t from 59 metres; and
- 4 metres at 0.62 g/t from 42 metres.
Two RC programs completed north of the Boorara base project with gold and base metal targets tested at Kanowna South and the historic Gretel silver-zinc prospect produced anomalous results including 9 metres at 0.35% nickel, 0.18% zinc from 85 metres and 1-metre at 82ppb platinum-palladium, 5.63 g/t silver and 665ppm copper from 109 metres.
Furthermore, aircore drilling results received to date have identified Golden Ridge South as having growth potential with new shallow mineralisation intercepted including 4 metres at 3.24 g/t gold from 52 metres.
Strong further news flow is expected from the current and future programs in the December and March quarters.
“World-class minerals province”
Horizon managing director Jon Price said: “The company has a wealth of resource growth and new discovery targets and continues to explore across the entire portfolio in what we know is a world-class minerals province.
“These initial results demonstrate the long-term prospectivity of the region, not just in gold, but other precious and base metals and we look forward to releasing further results in coming months including the exciting Yarmany, Binduli, greater Boorara and Lakewood areas.”
Shares have been as much as 17% higher intraday to 14 cents.
Kalgoorlie project area location and surrounding infrastructure.
Drilling campaign
Horizon’s drilling campaign aims 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.
RC drilling completed at the Honeyeater prospect, 900 metres north of the new Kestrel discovery, comprised 17 RC holes for 1,730 metres with widespread mineralisation up to 750 metres northwest of Honeyeater confirmed
Drilling at Black Flag prospect comprised 16 holes totalling 1,334 metres and discovered new mineralisation related to discrete gravity anomalies.
In addition, aircore drilling totalling 43 holes for 2,662 metres was completed to the south and west of Golden Ridge and identified Golden Ridge South as having growth potential.
Furthermore, a first-pass aircore drilling program was recently completed at Lakewood with the rig now testing soil anomalies in the Perkolilli and Balagundi areas with results pending.
Forward plan
Up to four drill rigs (AC, RC and diamond) will continue the 50,000 metres regional exploration program through the current quarter with the majority of drilling to focus on project generation and discovery drilling at Lakewood, Yarmany, Binduli and the greater Boorara area.
Pending further assays from the recent programs, the rigs will cycle through the projects from testing new targets to follow up extension, infill and structural drilling as required.
In addition, results received to date have highlighted the prospectivity of the area for both gold and other precious and base metals including nickel, copper, silver, zinc and platinum group elements.
During reconnaissance and field mapping work at Yarmany, significant widths of unexplored pegmatite scatterings and outcrops were also recently noted.
Importantly, drill samples from all programs will be assayed for multi-elements dependent on the host geology.