Horizon Minerals Ltd (ASX:HRZ) is encouraged by results from first-pass reconnaissance drilling at the Lakewood Project near Kalgoorlie-Boulder, Western Australia, as it tests for multi-commodity potential with the palladium and platinum mineralisation particularly pleasing.
The company gathered data from four priority drilling targets with 59 aircore holes for 3,002 metres of drilling. Results revealed shallow, highly anomalous platinum-palladium-nickel-cobalt mineralisation in the weathered profile of the rock.
Composite results received to date include:
LKAC21025
- 8 metres at 206 parts per billion (ppb) platinum & 35ppb palladium from surface (platinum group metals (PGM) combined grade (2E) of 0.24 g/t);
- 4 metres at 67ppb platinum and 39ppb palladium from 8 metres (PGM 2E 0.11g/t); and
- 4 metres at 124ppb platinum and 24ppb palladium from 24 metres (PGM 2E 0.14g/t).
LKAC21014
- 4 metres at 133ppb platinum & 37ppb palladium from 20 metres (PGM 2E 0.17g/t); and
- 4 metres at 90ppb platinum, 34ppb palladium and 503ppm nickel from 24 metres.
LKAC21023
- 8 metres at 131ppb platinum, 14ppb palladium (PGM 2E 0.14g/t), 726ppm nickel and 119ppm cobalt from 20 metres;
- 4 metres at 102ppm cadmium from 64 metres; and
- 4 metres at 921ppm copper from 68 metres (to end of hole).
LKAC21020
- 4 metres at 33ppb platinum & 77ppb palladium (PGM 2E 0.11g/t) and 417ppm nickel from 32 metres.
Horizon believes these results demonstrate potential for “significant” primary mineralisation at depth and along strike within the project area, with multiple targets still to be tested.
“Highlights the untapped potential”
“It is great to see these encouraging first-pass results at Lakewood after completion of an extensive target generation study,” Horizon Metals managing director Jon Price said.
“By applying the latest exploration technology and working with expert consultants and academia, our exploration team has done a great job in identifying and successfully testing our asset base for new precious and critical energy metals.
“To be intercepting platinum group metals and nickel-cobalt in this highly underexplored area on the edge of Kalgoorlie-Boulder highlights the untapped potential of the region.
“We now look forward to further assay results and the next round of drilling to further test this exciting prospect and other new regional targets.”
Single metre split samples have now been collected and submitted to the laboratory with results expected in the current quarter.
Horizon intends to follow up these shallow aircore results with reverse circulation (RC) drilling along strike and beneath the anomalous mineralised zones, planned to begin once gold and nickel drilling at the nearby Cannon underground mine is completed.
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 Western Australian 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 562,000 ounces of estimated gold mineral resources within easy trucking distance of the 507,000-ounce Boorara deposit, which has approvals in place for open-pit mine development and the construction of a new processing facility.