Horizon unearths multi-mineral cocktail near Coolgardie

Horizon Minerals has unearthed a mixed bag of geological goodies at its Yarmany project near Coolgardie. Initial drill results confirm gold, nickel-cobalt-copper, silver, lead, zinc and even lithium mineralisation to be present, opening up a grab bag of opportunities for the gold developer. The Yarmany project sits around 25 kilometres northwest of Coolgardie and takes in some 400km² along the prospective Mt Ida Fault and Reptile shear zone.

Initial results from first pass drilling at Yarmany threw up some solid gold grades, anomalous nickel-cobalt-copper and silver-lead-zinc mineralisation and even a sniff of lithium. The work forms part of the company’s strategy to test new discovery targets for multiple commodities across its portfolio with a focus on the Yarmany, Greater Boorara and Lakewood project areas.

A total of 47 reverse circulation holes for 4,413 metres and 72 aircore holes for 2,617m were completed.

Drill testing of the Reptile shear running diagonally through the Yarmany project gave up decent grades of up to 2m going 4.95 grams per tonne gold from 86m downhole and another 2m at 3.58 g/t gold from a shallower 66m.

To the southeast the emerging prospect at Wotan yielded 1m grading 1.61 g/t gold from 48m and another 1m grading 1.81 g/t gold from 111m downhole.

Further encouraging gold mineralisation was encountered at the Big Red prospect where four diamond drill holes were plunged into a historically defined soil anomaly. Modest levels of gold were present with the best result 1.1m running 2.56 g/t gold from nearly 57m downhole.

Reverse circulation holes into the historic workings of the prospect turned up an encouraging intercept of 6m at 1.14 g/t gold from 66m downhole as the final metre graded 1.69 g/t gold.

Notably, trace lead and zinc mineralisation were identified in the drill chips coming out of the ground at Big Red and subsequent multi-element analysis was performed returning 4m at 5.2 g/t silver, 498 parts per million lead and 202ppm zinc from 20m downhole.

Returning west to the Ida Fault, the company says anomalous nickel laterites and oxide clays were encountered during shallow drilling and yielded 4m grading 0.71 per cent nickel and 767 parts per million cobalt from 20m downhole.  This included a broader intercept of 16m at 0.33 per cent nickel, 344ppm cobalt and 168ppm copper from 4m downhole.

Horizon is more interested in the nickel sulphides it believes may lie beneath the low-grade, albeit lateritic mineralisation.

The aircore program also located and tested pegmatites detecting values of up to 128ppm lithium at multiple sites. Horizon management believes the results warrant further investigation as lithium pegmatites have been well documented and successfully progressed by others in this region.

Interestingly ASX-listed Red Dirt Metals is making some serious headway 150km to the north of Horizon along the very same Mt Ida Fault.  Red Dirt, previously TNT Mines, acquired the 155 square kilometre area constituting Ora Banda’s copper and gold project with lithium potential for $11m in 2021. Since operating the flagship project under a spodumene sail and realising its lithium potential, Red Dirt has taken its share price on a welcome journey upwards from 29 cents on the 23rd of September 2021 to a high of  92 cents on the 9th of November 2021 and it is now sitting at 55 cents on close today.

Horizon Minerals Managing Director, Jon Price said: “While the Company remains focussed on growing our gold business, these first pass results have highlighted the potential for the discovery of new base and energy metals deposits as well as gold in a relatively unexplored region in the Goldfields.”

“The Company has over 50km of the highly prospective Mt Ida fault at Yarmany and we look forward to the release of further results and the commencement of the large-scale multi-commodity exploration program in coming months.”

Horizon Minerals appears to be broadening its gaze. Having already locked down multiple gold resources in the Kalgoorlie region, the company now has a grab bag of other minerals to chase at a time when all are in high demand.

The global hunger for battery metals appears to have changed the way explorers look at their opportunities. Horizon has a big cache of potential moves it can make next and it will be interesting to follow the journey of its rigs as they go about their business.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au