Horizon Gold Limited (ASX:HRN) has obtained a significant increase to the company’s Mineral Resource Estimate (MRE) within its 100% owned Gum Creek Gold Project located in the Murchison Region of Western Australia.
The new MRE includes updates to the Eagle, Howards, Heron South, Kingfisher, Shiraz, and Specimen Well deposits, and maiden MRE’s for the Deep South Reliance, Eagles Peak, Fangio, Kearrys, Hawk, Heron, Hyperno-Reliance, Melbourne Bitter and Wedge deposits at Gum Creek.
The revised MRE follows 28,400m of infill and extension reverse circulation (RC) and diamond drilling completed at 18 priority gold targets in 2022, a revised MRE of 44.45Mt @1.50g/t Au for 2.14Moz gold for the Gum Creek Gold Project.
The MRE includes Indicated and Inferred resource classifications in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves (JORC Code 2012 edition) with all resources located within granted mining leases. This updated MRE represents a 343,700oz (19%) increase in Indicated and Inferred gold when compared to the July 2022 MRE1 at a discovery cost of A$15/oz
“The company is very pleased to announce another substantial MRE increase to the 100% HRN controlled Gum Creek Gold Project. The increase once again illustrates the excellent exploration potential of the Project and we’re confident that further drilling will continue to grow the global resource and enhance resource classifications,” Managing Director, Leigh Ryan, said.
“Fifteen of the 37 open pits within the Project remain untested by Horizon, with 15 of the 16 previously untested open pits drilled to date now converted into maiden gold resources.
“Planning of our 2023 drilling campaign is almost complete. It includes additional resource expansion drilling around existing resources, drilling along strike of and beneath untested open pits, and initial drilling at advanced prospects, along with more wide-spaced drilling to further advance the large pipeline of regional gold targets within this exciting, underexplored, and highly strategic asset.”
Gum Creek Growth Potential
Mr Ryan said a global MRE increase of 777,000oz (57%) over the past two years highlights the outstanding potential for Horizon Gold to grow its Gum Creek Gold Project gold resource and achieve its goal of developing a stand-alone gold operation.
Initial drilling in 2023 will commence at the highly prospective Wedge deposit, where 2022 drilling returned 52m @5.9g/t Au from 91m to EOH4, at the Kingfisher deposit along strike to the north of intercepts including 16m @4.4g/t Au from 174m5, at the Hawk deposit following up 24m @3.7g/t Au from 124m6, immediately along strike to the north of 63m @1.3g/t Au from 32m7 at Howards, and at Toedter where further drilling is envisaged to add significant ounces to the existing gold resource.
For further information please visit: https://horizongold.com.au/
