Horizon Minerals Ltd (ASX:HRZ) has encountered nickel sulphide mineralisation in the first hole drilled at the Euston prospect, part of the wholly-owned Cannon Project in WA.
A data review at Cannon honed in on two promising nickel targets (dubbed Euston and Blair North), so Horizon chose to drill five holes, covering 990 metres, to test the prospects and validate historical drilling results.
Although the results to date are preliminary, Horizon believes Euston shows promise, with the first hole returning 4 metres at more than 1% nickel, 607 parts per million copper and 250 parts per million cobalt from 160 metres.
Results for the remaining four holes are pending, but a downhole electromagnetic survey is planned for the Cannon Project to support future nickel drill targeting.
“A fantastic result”
Commenting on the nickel exploration progress, Horizon managing director Jon Price said: “It’s very encouraging that the first hole returned at Euston has hit significant nickel mineralisation, which is a fantastic result.
“We look forward to receiving further assays from the outstanding holes and the single metre results.
“Looking ahead, we are enhancing our search for nickel sulphide extensions through the downhole EM surveys being undertaken at Cannon and Golden Ridge, which will inform future drill programs southeast of Kalgoorlie.”
All eyes on the assays
For Horizon, the next part of the journey is all about securing assay results.
However, assay turnaround times have been affected by COVID-19 in the community, as well as increasing backlog of samples at the laboratories.
As a result, Horizon expects to receive a big batch of preliminary composite gold and nickel results in the coming weeks.
Once the assays have been received, single samples will be collected and submitted.
Ideally, HRZ hopes that its drilling and downhole electromagnetic results will help locate any off-hole conductors, which can be targeted for high-grade nickel sulphide mineralisation when drilling resumes.
In the meantime, the drill rig is poised to spin at the Black Flag, Yarmany, Lakewood and Penny’s Find prospects over the next couple of months.
Follow up drilling at Cannon and Golden Ridge is expected to recommence during the September quarter.