Recovered Historic Data Boosts Rose Hill Gold Project
Commenting on the additional Rose Hill information, Horizon Managing Director Mr Jon Price said:
"Horizon has now received additional drilling data and mining information from Rose Hill and we have certainly found some hidden gems. The high grade open cut and underground potential is clearly demonstrated with more work already completed than first thought saving the Company time and money."
"We now look forward to incorporating the data into a new resource model and updating the open pit and underground mine designs with up to date operational and economic parameters for inclusion into the reserve generation work and Feasibility Study."
The Rose Hill tenement (M16/652) and Brilliant North tenement (M15/1204) were acquired under an asset swap with Northern Star Resources Limited (ASX:NST) as announced to the ASX on 12 September and 20 December 2019. Northern Star acquired the project as part of the purchase of Westgold Resources Limited's (ASX:WGX) South Kalgoorlie Operations as announced to the ASX on 8 March 2018.
Further review of the historical information highlighted a significant amount of additional drilling, mine optimisation and open pit and underground mine design work had been completed by previous owners. This mining information has now been retrieved with the assistance of Northern Star, through WAMEX and discussions with previous mine operators and consultants.
Rose Hill Project Geology
Rose Hill is located 0.5km southeast of Coolgardie and lies on the western margin of the Archean Norseman-Menzies Greenstone Belt. Mineralisation is hosted within the main Rose Hill porphyry, adjacent to the hanging wall ultramafic and an eastern porphyry unit. The mineralised porphyry is believed to have dioritic affinities.
The drilling data has now been reviewed, validated and incorporated into the drilling data base together with the latest drilling results completed by Horizon in January and released to the ASX on 4 February 2020.
The following plan, cross sections and drilling data tables provide an updated picture of the project demonstrating the high grade open pit and underground potential. Consistent width and grade starting at surface enables an initial open pit to be assessed to reach the primary hard rock zone at depth for a potential portal location to enable decline development and underground mining.
The updated resource will form part of the consolidated Feasibility Study due for completion in the December Quarter 2020. The aim of the Study is to generate a minimum 4-5 year mine plan underpinning the construction of a stand-alone processing plant at the Boorara mine site, 10km east of Kalgoorlie-Boulder. Core advanced projects under evaluation for reserve generation and the initial production profile includes the 507,000 ounce base load Boorara project, the Binduli gold project area including the 74,000 ounce Crake discovery, the 289,000 ounce Teal gold camp and the Rose Hill open cut and underground gold project. In order to further de-risk the large scale Boorara development and improve grade predictability, the Company plans to mine and toll mill a small stage of Boorara in coming months as announced to the ASX on 10 February 2020. With the current high Australian dollar gold price, Boorara Stage 1 generates cash to support the Company's growth plan.
*To view tables and figures, please visit:
About Horizon Minerals Limited
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Westgold Resources Limited
Northern Star Resources Ltd
Horizon Minerals Limited