Excellent Drilling Results from Jacques Find Gold Project
- Infill and extensional drilling completed at the 100% owned Jacques Find gold project, part of the Teal gold camp, 10km northwest of Kalgoorlie in the Western Australian goldfields
- Drilling to date comprised 45 RC and three diamond holes for 4,483m to a maximum depth of 163m testing extensions to the supergene zone and improving JORC classification
- New shallow high grade drilling results received from Jacques Find include:
o 19.2m @ 12.53g/t Au from 42m (JFD2001)
o 8m @ 12.10g/t Au from 60m (JFRC20003)
o 12m @ 4.70g/t Au from 60m (JFRC20004)
o 8m @ 6.28g/t Au from 72m (JFRC20008)
o 24m @ 3.04g/t Au from 80m including 4m @ 6.47g/t Au from 84m (JFRC20040)
o 6m @ 6.06g/t Au from 54m including 1m @ 25.6g/t Au from 59m (JFRC20012)
o 4m @ 9.28g/t Au from 52m (JFRC20013)
o 8m @ 4.17g/t Au from 44m (JFRC20007)
- Results demonstrate excellent width and grade continuity within the supergene zone with new mineralisation intercepted to the south and remaining open to the north and south
- Current Mineral Resource Estimate for Jacques Find stands at 1.91Mt @ 2.14g/t Au for 132,000oz at a 1g/t Au lower grade cut-off
- Latest assay results will enable compilation of an updated Mineral Resource estimate due for completion in the June Quarter 2021
- Open cut mine optimisation and design studies will then be completed for maiden reserve generation as part of the consolidated Feasibility Study
- Further extensional drilling is planned at Jacques Find later in 2021 as part of the organic growth plan
Commenting on the latest drilling results, Horizon Minerals Managing Director Mr Jon Price said:
"We are extremely pleased to see further excellent high-grade mineralisation being intercepted at Jacques Find improving both the scale and quality of the deposit. These results continue to demonstrate the growth potential of the entire Teal gold camp that sits only 10km from Kalgoorlie and 25km on existing roads to Boorara."
"We look forward to releasing the updated resource and maiden reserve in coming months and building the project into the long-term production plan."
The Teal camp comprises the Teal, Jacques Find and Peyes Farm deposits and is one of four 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.
The program at Jacques Find is the first since the highly successful drilling campaigns completed by the Company in 2017 - 2018 delivering a Mineral Resource Estimate of 1.91Mt grading 2.14g/t Au for 132,000oz at a 1g/t Au lower cut-off grade.
In the December Quarter 2020, the Company completed 45 Reverse Circulation ("RC") and three diamond holes for 4,483m to a maximum depth of 163m. 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
The Jacques Find gold deposit comprises a well-defined supergene blanket located above shears and quartz within structurally controlled felsic schists, tuffs, sediments and porphyry rocks at depth. Mineralisation is strongly influenced by cross cutting structures and stratigraphy to the north to northwest striking shear zone which trend parallel to the regional geology.
Gold mineralisation is developed in a flat lying oxide supergene deposit located between 35-75 metres vertical depth and in primary mineralisation within a sub vertical shear zone. The mineralisation trends N-NW over a strike length of approximately 800 metres.
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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.
Horizon Minerals Limited