Targeting Major Growth In Prime Gold Mining Location
Horizon Minerals Ltd (ASX:HRZ) has commenced a fully funded, 50,000m exploration programme in Western Australia’s Goldfields region.
Four rigs are currently drilling across the 890 sq. km of the company’s large asset portfolio, with all rigs operating within 75km of the proposed Boorara Mill site and the world class Kalgoorlie-Boulder mining centre.
Managing Director, Jon Price, said the primary objectives of the 2021 exploration programme are to:
- Test high priority new discovery targets defined at greenfields project areas including Windanya, Lakewood, Yarmany, Binduli, Kanowna South and Balagundi (~29,000m)
- Complete resource definition drilling for maiden Mineral Resource estimates at Coote, Baden Powell, Capricorn and Brilliant North (~8,500m)
- Extend resources beyond current mineralised envelopes along strike and at depth at Boorara, Crake, Peyes Farm, Jacques Find and Golden Ridge (~8,000m)
- Complete resource definition and extension drilling at the newly acquired Kalpini gold project and the Penny’s Find underground JV project (~4,500m)
Mr Price said the 2021 programme builds on over 21,000m of drilling completed since August 2020 primarily focussed on reserve conversion at the core satellite projects at Rose Hill, Binduli and Teal as part of the consolidated Feasibility Study with the majority of assay results still pending
The company has identified significant potential to increase the production profile through organic growth from 100% owned project areas on major geological structures within a world class greenstone belt.
First assay results expected in the current March Quarter 2021, subject to improved turnaround times at local assay laboratories, while an updated Mineral Resource estimates expected in the March and June quarters 2021 expanding on the company’s current Mineral Resources of 1.1Moz.
“With the reserve drilling to support the consolidated Feasibility Study mostly complete, we are turning our attention to the new discovery exploration program with multiple high priority targets to be tested across the entire tenement portfolio and all within 75km of Boorara.”
“The fully funded program will test areas that have had limited to no drilling undertaken in recent times, particularly below cover where historic shallow drilling has never been followed up. It is an extremely exciting time to be a Horizon shareholder as we look to uncover the next new discovery with significant potential to grow our production pipeline in this world class gold producing region.”
“Always look for gold near where gold has been found before and we believe there is no better address than the Goldfields of Western Australia.”
\The fully funded program totals over 50,000m of planned drilling within a $5 million budget and comprises diamond, RC and aircore drilling across the entire portfolio. The programme aims to build on the Company’s current Mineral Resource estimate of 1.1M ounces in 2021 and add to the future production pipeline . The drilling will be completed systematically with rigs cycling through the programme and the results from each round will be reviewed and inform the next round of drilling.