Horizon Minerals Limited announced new multi-commodity drilling results from the 100% owned Lakewood project area located 20km southeast of Kalgoorlie - Boulder in the heart of the Western Australian goldfields. The drilling formed part of the 50,000m CY21 program testing high priority resource definition and
new discovery targets across the 1,100km2 portfolio. The aim of the program was to organically grow the project pipeline within a 75km radius of Kalgoorlie. The 59 hole, 3,002m air core program was designed to test three historic gold prospects and one `proof of concept' multi-commodity target after an extensive geoscience evaluation in conjunction with independent consultants, government departments and academia. The RC rig has now commenced drilling at the Cannon Au-Ni Project area and is scheduled to return to Lakewood in the current June Quarter 2022. The Lakewood Project is extensively covered by Playa Lake sediments, aeolian deposits derived from desiccated playas and other transported Cainozoic material. Only a small portion of the Project area is covered by in-situ soils, and there is virtually no outcrop. Lakewood typically comprises a thin veneer of soils overlying plastic clays that vary in thickness from 2m - 40m. Below this are unconsolidated clays and sands and then bedrock. Sandy grey clay filled paleochannels exist within the central Project area, some of which host small amounts of alluvial gold. There has been no mining activity on the tenure. The interpreted geology of the Lakewood Project is a late-stage sedimentary basin dominated by metamorphosed sedimentary rocks and felsic volcanic/intrusive rocks of the Black Flag Formation, together with a sequence of sediments, basalts, mafic and ultramafic intrusives on the eastern edge. Recent interpretative gravity work in 2021 by an external consultant has shown that this linear zone of mafic/ultramafic intrusives is located on a regional scale (approximately 10mGal), deep seated (+1,600m) NNW trending, vertical dipping litho-boundary. This could be a potentially key driver as many of the Ni and PGM occurrences in the Eastern Goldfields are sited close to deep crustal structures. Very little Ni-PGM information is available on the GSWA-Wamex website relating to the historical exploration in this anomalous area and, in particular, the mafic/ultramafic intrusives. Field inspection prior to drilling identified encouraging but occasional ironstone gossan float trails and shallow (gossan) pitting within a weathered ultramafic host. Both areas were drill tested with the air core rig.