HIGHLIGHTS
- Resource definition and extension drilling completed at the Penny's Find gold project, 50km northeast of Kalgoorlie in the Western Australian goldfields
- The project is a 50:50 joint venture with
- Drilling comprised 2,013m of RC and 2,765m of diamond for 4,778m to a maximum depth of 282m testing the continuity of mineralisation below and to the north of the historic open pit
- First batch of assays now received with high-grade intercepts including:
o 3.7m @ 7.46g/t Au from 215.3m (P1_005)
o 2.7m @ 8.64g/t Au from 171.4m
and 1.7m @ 17.91g/t Au from 178.9m (P1_007)
o 1.9m @ 13.95g/t Au from 251m (P1_009)
o 5.0m @ 5.27g/t Au from 180.3m (P1_010)
o 0.9m @ 23.56g/t Au from 216.7m (P1_006)
o 2.0m @ 8.47 g/t Au from 227m (P1_008)
- Results demonstrate excellent width and grade and improved geological confidence in the underground ore body with mineralisation open to the north and at depth
- Further assays are pending and expected in the current
- Mine optimisation, design and economic analysis will then be completed for Ore Reserve generation and a development decision in the
- All statutory approvals in place and a toll milling agreement executed for ore processing in the second half of 2021
Commenting on the drilling results, Horizon Minerals Managing Director Mr
"These initial drilling results have improved our confidence in the scale and quality of the underground mineralisation, and we look forward to the receipt of all remaining results and the updated Mineral Resource and Ore Reserve in coming months. Our aim is to rapidly advance the project with our JV partners to a development decision in the
The Company acquired a 50% interest in the project from joint venture partner
In the
- Infill a number of areas within the current mineralised envelope to improve JORC classification to the Measured and Indicated Categories for Ore Reserve generation
- Test extensions to the north of the current mineralised envelope
- Provide diamond core for additional geotechnical assessment and confirmatory metallurgical test work for mine optimisation, design and economic analysis
Project Geology
The high-grade gold mineralisation at Penny's Find is hosted in quartz veins at the contact between sediments and basalt. Open cut mining to 85m was completed by
Summary of Results
Thirteen of the 21 diamond holes drilled have now been assayed with all geotechnical, structural, and geological logging complete. Further assays are expected in the coming weeks. The drilling was mostly on 20m line spacings and designed to improve geological confidence and JORC Category for underground mine design and economic analysis.
Samples were assayed by screen fire in the ore zone. This was deemed the appropriate method given the visible gold observed in the core.
The results are consistent with previous drilling conducted at the project with the ore comprising visual high-grade, narrow quartz veins which dip about 60deg to the north east (Figures 2 and 3*).
Hole P1_010 (5m @ 5.27 g/t Au from 180m) is of particular interest as it tested the northern extension potential outside the current mineralised envelope and intercepted significant widths and grade. Limited drilling has been conducted north of this drill hole and will be followed up in the next program to test the projected ore plunge and northern strike extent.
On receipt of all data, an updated underground Mineral Resource estimate will be compiled in accordance with the JORC Code 2012.
Underground mine optimisation, design and updated economic analysis will then be completed to support Ore Reserve generation and a development decision in the
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/48UMX3JR
About
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of
Contact:
Managing Director
T: +61 8 9386 9534
E: jon.price@horizonminerals.com.au
Media Relations -
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
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