Excellent High-Grade Results Continue From Peyes Farm
Horizon Minerals Limited (ASX: HRZ) has received further excellent high-grade drilling results from the 100% owned Peyes Farm gold project, part of the Teal project area located 10km north west of Kalgoorlie-Boulder in the heart of the Western Australian goldfields
The Teal camp comprises the Teal, Jacques Find and Peyes Farm deposits and is one of five core satellite gold project areas being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study to deliver an initial five-year mine plan and underpin the establishment of a stand-alone processing facility at the Boorara mine site.
Best new assays include:
- 4m @ 18.17 g/t Au from 79m, including 1m @ 61.21 g/t Au from81m
- 4m @13.05 g/t Auf rom 53m, including 2m @ 24.25 g/t Au from 54m
- 7m @ 3.97g/t Au from 30m
- 5m @ 2.87 g/t Au from 32m,
- 4m @ 1.55 g/t Au from 40m and 1m @ 16.35 g/t Au from 57m
Managing Director, Jon Price, said the current programme at Peyes Farm is the first since the highly successful drilling campaigns completed by the company in 2017 delivering a Mineral Resource Estimate of 0.53Mt grading 1.70g/t Au for 28,860oz at a 1g/t Au lower cut-off grade.
In the December Quarter 2020, the company completed 49 Reverse Circulation (RC) and three diamond holes for 3,808m to a maximum depth of 132m. The aim of the drilling was to:
- Infill a number of areas within the current mineralised envelope to improve JORC classification to the Measured and Indicated categories for Ore Reserve generation
- Extend areas of supergene mineralisation beyond the current resource model
- Provide diamond core for additional geotechnical assessment and confirmatory metallurgical test work for mine optimisation, design and economic analysis.
“It is extremely encouraging to see these final results from Peyes Farm confirming the previous results and demonstrating the growth potential alongside the recent Jacques Find results 100m to the west,” Mr Price said.
“The Teal project area is now proving to be a significant potential mining hub to complement the baseload Boorara gold project and potential mill 25km to the east.”
“Our aim now is to prove up these supergene deposits for open pit mining as we did with the successful Teal mine 400m to the north. We look forward to releasing the updated resource and maiden reserve in coming months and building these projects into the long-term production plan.”
