ASX-listed Horizon Minerals has reported a string of bonanza gold drill hits from one of its core satellite gold deposits that together with the company’s main Boorara deposit, form the bedrock of its proposed Boorara gold project development 10 kilometres east of Kalgoorlie. Infill and extensional drilling undertaken at the Perth-based company’s Crake deposit 9km west of Kalgoorlie delivered some spectacular near-surface RC assays led by a 24-metre intersection at an average grade of 4.94 grams per tonne gold from 32m including 1m at 57.17 g/t from 36m. Another 12m intersection came in at 6.68 g/t from 6m including 3m at 14.85 g/t from 9m.
Other recent high-grade gold intercepts from Crake comprised 2m going more than an ounce to the tonne gold at 37.88 g/t from 13m including 1m at 67.89 g/t from 13m, 4m at 14.9 g/t from 53m including 1m at 56.2 g/t from 55m and 4m at 6.71 g/t from 44m including 1m at 24.0 g/t from 44m.
Horizon Minerals Managing Director, Jon Price said: “These latest spectacular drilling results continue to demonstrate the potential scale and quality of Crake and the entire Binduli project area. We now look forward to releasing the updated resource and completing the reserve generation work which we expect to confirm Crake as a valuable high-grade satellite ore source to complement the baseload Boorara deposit.”
The latest Crake drilling campaign consisted of 51 RC and three diamond holes for a total coverage of 5,043m to a maximum depth of 174m. It was aimed at infilling several zones within the current mineralised envelope to improve the JORC classification to the measured and indicated categories for ore reserves generation.
According to Horizon, drill results from Crake demonstrate solid continuity and grades along a 600m strike length with mineralisation open to the north, west and at depth.
It says the program was also designed to extend areas of mineralisation beyond the current resource model to the north-west and picked up significant auriferous sniffs both west and north west of existing Crake gold mineralisation.
Notable intersections providing encouragement to the west and north west were the 4m at 14.9 g/t from 53m and 4m at 6.71 g/t from 44m drill hits, and 6m at 3.64 g/t from 91m including 9.04 g/t from 95m.
Stacked gold lodes at Crake typically occur in weakly developed quartz stockworks and range from 5m to 20m thick. Horizon points out that on occasions, low-grade mineralisation can blow out to more than 60m in width.
Crake’s maiden measured, indicated and inferred resource released in late 2019 stands at 1.27 million tonnes of ore grading an average 1.82 g/t for 73,820 ounces of contained gold using a 1 g/t lower grade cut-off.
An updated mineral resource estimate for Crake is currently in the works and expected to be finished by independent consultants in the June quarter this year, after which Horizon intends carrying out open-cut mine optimisation and design studies and economic modelling in order to generate maiden ore reserve figures for Crake.
Crake reserves will then be incorporated in the company’s consolidated feasibility study on the proposed Boorara mining and processing hub around Kalgoorlie and an initial five-year life of mine plan. It has been slated to be completed some time this year.
The base-load Boorara measured, indicated and inferred resource of 16.45 million tonnes of ore at 0.96 g/t for 507,000 ounces of contained gold cornerstones Horizon’s 1.05-million-ounce global gold resource position near Kalgoorlie. Satellite deposits including Crake, Teal and Jacques Find make up the balance.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
