Horizon Minerals has officially taken control of Aurenne Group’s Cannon, Glandore and Cowarna gold projects, comprised of 22 granted tenement licenses covering approximately 180 square kilometres within a short trucking distance from Horizon’s 100 per cent owned Boorara gold project in Kalgoorlie. Resource and reserve models are well advanced at the Cannon underground gold mine providing a near-term development opportunity for the company.
The three gold projects were acquired from privateer Aurenne Group Holdings for a total consideration of $5 million in cash. $2.5 million was transferred at settlement and the remaining $2.5 million will be transferred either 12 months from settlement, or upon first gold production from the Cannon underground gold mine, whichever comes first.
Horizon’s baseload mining proposal is from its Boorara project located approximately 20 km east of the Kalgoorlie Superpit.
It also has plenty of other options to draw from including its 100 per cent owned Rose Hill, Binduli, Teal and Kalpini satellite deposits. The company expects the bundle of projects to underpin the proposed construction of a stand-alone processing plant at Boorara.
Horizon has taken a thorough look at the geological database and determined the Cannon underground gold mine has a well-developed resource and reserve model. The current mineral resource at Cannon is 142,000 tonnes grading 5.17 grams per tonne gold for 24,000 ounces of gold and importantly, the mineralisation is still open at depth, to the north and south along the Cannon shear zone. Horizon expects to produce an updated mineral resource and ore reserve for the Cannon underground mine in the current December Quarter of 2021.
The Glandore gold project is located 14km east of the Boorara gold project and has multiple advanced open pit and underground exploration targets with plenty of interesting historic drill results begging to be followed up.
The Cowarna project covers 138 square kilometres and sits directly east of the successful Mt Belches gold project within Silver Lake Resources Mount Monger project. The area has several walk-up drill targets that extend from the orogenic banded iron formation units to the south-east that have historically proven to be good trap sites for gold mineralisation.
With a new suite of advanced exploration targets in close proximity to the Boorara gold project set to bolster Horizon’s already burgeoning portfolio, the company is racing towards production now whilst arming itself with an almost never ending plethora of deposits to draw from.
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