Excellent Drilling Results Continue At Binduli Gold Project
The drilling forms part of the 50,000m CY21 program testing high priority resource definition and new discovery targets across the 1,100km2 portfolio. The aim of the program is to organically grow the project pipeline within a 75km radius of the proposed Boorara mill adding to the six core development projects under evaluation as part of the consolidated Feasibility Study.
Drilling at Binduli comprised 47 RC holes for 4,713m to a maximum depth of 200m. The two-part program consisted of step out and follow up drilling at the emerging Honeyeater and Kestrel (Figure 2) discoveries and infill drilling at Coote (Figure 3*), immediately adjacent to the Crake deposit, enabling sufficient data density for the compilation of a maiden Mineral Resource estimate.
- Follow up RC drilling program completed at the Coote, Honeyeater and Kestrel prospects, part of the Binduli project area, located 12km west of Kalgoorlie. The program comprised a total of 47 holes for 4,713m to a maximum depth of 200m
- At the newly discovered Kestrel prospect, thick zones of anomalous quartz veining within the Black Flag sediments returned several significant results including:
o 10m @ 2.07g/t Au from 49m including 1m @ 11.09g/t Au from 57m and 5m @ 5.22g/t Au from 94m including 1m @ 18.91g/t Au from 97m (KRC21002)
o 2m @ 4.19g/t Au from 34m (KRC20005) and 1m @ 12.12g/t Au from 72m (KRC20002)
- Drill hole KRC21002 occurs on the southern end of the known Kestrel mineralisation and confirms the system is open to the south and at depth
- Six holes were completed at the emerging Honeyeater prospect with new and significant high-grade mineralisation intercepted including:
o 4m @ 11.45g/t Au from 113m including 1m @ 32.4g/t Au from 115m (HRC20002)
o 4m @ 5.15g/t Au from 93m including 1m @ 13.54g/t Au from 93m (HRC20003)
- At the Coote prospect, 500m west of the 74,000oz Crake deposit, infill and extension drilling has now expanded the strike length to 400m and confirmed previous results for inclusion in the new resource model. Significant results include1:
o 2m @ 1.89g/t Au from 62m, 1m @ 2.70g/t Au from 67m, 17m @ 1.67g/t Au from 78m including 1m @ 11.0g/t Au from 79m (CRC20001)
o 2m @ 1.54g/t Au from 28m, 3m @ 1.10g/t Au from 58m, 10m @ 3.20g/t Au from 68m and 6m @ 1.26g/t Au from 98m (CRC20002)
o 5m @ 2.28g/t Au from 56m, 3m @ 1.90g/t Au from 66m and 2m @ 1.03g/t Au from 71m (CRC20010)
- Further follow up drilling is planned in the September Quarter 2021 and compilation of a maiden Mineral Resource estimate for Coote is now underway
Commenting on the drilling results, Horizon Managing Director Mr Jon Price said:
"The Binduli gold project area continues to deliver excellent results and is shaping up to be a key satellite production hub with both advanced development projects at Crake and Coote in the south and emerging organic growth assets at Honeyeater and Kestrel in the north. We now look forward to new resource estimates and further results from the planned drilling in the September Quarter."
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.
Horizon Minerals Limited