Horizon Minerals Ltd (ASX:HRZ) has received ‘excellent’ gold and ‘encouraging’ initial nickel assay results from a second phase of drilling at the Golden Ridge Project near Kalgoorlie-Boulder in the Western Australian Goldfields.
An extensional drilling phase in 2021 saw 5,308 metres completed across 42 reverse circulation (RC) holes to the north of the historic Golden Ridge Mine, with highlight gold intercepts including:
- 2 metres at 20.77 g/t gold from 80 metres;
- 2 metres at 26.11 g/t from 69 metres;
- 5 metres at 8.06 g/t from 57 metres;
- 1-metre at 21.36 g/t from 86 metres; and,
- 5 metres at 3.98 g/t from 62 metres.
Drill hole GRRC21014 also held multiple notable gold intersections:
- 1-metre at 6.73 g/t gold from 40 metres;
- 2 metres at 2.27 g/t from 44 metres;
- 2 metres at 2.86 g/t from 87 metres; and
- 14 metres at 3.62 g/t from 106 metres, including 1-metre at 40.3 g/t from 119 metres.
These results demonstrate a continuity of high-grade mineralisation that remains open to the north and at depth, which Horizon intends to follow up with further drilling, to begin in the June quarter this year.
“Potential for large scale extensions”
“Golden Ridge is continuing to demonstrate the potential for large-scale extensions and the continuity to the northwest and the south is very encouraging,” Horizon Minerals managing director Jon Price said.
“This highly mineralised system is now being tested for base metals with immediate initial success.
“We now look forward to the deeper drilling and EM survey data in our search for nickel sulphides and further gold extensions to the north and south.”
Channel sampling across the southern ramp of the Golden Ridge historic pit has also confirmed the presence steeply dipping, shallow high-grade lodes, with results including:
- 4 metres at 10.49 g/t gold from 6 metres and 2 metres at 1.41 g/t from 19 metres; and
- 1-metre at 2.98 g/t from 2 metres, 1-metre at 1.07 g/t from 7 metres and 3 metres at 5.56g/t gold from 15 metres.
First nickel returns
Encouragingly, Horizon conducted multi-element composite testing for base metals on drill core samples from Golden Ridge South and Golden Ridge North, revealing widespread mineralisation up to 0.62% nickel, 460 parts per million copper, 0.13% cobalt and 48 g/t silver in ultramafic saprolitic clays and rocks.
An RC drilling campaign up to 330 metres in depth has now begun at Golden Ridge.
Horizon intends to use the drilling to conduct downhole electromagnetic (EM) surveys to locate any nearby deep sulphide conductors and better delineate the ultramafic stratigraphy (layering of rock units).
Next steps
Horizon Minerals expects to produce a Golden Ridge mineral resource estimate update in the June quarter of this year, which will include the northern extensions and mineralisation beneath the historic mine at the project.
RC drilling will continue testing both precious and base metal targets at Golden Ridge through the June quarter of 2022 before moving to test targets in the northern Greater Boorara project area at Kanowna South, Perkolilli and Balagundi.
About Horizon Minerals
Horizon Minerals is an emerging mid-tier gold producer with an extensive portfolio of highly prospective gold projects in the heart of the world-class WA Goldfields.
The company has a large resource base of 1.15 million ounces of gold covering a total area of 1,100 square kilometres, growth options in multiple commodities, and a clear development and production strategy.
Its asset base holds large estimated gold mineral resources within easy trucking distance of the 507,000 ounces Boorara deposit, which has approvals in place for open-pit mine development and the construction of a new processing facility.