High Grade Drilling Results From Crake And Coote Projects
Perth, Feb 2, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (
ASX:HRZ) is pleased to announce further excellent high grade drilling results from the Crake and Coote projects, within the Binduli gold project area located 8km west of Kalgoorlie - Boulder in the heart of the Western Australian goldfields (Figure 1*).
The drilling forms part of the 50,000m CY21 program testing high priority resource growth 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 Kalgoorlie and establish Ore Reserves. The Company is currently experiencing significant delays in assay turnaround due to labour shortages and has over 6,000m of drilling at the laboratories awaiting assay.
Project Geology
The geology at Crake and Coote is similar to the 390,000oz Janet Ivy open pit, located approximately 1,500m to the south, where the structurally controlled gold is hosted in a feldspar porphyry. At the nearby Fort William and Fort Scott open pits, where over 100,000oz have been produced to date, gold is hosted within sheared units of volcanics and clastic sediments.
At Crake, the gold mineralisation strikes NW and dips shallowly to the SW with a poorly developed southern plunge. The gold lodes are generally tabular shaped and 3m to 5m thick but due to thrusting the mineralisation can be stacked to 50m in thickness. High grade zones appear to result from intersecting structures. The Crake and Coote drilling focussed on a mineralised, variably altered pink porphyry with minor amounts of pyrite and magnetite. Higher grades usually coincide with stronger pyrite mineralisation (up to 3% by volume).
Highly successful drilling completed at Crake in 2019 - 2021 enabled the compilation of an independent Mineral Resource estimate (MRE) which currently stands at:
- 1.4Mt grading 1.46g/t Au for 66,500oz at a 0.8g/t Au lower grade cut-off
The latest drilling program focussed on testing extensions to the known mineralisation along strike to the northwest and in between the Crake and Coote deposits.
Results and Discussion
At Crake, 3 RC holes for 358m were drilled in the NW area where the mineralisation remained open. Significant new high-grade mineralisation was discovered including:
- 6m @ 1.61g/t Au from 52m, 2m @ 1.32g/t Au from 62m (BRC21001)
- 12m @ 2.70g/t Au from 48m (BRC21002)
- 40m @ 1.58g/t Au from 39m including 2m @ 1.24g/t Au from 39m,
2m @ 1.26g/t Au from 43m,
2m @ 1.26g/t Au from 47m,
2m @ 1.99g/t Au from 53m,
2m @ 2.49g/t Au from 65m,
1m @ 1.85g/t from 70m,
4m @ 9.27g/t Au from 75m,
1m @ 1.08g/t Au from 104m,
4m @ 1.14g/t Au from 110m (BRC21003)
The mineralisation in the NW area sits on the periphery of the resource block model (Figure 2*). There is very limited drilling in this area highlighting the potential upside for further resource expansion with additional drilling.
The Coote drilling comprised 8 RC holes for 879m. Significant results were returned from CRC21004 and CRC21007 as shown below:
- 5m @ 10.52g/t Au from 12m inc. 1m @ 42.98g/t,
3m @ 1.59g/t Au from 50m,
2m @ 1.37g/t Au from 60m,
1m @ 1.18g/t Au from 66m,
2m @ 1.08g/t Au from 88m (CRC21004)
- 8m @ 1.19g/t Au from 42m,
1m @ 1.25g/t Au from 56m,
1m @ 1.03g/t Au from 63m,
1m @ 1.18g/t Au from 66m,
2m @ 1.57g/t Au from 74m,
1m @ 1.01g/t Au from 79m,
1m @ 1.01g/t Au from 79m (CRC21007)
Significant widths at high grade were intercepted to the west of the Crake resource and the east of Coote demonstrating the potential for the two deposits to converge and extend to the northwest (Figure 2*).
Next Steps
With the significant large scale porphyry orebody 1,500m to the south at Janet Ivy and the sheared units to the southwest at Fort William and Fort Scott, the Company will commence further extensional and infill drilling in 2022 testing the connection and potential convergence of the two deposits. The new data will now be compiled to generate an updated MRE for Crake and a maiden MRE for Coote expected in the June Quarter 2022
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/98A2RT68
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.
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