Cannon Gold Project Mineral Resource Update
Cannon Gold Project Mineral Resource Update
Perth, Nov 3, 2021 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce an updated Mineral Resource Estimate (MRE) for the Cannon gold project located 30km east-southeast of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).


- Acquisition of the Bulong South, Glandore and Cowarna gold projects recently completed including the high-grade Cannon underground gold mine, 30km east of Kalgoorlie-Boulder and 10km east of Boorara in the Western Australian goldfields

- Cannon sits on consolidated granted Mining Leases with the open pit mined to 2017 producing 55koz at 2.98g/t Au at 91% gold recovery

- A Mineral Resource Estimate and Ore Reserve generated by previous owners comprised a portal within the existing open pit and decline development to access the deposit from underground

- Detailed review of all geological, engineering and metallurgical data now complete and an Independent Mineral Resource estimate compiled for Cannon and stands at:
o 232kt grading 4.29g/t Au for 32,070oz at a 1.0g/t Au lower cut-off grade

- Importantly, over 89% of the ounces are in the Indicated Resource category

- Significant potential for resource growth down plunge and along strike on the Cannon shear zone with further drilling planned from both surface and underground drilling locations

- Horizon's total Mineral Resource now stands at:
o 20.73Mt grading 1.72g/t Au for 1,148,800oz with 77% in the M&I Categories

- Mine optimisation and underground design work is well advanced with a maiden Ore Reserve for Cannon expected in the current December Quarter 2021

Commenting on the Cannon resource update, Horizon Managing Director Mr Jon Price said:

"The recently acquired Cannon underground gold project presents a near-term development opportunity and lies just 10km on existing roads from the proposed Boorara mill site being assessed as part of the consolidated Feasibility Study."

"The project has the potential to provide high grade ore early in the production profile with significant growth potential down plunge and along the Cannon shear zone and we look forward to completing the underground mining studies and updated Ore Reserve in the current December Quarter."

"Target generation for resource growth and new discoveries along the Cannon shear zone and within the Glandore and Cowarna project areas is also well advanced with surface drilling planned for the March Quarter 2022 with depth extensions to be tested from underground during the mining cycle."

The high-grade Cannon underground gold project was acquired as part of the Bulong South, Glandore and Cowarna project acquisition recently completed for $5 million in cash. The project is 10km east by existing roads to the proposed Boorara mill site, and includes an historic open pit mined in 2017.

Cannon is now one of six core open pit and underground satellite gold projects being advanced to complement the baseload Boorara gold project as part of the consolidated Feasibility Study to deliver a minimum five-year initial mine plan and underpin the establishment of a stand-alone centralised processing facility at the Boorara mine site.

*To view tables and figures, please visit:

About Horizon Minerals Limited

Horizon Minerals Ltd  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.



Jon Price
Managing Director
T: +61 8 9386 9534

Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720

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