Horizon Gold Limited Announces Maiden Altair Base Metal Resource and Drilling Results from Altair and Mensa Targets
and over lying felsic units and sediments are folded about a NW trending fold plane. Oxidation ranges between 60m and 140m below surface. Zn depletion and Cu enrichment is apparent in both the oxide and transition zones, whilst in fresh rock Zn mineralisation and grades are dominant
over Cu mineralisation. RC and diamond drilling by Horizon at the Altair Prospect has now defined a broad continuous lens of polymetallic (zinc-copper-silver+/-gold) mineralisation over a strike of around 750m. Mineralisation remains open down plunge to the southeast and along strike to the northeast. Mensa Prospect: The Mensa Prospect is located 28 kilometres north-northwest of the historic Gidgee Mill. Three RC holes (892m) were drilled to test modelled electromagnetic conductor plates and coincident elevated magnetics and anomalous geochemistry located approximately 5km along strike from the Altair Prospect. Significant intercepts included: 35m @ 0.3% Zn, 0.1% Cu, 1.1g/t Ag from 261m (MERC002); 57m @ 0.2% Zn, 0.1% Cu, 0.8g/t Ag from 176m (MERC001) and 11m @ 0.2% Zn, 0.1% Cu, 1.1g/t Ag from 241m (MERC003). The RC drilling has confirmed the geochemically anomalous nature of the black shale and volcanic units and the interpreted geological setting at Mensa to be that of a VMS environment similar to that at Altair, with the potential for the target stratigraphy hosting the Altair mineralisation to extend to the Mensa Prospect. Evidence to support the VMS interpretation at Mensa includes: Black shale and volcanic depositional environment, Semi-massive sulphides present in shale units, Extensive chlorite-silica alteration and pyrite development in footwall intermediate to mafic volcanic units, Lack of Pb mineralisation, Anomalous geochemical pathfinder elements characteristic of VMS systems (elevated Ba, Mo, Sn). Downhole electromagnetic surveying at Mensa is warranted to detect any off-hole conductive base metal mineralisation, and to assist with follow up drill hole planning. Further detailed geochemical work to reveal metal and pathfinder element zonation /patterns, and spectral measurements to identify alteration minerals to determine vectors to a potential hydrothermal feeder vent is required at both Altair and Mensa prior to conducting additional drilling. Matrix Resource Consultants Pty Ltd. (Matrix) were engaged by Horizon Gold Limited to report a mineral resource consistent with the JORC code 2012 guidelines for the Altair Zn-Cu-Ag deposit following additional RC and diamond drilling completed at the prospect during 2022. The estimates were undertaken using Multiple Indicator Kriging (MIK) with block support adjustment, and are reported at ZnEq cut-off grades of 1.5 to 2.5%. The metal equivalent calculation formula is ZnEq % = Zn (%) + 2.78 x Cu (%) + 0.018 x Ag (g/t) using metal prices of AUD 4,500/t Zn, AUD 12,500/t Cu and AUD 30/oz Ag. The Company considers the MRE to have a reasonable prospect for eventual economic extraction (RPEEE) on the basis of comparison of ZnEq resource tonnes and grades for open pit and underground mining operations in similar mining jurisdictions to that of Western Australia. The estimates are based on 2 metre down-hole composited Zn, Cu, and Ag assays from aircore, RC and diamond drilling.