Horizon Minerals has scored a swag of encouraging drill hits after a phase 1 RC drilling campaign at its Monument gold prospect, part of the developer’s larger Boorara-Cannon project near Kalgoorlie in WA. Results from the 14-hole, 2156m program include 1m at 16.13 grams per tonne gold from 99m inside a larger 5m parcel running 4.09 g/t gold from 99m.
Some of the other notable intercepts include 4m going 7.76 g/t gold from 80m, 4m at 4.63 g/t gold from 68m and 4m running 3.78 g/t gold from 44m.
Results from another hole include a 7m parcel grading 2.4 g/t gold from 59m.
Management says it has now defined mineralisation along 600m of strike that remains open to the north, south and at depth.
The campaign was aimed at testing and validating historic strikes about 900m south-west of the company’s recently acquired Cannon underground gold operation. The mine is about 30km east of Kalgoorlie-Boulder and 10km east of Horizon’s wholly owned Boorara mill.
Open-pit mining at Canon produced about 55,000 ounces of gold grading 2.98 g/t until 2017.
The company completed an independent JORC-compliant mineral resource update last year that suggested accessing the operation’s underground gold through a portal within the existing open pit could upgrade the project’s estimate to about 32,000 ounces — up more than 8000 ounces above previous figures.
The estimate at the project currently stands at 226,000 tonnes going 4.4 g/t gold for about 32,300 ounces under a 1 g/t threshold.
Horizon's recent activity included four holes sunk at its Homerton prospect – midway between its Cannon and Monument assets.
Results from the program include 9m at 1.94 g/t gold from 75m, 4m running 1.02 g/t gold from 104m and 3m going 0.99 g/t gold from 50m.
The holes at Homerton were intended to test an interpreted south-west trend that could harbour even more gold.
The company is now drawing up plans to complete extensional drilling at its Monument, Homerton and nearby Pinner prospects and has scheduled a 3000m program.
Horizon is also advancing campaigns at several prospective gold and nickel sulphide targets across its larger Cannon-Glandore project area and expects results from the work to start flowing in this quarter.
Horizon Minerals' Managing Director, Jon Price said: “These excellent drilling results at Monument and Homerton clearly demonstrate the potential of the area to deliver significant resource growth in close proximity to the advanced Cannon underground gold project.”
“We now look forward to the results of the next round of drilling and resource modelling to complement our existing resource base in the area supporting both an open pit and underground production hub as part of our contract mining – toll milling model for cash generation.”
Gold is currently hovering around US$1800 per ounce mark after a four week rally powered by a plunging US dollar.
Supporters of the precious metal have long believed the ground around the revered Kalgoorlie-Boulder region could host more untapped gold. With the company turning up a raft of notable intercepts within earshot of its wholly owned Boorara mill, things could get interesting for Horizon Minerals.
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By Matt Birney
