Horizon Minerals Limited (ASX:HRZ) is pleased to announce an updated Mineral Resource Estimate (MRE) for the Jacques Find – Peyes Farm project located within the 100% owned Teal gold project area, located 10km northwest of Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*).
Jacques Find – Peyes Farm are two 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.
RC and diamond infill and extensional drilling was completed in the December 2020 and March 2021 quarters with all data now incorporated into the geological model for the updated Mineral Resource Estimate. The new model will now be used to generate a maiden Ore Reserve for Jacques Find -Peyes Farm and is expected for completion in the December Quarter 2021.
Project Geology
The Jacques Find – Peyes Farm gold deposits comprise a well-defined supergene blanket located above shears and quartz within structurally controlled felsic schists, tuffs, sediments and porphyry rocks at depth. Mineralisation is strongly influenced by cross cutting structures and stratigraphy to the north to northwest striking shear zone which trend parallel to the regional NNW geological trend of the Abattoir Shear.
Gold mineralisation is developed in a flat lying oxide supergene deposit located between 22-80 metres vertical depth and in primary mineralisation within a sub vertical shear zone. The mineralisation trends N-NW over a strike length of approximately 800 metres.
Resource Update
Previous drilling by the Company during the 2016/2017 campaigns focussed on building the resource inventory with mostly step back and extension drilling. Combined with an improved gold price and encouraged by the success of the nearby Teal gold mine (open pit produced 229,000t @ 3.2g/t Au for 21,836 oz), the Company designed a program to maximise the open pittable tonnes and grade from the oxide and transitional ore zones.
Preliminary test work suggests that the metallurgy is similar to the Teal deposit mined and processed successfully in 2018. Teal was mined to 65m vertical depth with excellent recoveries in both the oxide (94%) and transition (90%) ore zones. In the deeper primary sulphide mineralisation, typically below 80-90m depth, the metallurgy of the ore is semi-refractory and requires pre-oxidation through roasting or ultra-fine grinding to achieve acceptable recoveries.
As announced to the ASX on 16 February and 20 April 2021, a total of 94 RC holes and six diamond holes for 8,291m were drilled at Jacques Find – Peyes Farm in 2020/2021 (Figure 2*). The six large diameter HQ3 diamond drill holes were completed for structural geology, geotechnical assessment and metallurgical testwork for Ore Reserve generation.
Variations in the depth of weathering and the fresh rock boundary were mapped in greater detail with the new drilling enabling an assessment of the supergene ore for conventional milling and treatment options to be reviewed on the primary sulphide mineralisation.
The 2020/2021 drilling also improved drill density to a more uniform 10m spacing allowing improved definition of the ore zones. New high-grade shoots were also discovered in this program. Similar to Teal, the highest grades were typically observed in the supergene zone at 25-80m vertical depth. Mineralisation remains open to the north and south within the supergene enrichment zone.
Significant downhole RC and diamond intercepts reported in 2021 included:
o 19m @ 12.53g/t Au from 42m (JFD2001) and 8m @ 12.10g/t Au from 60m (JFRC20003)
o 12m @ 4.70g/t Au from 60m (JFRC20004) and 8m @ 6.28g/t Au from 72m (JFRC20008)
o 24m @ 3.04g/t Au from 80m including 4m @ 6.47g/t Au from 84m (JFRC20040)
o 6m @ 6.06g/t Au from 54m including 1m @ 25.6g/t Au from 59m (JFRC20012)
o 4m @ 9.28g/t Au from 52m (JFRC20013) and 8m @ 4.17g/t Au from 44m (JFRC20007)
o 4m @ 18.17g/t Au from 79m including 1m @ 61.21g/t Au from 81m (PFRC20038)
o 7m @ 3.97g/t Au from 30m (PFRC20029)
o 5m @ 2.87g/t Au from 32m, 4m @ 1.55g/t Au from 40m and 1m @ 16.35g/t Au from 57m (PFRC20008)
o 2m @ 5.65g/t Au from 28m, 2m @ 1.44g/t Au from 44m and 6m @ 2.25g/t Au from 73m (PFRC20022)
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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