REGIONAL DRILLING CONFIRMS TWO NEW PROSPECTS AT THE BADEN POWELL AND WINDANYA PROJECT AREAS
Regional Drilling Delivers Excellent Results
During 2019, the Company completed 3 RC programs, focused on resource growth at Coote and Crake, but also testing a number of under explored regional prospects such as the Central Binduli area (Darter and Honeyeater), Black Flag, Capricorn and Baden Powell. These tenements are all located within the highly prospective Abattoir Shear-Bardoc Tectonic Zone corridor. To date, Horizon has drilled a total of 164 RC holes for 14,227m in 2019.
- Regional drilling comprising 58 RC holes for 4,763m completed in September 2019. Two historic prospects "Baden Powell North" and "Capricorn" returned significant new gold mineralisation in an area of limited historic exploration
- At the Capricorn prospect, follow up drilling was conducted on a 40m spacing along 360m of strike length. Significant results include:
o 12m @ 3.62g/t Au from 28m including 1m @ 24.0g/t Au from 32m (WDRC19031)
o 5m @ 6.56g/t Au from 43m including 1m @ 21.60g/t Au from 46m (WDRC19028)
o 5m @ 6.15g/t Au from 66m including 1m @ 26.20g/t Au from 66m (WDRC19029)
o 10m @ 1.97g/t Au from 65m (WDRC19033)
- At the Baden Powell North prospect, historic workings and adjacent areas up to 600m NNW of the historic open pit area were tested. Significant results include:
o 8m @ 2.79g/t Au from 76m (BPRC19028)
o 5m @ 2.67g/t Au from 12m (BPRC19022)
o 3m @ 5.73g/t Au from 18m (BPRC19022)
- At the Baden Powell mine area, infill drilling was conducted to convert the established mineralisation to a JORC compliant resource. Better results include:
o 6m @ 1.82g/t Au from 54m (BPRC19014)
o 5m @ 1.61g/t Au from 56m and 2m @ 1.10g/t Au from 70m (BPRC19011)
Commenting on the latest results, Horizon Managing Director Mr Jon Price said:
"The regional drilling program continues to deliver new and exciting results in areas where limited modern exploration has been conducted in the past. The Windanya and Baden Powell areas are now demonstrating the potential for new resources to be established within trucking distance from a centralised processing facility. We look forward to the next round of drilling to further test the extent of mineralisation and infill drilling to improve geological confidence."
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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