Horizon Minerals Ltd (ASX:HRZ) has continued to drill down into the gold bounty of its 100%-owned projects in Western Australia's Eastern Goldfields, conducting several reverse circulation (RC) and aircore drilling programs over the Cannon, Kestrel and Kanowna South prospects and at Penny’s Find.
The company targeted two deep RC holes at the Northern Domain lode at Penny’s Find, with results of 5 metres at 2.97 g/t gold from 370 metres and 2 metres at 1.27 g/t from 305 metres.
Horizon intends to conduct follow-up work at Penny’s Find in an effort to produce an updated mineral resource estimate in the current quarter.
Strong sulphide link
“Although early days, our Kanowna South gold prospect is starting to take shape, and discovering a strong sulphide link in some of the mineralisation could be a major turning point in our understanding of this prospect,” Horizon Minerals CEO Grant Haywood said.
“We are also looking forward to further work on the conductor at Cannon, which lies immediately north and along strike of the proposed Cannon underground.
“In addition, follow-up work at the Penny’s Find gold project shall allow us to provide an updated mineral resource estimate in the current December quarter, and carry out mine design and financial analysis for a maiden ore reserve in the first half of 2024.”
Drilling results
HRZ’s Kanowna South drill program consisted of eight aircore holes for 465 metres and 10 RC holes for 1,074 metres.
Results:
- 1-metre at 5.91 g/t gold from 66 metres. Strong arsenopyrite and fuchsite mineralisation was observed;
- 1-metre at 4.40 g/t gold from 46 metres; and
- 21 metres at 0.44 g/t gold from 54 metres, including 3 metres at 0.74 g/t gold from 55 metres.
Aircore drilling at the new Falcon Prospect 500 metres northwest of the Kestrel prospect in the Binduli North camp consisted of five holes for 219 metres.
Results:
- 1-metre at 0.8 g/t gold from 25 metres and 1-metre at 10.09 g/t from 29 metres; and
- 2 metres at 1.4 g/t gold from 24 metres.
The company drilled one RC hole for 180 metres northeast of the Cannon Open Cut mine, targeting an historical drill hole that had returned promising gold mineralisation.
HRZ didn’t find similar mineralisation in this new hole, however a down-hole electromagnetic (DHEM) survey subsequently completed in the hole picked up an untested conductor about 50 metres from the bottom of the hole.