Horizon Minerals Ltd (ASX:HRZ) has received further strong high-grade gold drilling results from the Crake and Coote projects, within the Binduli Gold Project area, 8 kilometres west of Kalgoorlie-Boulder in the heart of the Western Australian Goldfields.
This drilling program comprised 11 reverse circulation (RC) holes for 1,237 metres to a maximum depth of 120 metres testing strike extensions to the northwest and potential linking lodes between the two deposits.
The current mineral resource estimate (MRE) for Crake stands at 1.42 million tonnes at 1.46 g/t gold for 66,500 ounces at a 0.8 g/t gold lower cut-off grade with 95% in the indicated category.
An updated MRE for Crake and a maiden MRE for Coote are expected in the June quarter of 2022, with further extensional and infill drilling planned for 2022.
Resource growth potential
Horizon managing director Jon Price said: “These latest extensional drill results continue to demonstrate the growth potential of this large mineralised system within the Binduli project area.
“Further drill testing along strike and between these two deposits is planned in 2022 and we see the potential for significant resource growth all within close proximity to existing infrastructure in the Kalgoorlie region.”
Drilling
Drilling was part of the 50,000-metre 2021 program testing high priority resource growth and new 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 Kalgoorlie and establish ore reserves.
Horizon, like most other companies, is experiencing significant delays in assay turnaround due to labour shortages and has more than 6,000 metres of drilling at the laboratories awaiting assay.
Crake results
At Crake, three RC holes for 358 metres were drilled in the NW area, where the mineralisation remained open.
New high-grade mineralisation was revealed including:
➢ 6 metres at 1.61 g/t gold from 52 metres and 2 metres at 1.32 g/t from 62 metres;
➢ 12 metres at 2.70 g/t from 48 metres; and
➢ 40 metres at 1.58 g/t from 39 metres including 2 metres at 1.24 g/t from 39 metres, 2 metres at 1.26 g/t from 43 metres, 2 metres at 1.26 g/t from 47 metres, 2 metres at 1.99 g/t from 53 metres, 2 metres at 2.49 g/t from 65 metres, 1-metre at 1.85 g/t from 70 metres, 4 metres at 9.27 g/t from 75 metres, 1-metre at 1.08 g/t from 104 metres and 4 metres at 1.14 g/t from 110 metres.
There is very limited drilling in this area highlighting the potential upside for further resource expansion with additional drilling.
Coote results
The Coote drilling comprised eight RC holes for 879 metres.
Strong results were returned from holes CRC21004 and CRC21007 and include:
➢ 5 metres at 10.52 g/t gold from 12 metres including 1-metre at 42.98 g/t, 3 metres at 1.59 g/t from 50 metres, 2 metres at 1.37 g/t from 60 metres, 1-metre at 1.18 g/t from 66 metres and 2 metres at 1.08 g/t from 88 metres; and
➢ 8 metres at 1.19 g/t from 42 metres, 1-metre at 1.25 g/t from 56 metres, 1-metre at 1.03 g/t from 63 metres, 1-metre at 1.18 g/t from 66 metres, 2 metres at 1.57 g/t from 74 metres, 1-metre at 1.01 g/t from 79 metres and 1-metre at 1.01 g/t from 79 metres.
Significant widths at high grade were intercepted to the west of the Crake resource and the east of Coote demonstrating the potential for the two deposits to converge and extend to the northwest.
Next steps
With the significant large-scale porphyry orebody 1,500 metres to the south at Janet Ivy and the sheared units to the southwest at Fort William and Fort Scott, the company will commence further extensional and infill drilling in 2022, testing the connection and potential convergence of the two deposits.
The new data will now be compiled to generate an updated MRE for Crake and a maiden MRE for Coote is expected in the June quarter of 2022.