Horizon Minerals Limited (ASX: HRZ) has received “excellent” new gold drilling results from the 100% owned Greater Boorara – Cannon project area located 30km southeast of Kalgoorlie-Boulder in the heart of the Western Australian goldfields.
Significant new, shallow, high-grade mineralisation intercepted including:
o 6m @ 6.94g/t Au from 35m inc. 1m @ 35.39g/t Au from 36m (CARC22055)
o 5m @ 2.80g/t Au from 20m (CARC22053)
o 1m @ 12.03g/t Au from 17m (CARC22042)
o 9m @ 1.86g/t Au from 12m (CARC22054)
o 2m @ 4.88g/t Au from 38m (CARC22036)
o 8m @ 1.8g/t Au from 28m (CARC22046)
The drilling forms part of the current FY23 exploration program focussing on new discoveries within the Greater Boorara – Cannon, Lakewood and Yarmany project areas.
The Cannon area appears to be highly prospective with several historic prospects located within a 1km radius of the open cut mine. Two of the more advanced prospects, Monument and Homerton, were recently drilled to both validate historic drilling and test for potential strike and depth extensions.
A third historic deposit, Pinner, was drilled as a potential southern cutback on the Cannon pit by previous companies. The mineralisation at that stage was deemed to be inconsistent and patchy and ultimately not amenable to economic mining, hence was not progressed further during that time.
Horizon’s drilling was designed to test the purported sporadic nature of the mineralisation given the success and consistency of recent drilling of the nearby Monument and Homerton prospects.
“These excellent drilling results at Pinner clearly demonstrate the potential of the area to deliver significant resource growth in close proximity to the advanced Cannon underground gold project,” Managing Director Mr Jon Price said.
“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 for future cash generation.”
Next Steps
The drilling results at Pinner demonstrate the existence of a zone of shallow mineralisation adjacent to the historic Cannon open pit mine. There is potential for this area to support the future cut-back of the open pit which Horizon will assess over the coming 12 months.
A follow up RC programme designed to infill and extend the Monument, Homerton and Pinner prospects is scheduled to recommence in the December quarter. The drilling will allow an initial JORC 2012 resource and preliminary scoping studies to be completed.
The Cannon and Glandore areas are regarded as highly prospective with several established prospects located close to the Cannon mine in particular, and in a variety of geological settings.
Work has already progressed on several fronts with field mapping, soil sampling and ‘boots on ground’ activities taking place at several older prospects and new discovery targets.
For further information please visit: https://horizonminerals.com.au/
