Gold Resources Increase to 1.24Moz
Perth, Sep 28, 2022 AEST (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to announce maiden Mineral Resource Estimates (MRE) for the Coote and Capricorn Projects, and a new MRE for the remaining material at the previously mined Baden Powell Gold Prospect.
- Total gold Mineral Resources increased by 91,000oz Au to 1.24Moz
- A total of 69,000oz Au of new resources have been calculated for the Coote, Baden Powell and Windanya prospects near Kalgoorlie
- The Coote prospect is located 10km west of Kalgoorlie and lies just 500m west of the 66,500oz Au Crake deposit. The Inferred Mineral Resource estimate at Coote stands at:
o 425kt grading 1.54g/t Au for 21koz at a 1.0g/t Au lower grade cut-off
- In the Bardoc area, 60km NNW of Kalgoorlie, the Baden Powell and Capricorn prospects have new Inferred Mineral Resource estimates:
o Capricorn - 659kt grading 1.20g/t Au for 25koz at a 0.5g/t Au lower cut-off
o Baden Powell - 595kt grading 1.20g/t Au for 23koz at a 0.5g/t Au lower cut-off
- In addition, the completion of the acquisition of the Penny's Find Gold Project doubles the Mineral Resource to 269kt at 4.99g/t Au for 43koz (1.5g/t Au lower cut-off).
- The new resources, alongside the remaining 50% Penny's Find acquisition, totals 91,000oz Au and brings Horizon's global resources to 1.24Moz Au.
- Since 2019, only 90 holes totalling 7,594m of drilling, along with the location of 79 historic holes for Penny's Find, has contributed to previous and historic drilling to generate these resources.
Commenting on the resource update, Horizon Managing Director Mr Jon Price said:
"We are pleased with the increase in our Mineral Resource base from a modest amount of drilling, with all resources open at depth and along strike, that show the potential upside from these initial estimates with further drilling programs.
"Coote has strong synergies with the nearby 66,500oz Crake deposit within the Binduli camp that can be readily developed and transition into production, in addition to the now 100% owned Penny's Find mine, through nearby processing infrastructure in the Eastern Goldfields region."
The Penny's Find MRE has also been updated to incorporate the recent transaction completion with Horizon now holding 100% of the project.
The prospects are located within the 100% owed Binduli, Windanya and Penny's Find gold projects.
All data generated through reverse circulation (RC) infill and extensional drilling at the prospects since 2019 has now been incorporated into the geological model for the updated MREs.
*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