Total Mineral Resource Of 1.36Moz For Gold Project
Horizon Gold Limited (ASX:HRN) has released as updated Mineral Resource Estimate (MRE) for the Swan and Swift deposits located within its 100% owned Gum Creek Gold Project located in the Murchison Region of Western Australia.
The updated MRE for the Swan and Swift open cut deposits is 4.16Mt @ 2.41g/t Au for 323,000ozcontained gold. The MRE for the Swan and Swift underground deposits is 0.70Mt @ 6.71g/t Au for 150,000ozcontained gold. The revised Total Mineral Resource for the Gum Creek Project is 18.59Mt @ 2.28g/t Au for 1.36Mozcontained gold.
This MRE represents a 26% increase in global Indicated resources and a less than 2% decrease in contained gold (26,900oz). No Ore Reserves have been declared for the Project.
The updated MRE for the Swan and Swift deposits was undertaken in order to include the high-grade reverse circulation (RC) drill intercepts obtained from the October 2020 drill programme,
The resource work was also initiated subsequent to an independent geological review of the Swan and Swift resource that identified poor reconciliations between previous block model gold grades and adjacent drill hole gold grades.
The company said the updated Swan and Swift Open Cut MRE represents a 474% increase in Indicated gold ounces, a decrease of 66% in gold grade and a decrease of 21% in total gold ounces when compared to the 30 June 2019 MRE. The updated Swan and Swift Underground MRE represents a 1550% increase in Indicated gold ounces, a decrease of 15% in total UG gold grade and an overall increase of 70% in total gold ounces when compared to the June 30, 2019 MRE.
The reasons for differences between the 30 June 2019 and 12 February 2021 Swan and Swift MRE include the following:
- The 2021 modelling is based on intersection selection with a component of edge dilution and limited interpolation and extrapolation of grades. The 2019 model used implicit modelling software and interpreted structural trends to define mineralisation continuity with minimal edge dilution.
- The 2021 MRE used a A$2,500/oz gold price to constrain the stated Open Cut Resource compared to A$2,000 per ounce used in 2019.
- Additional drillhole results obtained from the October 2020 drill program were incorporated into the 2021 model.
In 2021 the cut-off grades applied to interpreted shapes were 2.5g/t Au for Swan UG Indicated, 3.0g/t Au for Swan and Swift UG Inferred. The 2019 estimate utilised a 2.5g/t Au cut-off grade for all underground resources.
