Horizon Minerals Ltd (ASX:HRZ) has fielded high-grade gold from its first phase of exploration drilling at the new Monument gold prospect, within the Greater Boorara – Cannon gold project in Western Australia.
Drilling comprised 14 reverse circulation (RC) holes across 2,156 metres testing extensions and validating historical drilling results 900 metres southwest of the advanced Cannon gold project.
Significant new high-grade mineralisation intersected includes:
- 4 metres at 4.63g/t gold from 68 metres and 4 metres at 7.76g/t from 80 metres;
- 7 metres at 2.40g/t from 59 metres;
- 5 metres at 4.09g/t from 99 metres, including 1 metre at 16.13g/t from 99 metres; and
- 4 metres at 3.78g/t from 44 metres.
Notably, follow-up extension drilling will kick off this quarter with 3,000 metres planned at Monument, Homerton and the nearby Pinner prospect.
Regional exploration is progressing well at several historic prospects in the Cannon – Glandore area for both gold and nickel sulphides with further results expected in the current quarter.
“Excellent drilling results”
Horizon managing director Jon Price said: “These excellent drilling results at Monument and Homerton clearly demonstrate the potential of the area to deliver significant resource growth in close proximity to the advanced Cannon underground gold project.
“We now look forward to the results of the next round of drilling and resource modelling to complement our existing resource base in the area supporting both an open pit and underground production hub as part of our contract mining – toll milling model for cash generation.”
Drill program
The drilling forms part of the FY2023 exploration program focusing on new discoveries within the Greater Boorara – Cannon, Lakewood and Yarmany project areas.
The Cannon area appears to be highly prospective with several historic prospects located within a one-kilometre radius of the open-cut mine.
Two of the more advanced prospects, Monument and Homerton, were recently drilled to both validate historical drilling and test for potential strike and depth extensions.
At the emerging Homerton prospect midway between Cannon and Monument, four holes for 408 metres were drilled in a new line to test the interpreted southwest trend, with positive results including:
- 3 metres at 0.99g/t gold from 50 metres;
- 9 metres at 1.94g/t from 75 metres; and
- 4 metres at 1.02g/t from 104 metres.
Forward plan
Horizon has scheduled a 3,000-metre RC program designed to infill and extend the Monument, Homerton and Pinner prospects to commence this quarter.
This drilling will allow an initial JORC resource and preliminary scoping studies to be completed.
Work has already progressed on several fronts with field mapping, soil sampling and ‘boots on ground’ activities taking place at several older prospects and new discovery targets.