07/09/2021 - 15:52

Horizon upgrades satellite gold resource after stellar drill results

07/09/2021 - 15:52

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ASX-listed gold developer Horizon Minerals has released a new mineral resource estimate for its Crake project about 25 kilometres west of its proposed Boorara gold mine near Kalgoorlie. A series of stellar drill results have now moved 95 per cent of the resource into the coveted indicated category and metallurgical test work is also scrubbing up well at up to 98.9 per cent recoveries from the oxides.

Horizon Minerals Tenements/Applications near Kalgoorlie WA. Credit: File

ASX-listed gold developer Horizon Minerals has released a new mineral resource estimate for its Crake project about 25 kilometres west of its proposed Boorara gold mine near Kalgoorlie. A series of stellar drill results have now moved 95 per cent of the resource into the coveted indicated category and metallurgical test work is also scrubbing up well at up to 98.9 per cent recoveries from the oxides and 95.9 per cent from the fresh composites.

Notably, Horizon says it can recover about 49 per cent of the gold in oxide composite and 68 per cent of the gold in the fresh composites just from gravity.

The new resource estimate comes in at a handy 1.42 million tonnes grading 1.46 grams per tonne gold for 66,500 oz at a 0.8 g/t gold lower cut-off grade.

Horizon says it will now look to book an initial mining reserve at the project by December this year.

The new resource is based on metallurgical assessment of 51 reverse circulation and three diamond drill holes for and aggregate 5,043 metres of drilling reported in December 2020 and March 2021. The new samples have provided for the improved classification and enhanced structural, geotechnical and metallurgical assessment of the ore bodies.

The final deliverable for the new resource estimate came courtesy of a stellar infill drill result of 24m at 4.9 g/t gold from 32m including 1m at a jackpot 57.2 g/t gold from 36m.

Other impressive shallow drill numbers is the latest campaign include 12m at 6.7 g/t gold from just 6m down-hole and 2m at 37.9m from only 13m

Another notable high-grade result was 4m at 14.9 g/t gold from 53m which included aa metre long intersection going 56.2 g/t gold.

According to the company, the latest drill results at Crake represent excellent width and grade continuity across a 500m strike length and Horizon says Crake remains open along strike and down.

Crake is located within Horizon’s 100 per cent owned Binduli gold project just 9km west of Kalgoorlie-Boulder in the beating heart of the famous West Australian goldfields.

Horizon Managing Director Jon Price said; "Crake and the Binduli area in general are certainly shaping up to be significant contributors to our future production profile providing high grade satellite feed to complement the baseload Boorara project 25km to the east. We look forward to completing the maiden Ore Reserve for Crake and continuing the step out drilling at the Coote, Kestrel and Honeyeater prospects to the north."

Horizon says Crake and its five sister gold projects in the vicinity of Kalgoorlie provide a constellation of ore bodies that Horizon will use to compliment the baseload at its Boorara gold project. The six satellite gold projects are being advanced as part of the consolidated feasibility study undertaken by the company to deliver a minimum five-year initial mine plan with production capacity to establish a stand-alone processing facility at the Boorara mine site just east of Kalgoorlie.

Drilling results from the 2020-2021 program extended the mineralised envelope at Crake along strike and at depth and infill holes improved the geological confidence within the block model. Several holes also revealed mineralisation outside the resource area both laterally and down dip.

Further drilling is now planned at Crake based on the significant mineralisation seen outside of the current resource envelope in the 2020-2021 drilling program. Drilling in 2021 will test the northern strike and dip extensions of the mineralisation. New drilling will also be undertaken at the Coote prospect only 500m west of Crake and the new Kestrel discovery 7km to the north.

 

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

 

 

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