Horizon Minerals Limited: Drilling Shows Growth Potential Of Greater Boorara Area
Perth, Australia - Horizon Minerals Ltd. (ASX:HRZ) is pleased to announce new drilling results from the 100% owned Boorara gold project area located 15 km east of Kalgoorlie - Boulder in the heart of the Western Australian goldfields (Figure 1*).HIGHLIGHTS
- First pass exploration drilling completed along the 10km Boorara - Golden Ridge corridor located 18km southeast of Kalgoorlie - Boulder in the Western Australian goldfields
- Drilling comprised 25 RC holes (including 3 pre-collars) for 2,833m to a maximum depth of 234m testing a number of near mine and regional base load targets between the 448koz Boorara deposit and the 31koz Golden Ridge deposit 4km to the south
- Significant mineralisation, outside of current resource envelopes, intercepted adjacent to the Golden Ridge North pit with results including:
o 3m @ 1.08g/t Au from 94m and 26m @ 1.12g/t Au from 130m (GRRC21010)
o 3m @ 1.41g/t Au from 100m and 12m @ 1.11g/t Au from 128m (GRRC21011)
o 9m @ 1.35g/t Au from 50m and 2m @ 1.07g/t Au from 81m (GRRC21009)
- Two emerging prospects and trends confirmed near Boorara at Beehive and Chappell Bore with results including:
o 8m @ 1.35g/t Au from 64m and 2m @ 1.14g/t Au from 60m (BORC21010)
o 1m @ 1.46g/t Au from 38m, 3m @ 1.98g/t Au from 46m and 1m @ 1.13g/t Au from 61m (BORC21005)
- A further developing prospect is located 1.8km northwest of Golden Ridge with one RC test hole returning:
o 8m @ 1.30 g/t Au from 53m and 1m @ 1.31 g/t Au from 70m (BORC21015)
- Mineralisation remains open along strike and at depth with follow up drilling planned in the current Quarter to test the potential continuity between the two deposits
- Drilling will also test a number of targets to the north of the Boorara deposit 10km up to the Kanowna south prospect
Commenting on the drilling results, Horizon Managing Director Mr Jon Price said:
"These latest drilling results continue to demonstrate the prospectivity within the greater Boorara project area in close proximity to the large scale Boorara deposit and the proposed mill site. With over 20km of strike to be tested beyond the current Boorara resource, we see significant potential for near mine extensions and new discoveries in this mineral rich geological setting and look forward to releasing further results in coming months."
The drilling forms part of the 50,000m CY21 program testing high priority resource definition and new discovery targets across the 1,100km2 portfolio. The aim of the program is to organically grow the project pipeline within a 75km radius of the proposed Boorara mill adding to the six core development projects under evaluation as part of the consolidated Feasibility Study.
The greater Boorara area drilling completed to date is part of a 13,000m near mine project generation program along 20km of strike from Golden Ridge in the south to Kanowna and Balagundi in the north. The drilling will test both gold and polymetallic targets along the Boorara shear and along strike from the Nimbus silver-zinc project within a relatively untested VHMS style mineralised system.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/68M60190
About Horizon Minerals Limited:
Horizon Minerals Ltd. (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.
Source:
Horizon Minerals Ltd.
Contact:
Jon Price Managing Director T: +61 8 9386 9534 E: jon.price@horizonminerals.com.au Michael Vaughan Media Relations - Fivemark Partners T: +61 422 602 720 E: michael.vaughan@fivemark.com.au