Horizon Minerals Limited (ASX:HRZ) is pleased to announce new gold drilling results from the 100% owned Greater Boorara – Cannon project area located 30km southeast of Kalgoorlie-Boulder in the heart of the Western Australian goldfields.
HIGHLIGHTS
– First phase of exploration drilling completed at the new Pinner gold prospect, within the Greater Boorara – Cannon gold project area 30km southeast of Kalgoorlie-Boulder in the Western Australian goldfields.
– Drilling comprised 35 RC holes for 1,181m of infilling and validating historic drilling results on the southern edge of the Cannon open cut mine.
– Significant new, shallow, high-grade mineralisation intercepted including:
6m @ 6.94g/t Au from 35m inc. 1m @ 35.39g/t Au from 36m (CARC22055)
5m @ 2.80g/t Au from 20m (CARC22053)
1m @ 12.03g/t Au from 17m (CARC22042)
9m @ 1.86g/t Au from 12m (CARC22054)
2m @ 4.88g/t Au from 38m (CARC22036)
8m @ 1.8g/t Au from 28m (CARC22046)
Mineralisation is now defined along 110m of strike length and remains open to the south and at depth within a granted Mining Lease.
Phase 2 follow up drilling at Pinner is planned to commence in the December quarter. Phase 2 infill drilling at Monument has recently been completed, with results expected in late September.
Regional exploration is progressing at several historic prospects in the Cannon – Glandore area for both gold and nickel sulphides with further results expected in the current Quarter.
Commenting on the exploration results, Horizon Managing Director Mr Jon Price said:
“These excellent drilling results at Pinner clearly demonstrate the potential of the area to deliver significant resource growth in close proximity to the advanced Cannon underground gold project.”
“We now look forward to the results of the next round of drilling and resource modelling to complement our existing resource base in the area supporting both an open pit and underground production hub for future cash generation.”
The drilling forms part of the current FY23 exploration program focussing on new discoveries within the Greater Boorara – Cannon, Lakewood and Yarmany project areas.
The Cannon area appears to be highly prospective with several historic prospects located within a 1km radius of the open cut mine. Two of the more advanced prospects, Monument and Homerton, were recently drilled to both validate historic drilling and test for potential strike and depth extensions.
A third historic deposit, Pinner, was drilled as a potential southern cutback on the Cannon pit by previous companies. The mineralisation at that stage was deemed to be inconsistent and patchy and ultimately not amenable to economic mining, hence was not progressed further during that time.
Horizon’s drilling was designed to test the purported sporadic nature of the mineralisation given the success and consistency of recent drilling of the nearby Monument and Homerton prospects.
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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